UPDATE: Rodman & Renshaw Upgrades Exact Sciences to Market Outperform

Rodman & Renshaw is out with its report today on Exact Sciences

, upgrading EXAS to Market Outperform from Market Perform. In its report, Rodman & Renshaw writes, "We are upgrading Exact Sciences from Market Perform to Market Outperform with an 18-month Target Price of $12/sh. Exact Sciences was one of the best performing stock in the biotech sector over the last two years – rising over 200%. However, during the recent period of market volatility the stock took a disproportionate beating. There was no fundamental reason contributing to the excess decline." Shares of EXAS closed Friday at $6.44.