Exact Sciences

The investment bank gave Exact Sciences' shares a price target of $30, and said it expects higher uptake of the Cologuard test and an increase in payor contracts. 

The investment bank said Exact has the opportunity to book $4 billion to $5 billion in revenues a year from its colon cancer screening test Cologuard.

The company said it completed 82,000 Cologuard tests during the quarter, a 114 percent growth in test volume during the three-month period.

Several MDx firms recently touted BCBS's Evidence Street opinions on their tests as milestones, and Palmetto GBA's MolDx may soon be using its assessments.

Inclusion in the program would mark an important step in the company's quest to make Cologuard a standard of care for colon cancer screening.

The GenomeWeb Index rose more than 6 percent in January, outperforming the Dow, Nasdaq, and Nasdaq Biotechnology Index.

Executives from Luminex and Exact Sciences provided updates on their companies at the 35th Annual JP Morgan Healthcare Conference in San Francisco.

The company also reported it completed 244,000 Cologuard tests during 2016, a 134 percent increase from 2015.

It was a rough year for biotech stocks — the Nasdaq Biotech Index fell 22 percent even as the Dow gained 13 percent and the Nasdaq gained 8 percent.

After a five-year pilot, only one company has successfully taken a test through parallel review, but there is growing industry interest.

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