Core Insights - Exact Sciences Corp. has achieved a significant milestone with its Oncotype DX Breast Recurrence Score® test, as over two million breast cancer patients globally have utilized the test to inform their treatment decisions [1] Company Overview - Exact Sciences Corp. is recognized as a leading provider of cancer screening and diagnostic tests [1] - The Oncotype DX Breast Recurrence Score® test is supported by more than two decades of clinical evidence, establishing it as a global standard-of-care [1]

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund focuses on long-term, competitively positioned companies that are well-managed and have significant potential in untapped markets. The letter also addressed the advancements in AI and how humans define themselves in the changing landscape. In Q4, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2 ...

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Core Viewpoint - Investors in the Medical - Biomedical and Genetics sector should consider Exelixis (EXEL) and Exact Sciences (EXAS) for potential value opportunities, with a closer examination needed to determine which stock offers better value [1] Valuation Metrics - Exelixis has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to Exact Sciences, which has a Zacks Rank of 3 (Hold) [3] - The forward P/E ratio for EXEL is 13.46, significantly lower than EXAS's forward P/E of 73.35, suggesting EXEL may be undervalued [5] - EXEL's PEG ratio is 0.69, while EXAS has a PEG ratio of 2.42, indicating that EXEL's expected earnings growth is more attractive relative to its price [5] - EXEL has a P/B ratio of 5.41 compared to EXAS's P/B of 7.76, further supporting EXEL's more favorable valuation metrics [6] Investment Conclusion - Given the stronger estimate revision activity and more attractive valuation metrics, EXEL is positioned as the superior option for value investors at this time [7]

Market Overview - U.S. equity markets in Q4 2025 were influenced by optimism regarding potential monetary easing and caution related to economic growth and valuations [1] - Early gains were attributed to strong AI-related earnings and a rate cut by the U.S. Federal Reserve in October, but sentiment cooled later due to mixed signals from the Fed [1] - Large-cap stocks rose 17.4% for the year and 2.4% in the quarter, while small caps gained 12.8% for the year and 2.2% in the quarter [1] - Value stocks outperformed growth stocks, returning 3.3% versus 1.2% for the quarter [1] Fund Performance - Meridian Growth Fund delivered a return of -0.39% (net) in the quarter, underperforming the Russell 2500 Growth Index's return of 0.33% [1] - The firm is monitoring factors affecting market returns, including potential changes in monetary policy and the sustainability of AI investments due to high valuations among hyperscalers [1] Company Spotlight: Exact Sciences Corporation - Exact Sciences Corporation (NASDAQ:EXAS) is recognized as a leading contributor to the Meridian Growth Fund, specializing in cancer screening and diagnostic test products [2][3] - As of January 26, 2026, Exact Sciences' stock closed at $102.51 per share, with a one-month return of 0.60% and an impressive 85.00% increase in value over the last 52 weeks [2] - The company has a market capitalization of $19.468 billion [2] - Exact Sciences is best known for its at-home colorectal cancer screening test, Cologuard, and saw stock performance improve due to signs of growth and the introduction of a new test [3] - The stock performance was further enhanced by Abbott's announcement to acquire Exact Sciences at a significant premium [3]

Group 1 - The article does not contain relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - The Alger Small Cap Focus Fund's fourth-quarter 2025 investor letter indicates a strong performance in the US equity market, with the S&P 500 rising by 2.7% due to better-than-expected corporate earnings and a supportive macroeconomic environment [1] - The letter highlights a divergence in market performance, particularly regarding AI investments, which face skepticism due to various challenges [1] - The Fund's Class A shares outperformed the Russell 2000 Growth Index, with contributions from the Utilities and Financials sectors, while Consumer Discretionary and Information Technology sectors negatively impacted performance [1] Company Insights - Exact Sciences Corporation (NASDAQ:EXAS) is noted for its cancer screening and diagnostic products, with a market capitalization of $19.453 billion [2] - The stock of Exact Sciences Corporation closed at $102.43 per share on January 16, 2026, with a one-month return of 0.60% and a remarkable 97.97% increase over the past 52 weeks [2] - The company is recognized for its Cologuard noninvasive colorectal cancer screening and has a pipeline that includes molecular residual disease (MRD) and multi-cancer early detection (MCED) testing [3] - Exact Sciences' stock saw positive contributions during the quarter following Abbott's announcement of a definitive all-cash acquisition agreement valued at approximately $21 billion, which provided a significant premium and drove the stock price higher [3]

Core Viewpoint - The proposed sale of Exact Sciences Corporation to Abbott Laboratories is under investigation to assess whether the offered price of $105.00 per share adequately reflects the company's value [1]. Group 1: Transaction Details - Exact Sciences shareholders will receive $105.00 in cash for each share they own as part of the proposed transaction [1]. - The law firm Kahn Swick & Foti, LLC is investigating the adequacy of this consideration and the process leading to the proposed sale [1]. Group 2: Legal Rights and Contact Information - Shareholders who believe the transaction undervalues the company can contact Kahn Swick & Foti to discuss their legal rights without any obligation or cost [2]. - Contact details for KSF Managing Partner Lewis S. Kahn are provided for shareholders to reach out regarding the investigation [2].

Group 1 - Narweena is an asset manager that focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 2 - The firm prefers smaller cap stocks and markets where competitive advantages are not immediately apparent [1] - Narweena believes that an aging population, low population growth, and stagnating productivity will create new investment opportunities distinct from historical trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] Group 3 - Some businesses may face rising costs and diseconomies of scale, while economies are increasingly dominated by asset-light businesses [1] - The declining need for infrastructure investments is leading to a situation where a large pool of capital is pursuing a limited set of investment opportunities, driving up asset prices and compressing risk premia [1] - Richard Durant, the leader of Narweena, holds degrees in engineering and finance and an MBA, and has passed the CFA exams [1]