UPDATE: Jefferies Reiterates Buy Rating, Raises PT on EXACT Sciences Corporation Following Proprietary Physician Survey

In a report published Friday, Jefferies analyst Brandon Couillard reiterated a Buy rating on

, and raised the price target from $14.00 to $18.00. In the report, Jefferies noted, “Our proprietary physician survey points to a strong launch for EXAS' novel colorectal cancer test (Cologuard) with significant interest amongst high-volume practitioners. We view the feedback as highly supportive of our intermediate-term volume assumptions that call for the test to penetrate 10% of its annual addressable market by 2016, and 20% by 2018. Our price target moves to $18 (from $14) on higher ASP and volume assumptions.” EXACT Sciences Corporation closed on Thursday at $13.85.