Exact Sciences (NASDAQ:EXAS) Stock Price Up 7.8% – Here’s What Happened

by · The Markets Daily

Shares of Exact Sciences Co. (NASDAQ:EXAS – Get Free Report) rose 7.8% during mid-day trading on Tuesday . The company traded as high as $53.49 and last traded at $53.42. Approximately 1,273,453 shares were traded during trading, a decline of 52% from the average daily volume of 2,640,772 shares. The stock had previously closed at $49.54.

Analyst Ratings Changes

EXAS has been the subject of a number of research analyst reports. Piper Sandler decreased their price target on Exact Sciences from $85.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Craig Hallum decreased their price target on Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. William Blair reissued an “outperform” rating on shares of Exact Sciences in a research note on Thursday. Benchmark decreased their price target on Exact Sciences from $67.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $74.47.

Get Our Latest Report on EXAS

Exact Sciences Price Performance

The stock has a fifty day moving average price of $65.04 and a 200-day moving average price of $55.98. The firm has a market capitalization of $9.88 billion, a PE ratio of -45.63 and a beta of 1.27. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12.

Exact Sciences (NASDAQ:EXAS – Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The business had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. Sell-side analysts forecast that Exact Sciences Co. will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the sale, the executive vice president now owns 12,758 shares of the company’s stock, valued at approximately $893,060. The trade was a 6.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin T. Conroy purchased 19,500 shares of the stock in a transaction on Wednesday, November 13th. The shares were purchased at an average cost of $51.35 per share, with a total value of $1,001,325.00. Following the transaction, the chief executive officer now owns 1,074,191 shares in the company, valued at $55,159,707.85. This trade represents a 1.85 % increase in their position. The disclosure for this purchase can be found here. 1.36% of the stock is owned by company insiders.

Institutional Trading of Exact Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. WCM Investment Management LLC lifted its holdings in shares of Exact Sciences by 1,153.2% in the 3rd quarter. WCM Investment Management LLC now owns 187,807 shares of the medical research company’s stock valued at $12,388,000 after buying an additional 172,821 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Exact Sciences by 5.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company’s stock valued at $14,361,000 after buying an additional 10,356 shares during the period. Simplify Asset Management Inc. lifted its holdings in shares of Exact Sciences by 67.5% in the 3rd quarter. Simplify Asset Management Inc. now owns 29,277 shares of the medical research company’s stock valued at $1,994,000 after buying an additional 11,800 shares during the period. Profund Advisors LLC lifted its holdings in shares of Exact Sciences by 239.8% in the 2nd quarter. Profund Advisors LLC now owns 78,589 shares of the medical research company’s stock valued at $3,320,000 after buying an additional 55,459 shares during the period. Finally, William Blair Investment Management LLC acquired a new position in shares of Exact Sciences in the 2nd quarter valued at about $163,896,000. Institutional investors and hedge funds own 88.82% of the company’s stock.

About Exact Sciences

(Get Free Report)

Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. It also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Covid-19 testing services.

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