Exact Sciences Corp

EXAS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$15.00	Wth	Jcydjrtm

As Liquid Biopsy Competition Looms, Exact's Growth Stays Strong; Shares Undervalued

Aaron Degagne

Apr 27, 2022

Exact Sciences had a good start to the year, and first-quarter sales of $487 million was slightly above FactSet consensus and in line with our forecasts. We maintain our no-moat, positive moat trend rating, and $76 fair value estimate. After a decline of over 6% on April 26 (seemingly related to broad-based market declines), we now see shares as undervalued, closing at a 23% discount to what we think they are worth.

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