UPDATE: Auriga Raises PT to $13 on EXACT Sciences

Auriga raises its price target on Buy-rated EXACT Sciences

to $13 from $10 on a potential clinical update in 2Q. Auriga says, "Exact Sciences reported 4Q11 results of $1.0MM/$(0.18). Given EXAS is a development stage company, earnings are not as important as clinical milestones and timelines. Enrollment trends in EXAS' ongoing 10,000+ patient trial remain on track, and the company expects to add 20 new clinical sites in 1Q12. Enrollment should be completed in 3Q12, with results possible in early 4Q12 (these timelines could prove conservative). Overall, EXAS continues to make steady progress on what could potentially be a game-changer in colorectal cancer screening. EXAS is well funded, and all key development timelines remain on track." EXAS closed at $9.19 a share on Thursday.