Exact Sciences (EXAS) Stock Today: Analyst Downgrades, Abbott’s $21 Billion Takeover and Legal Scrutiny

Exact Sciences Corporation (NASDAQ: EXAS) is trading near record highs as Wall Street shifts to “Hold,” merger-arb funds move in and shareholder lawyers start circling Abbott’s $21 billion bid.

Exact Sciences Stock Price Snapshot for 25 November 2025

On Tuesday, 25 November 2025, Exact Sciences stock is trading around $101 per share, hovering just below its all‑time and 52‑week high near $102. ^[1]

That puts EXAS:

Roughly 4% below Abbott’s agreed takeover price of $105 per share
Up around 45% over the last week, following the acquisition announcement and subsequent analyst reactions ^[2]
Nearly double its level from earlier in the year, reflecting strong earnings momentum and renewed enthusiasm for cancer diagnostics growth ^[3]

At this point, EXAS is behaving less like a typical growth stock and more like a merger‑arbitrage trade: most of the upside is capped by the announced cash offer, while the remaining discount compensates investors for deal timing and risk.

How Abbott’s $21 Billion Bid Changed the Story

The big catalyst came last Thursday, 20 November 2025, when Abbott Laboratories (NYSE: ABT) announced a definitive agreement to acquire Exact Sciences. ^[4]

Key deal terms:

$105 in cash per EXAS share
~$21 billion equity value, or ~$23 billion enterprise value once ~$1.8 billion of net debt is included ^[5]
Closing expected in Q2 2026, subject to shareholder and regulatory approvals
Exact Sciences will become an Abbott subsidiary, with its Madison, Wisconsin presence retained; CEO Kevin Conroy is expected to stay on in an advisory role after closing ^[6]

Abbott is explicitly buying growth in cancer diagnostics: the company highlighted a $60 billion U.S. cancer screening and precision oncology market, with Exact projected to generate more than $3 billion of revenue in 2025. ^[7]

Exact’s portfolio includes:

Cologuard® / Cologuard Plus™ – non‑invasive stool tests for colorectal cancer
Oncotype DX® – genomic tests that guide breast cancer treatment decisions
Cancerguard® – a blood-based multi‑cancer early detection (MCED) test launched this year ^[8]
Oncoguard® Liver – a blood test that recently showed dramatically better early detection of liver cancer than ultrasound in the large ALTUS study ^[9]

The takeover immediately re‑rated EXAS: shares jumped more than 17–25% on the day of the announcement, pushing the stock into the top ranks of healthcare gainers and setting the ceiling for near‑term upside at the $105 deal price. ^[10]

Fresh Analyst Downgrades on 25 November 2025

With the acquisition price now clearly defined, several Wall Street firms moved quickly this morning to downgrade EXAS from Buy to Hold, not because they dislike the company, but because upside looks limited from here.

Canaccord Genuity: Buy → Hold, Target Raised to $105

Canaccord cut Exact Sciences to Hold from Buy while raising its price target from $85 to $105, aligning it with Abbott’s offer. ^[11]
The firm called the merger “logical for both parties” and a potential “watershed moment” for the diagnostics industry, arguing it could spur more M&A in cancer screening and precision oncology. ^[12]

In other words, Canaccord still likes the strategic logic but sees little reason for investors to pay above a level that is now anchored by a cash bid.

TD Cowen: Buy → Hold, Target Raised to $105

TD Cowen also downgraded EXAS from Buy to Hold, lifting its target from $90 to $105. ^[13]
The firm notes EXAS has surged roughly 45% over the past week and now trades near its 52‑week high of ~$101.9. ^[14]
TD Cowen estimates the stock closed Monday at about $101.0, roughly 4% below the offer price, and suggests the shares are technically overbought with limited additional upside. ^[15]
Importantly, the analysts see a “low probability” of a competing bid surfacing at a higher valuation. ^[16]

Earlier Actions: Jefferies and UBS

Today’s moves add to a flurry of prior rating changes:

Jefferies – downgraded EXAS from Buy to Hold and reset its target to $105 following board approval of the Abbott deal.
UBS – raised its target from $80 to $105, maintaining a Neutral stance and assuming the deal goes through as announced by Q2 2026. ^[17]

The net result: most of Wall Street is now in “Hold/Neutral” mode on EXAS, reflecting a stock that’s largely trading as a proxy for the probability and timing of the Abbott transaction rather than a pure growth story.

Shareholder Lawyers Question Whether $105 Is Enough

Another theme around EXAS today is growing legal scrutiny of the deal terms.

Halper Sadeh LLC: New Investigation Announced Today

On 25 November 2025, Halper Sadeh LLC, an investor‑rights law firm, issued a press release encouraging Exact Sciences shareholders to contact the firm about the announced sale to Abbott for $105 in cash per share. ^[18]

The firm says it is investigating potential violations of federal securities laws and/or breaches of fiduciary duty in multiple deals, including EXAS.
Halper Sadeh typically looks at whether boards obtained a fair price, ran a robust process and made adequate disclosures, and may seek higher consideration or additional information on behalf of shareholders. ^[19]

These kinds of investigations are very common in large M&A deals; they do not automatically imply wrongdoing or that a higher bid will emerge, but they add another layer of uncertainty around the transaction.

Kahn Swick & Foti (KSF): Adequacy of Price and Process

On 21 November 2025, Kahn Swick & Foti, LLC, led by former Louisiana Attorney General Charles C. Foti Jr., announced a separate investigation into the Abbott–Exact deal. ^[20]

KSF is examining whether the $105 per share cash consideration adequately values Exact Sciences and whether the board maximized shareholder value.
The firm is inviting shareholders who believe the price may be too low to contact them to discuss legal options.

Again, these probes are part of the standard playbook around high‑profile buyouts. However, they underscore that not all shareholders are convinced the Abbott offer fully captures EXAS’s long‑term potential in cancer diagnostics.

Under the Hood: Exact Sciences’ Earnings Momentum and Pipeline

While takeover headlines have dominated, the fundamentals help explain why Abbott is willing to pay a big premium.

Record Q3 2025 Results

On 3 November 2025, Exact Sciences reported record third‑quarter numbers: ^[21]

Total revenue: $851 million, up 20% year‑over‑year
Screening revenue (Cologuard & related): $666 million, up 22%
Precision Oncology revenue (Oncotype DX & therapy selection): $184 million, up 13%
Gross margin: 69% (71% on an adjusted basis)
Net loss: $20 million, or –$0.10 per share, a notable improvement vs. 2024
Adjusted EBITDA: $135 million, up 37%, with margin expanding to 16%
Operating cash flow: $220 million; free cash flow: $190 million
Cash & marketable securities: about $1.0 billion at quarter‑end

The company also raised its full‑year 2025 revenue and adjusted EBITDA guidance, signaling confidence in sustained growth. ^[22]

Breakthrough Data for Oncoguard Liver

On 7 November 2025, Exact announced pivotal results from the ALTUS study, a large prospective trial of the Oncoguard Liver blood test for hepatocellular carcinoma (HCC): ^[23]

The blood test showed seven‑fold better sensitivity for very early‑stage liver cancer versus standard ultrasound surveillance (64% vs. 9%).
It also improved detection of early‑stage disease (77% vs. 36%) while maintaining 82% specificity, meeting expert thresholds for clinical utility.
ALTUS is the largest real‑world prospective trial of a blood test for liver cancer surveillance in the U.S.

This kind of performance suggests substantial future revenue potential in liver cancer screening – one reason strategic buyers like Abbott are so interested.

Freenome License and Blood‑Based CRC Screening

On 10 November 2025, Exact announced the expiration of the Hart‑Scott‑Rodino (HSR) waiting period for its exclusive U.S. license to Freenome’s blood‑based colorectal cancer screening tests. ^[24]

Exact now holds exclusive U.S. rights to Freenome’s blood‑based CRC screening, subject to FDA approval.
The company updated its 2025 adjusted EBITDA guidance to reflect a $75 million initial cash payment tied to the deal. ^[25]

Combined with Cancerguard, Cologuard Plus and Oncoguard Liver, this positions Exact as a multi‑modal platform across stool, blood and genomic testing, exactly the kind of broad portfolio a diversified diagnostics giant like Abbott would want.

What the Market Is Pricing In Now

With EXAS trading around $101 versus a $105 cash offer, the stock’s behavior today reflects a classic merger‑arb setup:

The ~3–4% discount to the offer price compensates investors for:
- The time value of money until the expected Q2 2026 closing
- Regulatory and antitrust risk in U.S. and foreign jurisdictions
- Shareholder vote uncertainty, including potential pushback from activists or large institutional holders
- Residual risk of deal termination or renegotiation

Analysts at TD Cowen and UBS both highlight that they see a low probability of a competing bid and that EXAS now trades “near deal value,” limiting fundamental upside in the absence of a higher offer. ^[26]

At the same time, the strong operating trends and pipeline data help support the stock near Abbott’s bid, making a dramatic collapse less likely unless the transaction runs into serious regulatory or financing trouble.

Key Takeaways for Investors Watching EXAS Today

For readers tracking Exact Sciences stock on 25 November 2025, today’s updates paint a fairly clear picture:

EXAS is now a deal‑driven stock.
Most of the move has already happened; the share price is tightly tethered to the $105 Abbott bid, with a modest discount reflecting deal risk and timing.
Wall Street has shifted to “Hold.”
Canaccord Genuity and TD Cowen both downgraded EXAS to Hold today while raising price targets to match the $105 offer, joining other firms that see limited upside from current levels. ^[27]
Law firms are probing the deal.
Halper Sadeh and Kahn Swick & Foti are investigating the fairness of the price and board process and encouraging shareholders to reach out. These actions are common but can occasionally influence disclosure or final terms. ^[28]
The underlying business is strong.
Record Q3 revenue, expanding margins, robust cash flow and impressive liver cancer and multi‑cancer test data show why Abbott is willing to pay a premium and why some investors think the standalone story might have warranted an even higher price. ^[29]
Risk/reward now depends mostly on deal outcomes, not quarterly beats.
Future headlines to watch include regulatory milestones, the Exact shareholder vote, any formal challenges or competing proposals, and updated timing guidance from Abbott and Exact. ^[30]