Stock Track | Exact Sciences Plunges After Disappointing Q3 Results, Dimmer Outlook

Stock Track11-08

Shares of Exact Sciences (NASDAQ: EXAS) tumbled 5.1% on Wednesday after the biotechnology company reported disappointing third-quarter results and provided a gloomier outlook for revenue growth.

For the three months ended September 30th, Exact Sciences posted revenue of $708.7 million, up 13% year-over-year but missing analysts' expectations by 1.2%. The company also reported a net loss of $38.2 million, or $0.21 per share, compared to a profit of $794,000 in the same period last year. Analysts had expected a smaller loss of $0.18 per share.

Looking ahead, Exact Sciences forecast revenue growth of 9.1% annually on average over the next three years, significantly lower than the 21% growth rate projected for the broader biotechnology industry in the U.S. The company's weaker outlook overshadowed an analyst's optimism, with Wells Fargo maintaining a "Buy" rating on the stock and setting a $70 price target.

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