Exact Sciences (NASDAQ: EXAS) rallied nearly 20% on November 20 after Abbott Laboratories (NYSE: ABT) announced a $21 billion all-cash deal to acquire the molecular diagnostics company.
The transaction that values EXAS shares at $105 each gives ABT a foothold in the rapidly growing cancer diagnostics market through Exact’s flagship products like Cologuard and Oncotype DX.
Following today’s surge, Exact Sciences’ stock is up some 150% versus its year-to-date low in April
Is there any upside left in Exact Sciences stock?
With EXAS stock hovering just below the $105 deal price – and the Madison-headquartered firm set to go private once the transaction completes in the second quarter of 2026 – the market has largely baked in the full acquisition premium already.
That leaves little room for further gains unless a competing bid emerges – a development that Wall Street analysts view as highly improbable.
William Blair previously estimated a fair value of $80 per share based on discounted cash flow, suggesting Abbott’s offer already reflects a generous valuation.
The 21.8% premium to pre-rumour levels is consistent with high-growth lab peer multiples.
Unless another buyer steps in with a much higher bid, Exact Sciences is unlikely to move meaningfully above current levels.
For investors, this is as good as it gets.
Why competing bids for EXAS shares are unlikely
UBS analysts poured cold water on the idea of rival bids, citing Abbott’s unique advantage: a robust primary care salesforce.
That’s a critical asset for commercialising Exact’s screening tools, which rely on broad physician adoption.
Other potential acquirers – particularly therapeutics companies – lack this infrastructure.
UBS also noted that Exact Sciences’ prior partnership with Pfizer Inc ended years ago, removing a logical pharma suitor from contention.
As for diagnostics peers, UBS said reference labs typically acquire speciality labs only after distress or at modest valuations.
Product-focused diagnostics firms were also ruled out, as they “tend to focus on supplying diagnostics labs rather than owning diagnostics labs.”
For Exact Sciences shares, therefore, Abbott is a strategic fit few others can match.
Verdict: takeover premium is the ceiling for Exact Sciences
Exact Sciences has long been a leader in non-invasive cancer screening, and Abbott’s acquisition validates its strategic importance.
But for investors considering a fresh entry, the math is unforgiving.
With EXAS shares already reflecting the full takeover price, and no credible competing bids expected, the risk-reward skew is unfavourable.
The deal offers a valuation floor, not a launchpad.
For those who missed the run-up, the window has unfortunately closed.
The story now shifts to how Abbott Laboratories integrates and executes this acquisition in the new year (2026).
The post Is it too late to buy Exact Sciences stock after Abbott’s $21B deal? appeared first on Invezz
