Exact Science is at a 6 year high on the heels of better-than-expected earnings results (-.17 act vs -.18 est). Analyst Firm Auriga rewarded EXAS with a reiterated Buy rating and a bump in price from $10 to $13. Exact Sciences also gained 2 more firms, Canaccord Genuity and JMP Securities who initiated with positive ratings and $15 and $14 price targets, respectively.
The company did miss on revenue, but since the market is paying for a pipeline product, versus anything revenue generating, the miss is not material.
According to management, the clinical trial for its noninvasive colorectal cancer screening test remains on track for possible submission for federal approval in 2012. Again, no news is good news.