Exact Sciences (NASDAQ:EXAS) Coverage Initiated by Analysts at Scotiabank

Equities researchers at Scotiabank assumed coverage on shares of Exact Sciences (NASDAQ:EXAS) in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm set a “sector outperform” rating and a $70.00 price target on the medical research company’s stock. Scotiabank’s price objective points to a potential upside of 65.68% from the company’s current price.

Other research analysts have also recently issued reports about the company. BTIG Research reduced their target price on Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday. Jefferies Financial Group started coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They set a “buy” rating and a $75.00 target price on the stock. Citigroup dropped their price target on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group decreased their price objective on Exact Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.86.

Exact Sciences Stock Down 5.0 %

Shares of EXAS opened at $42.25 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.64. The company has a 50-day simple moving average of $50.41 and a 200-day simple moving average of $60.25. Exact Sciences has a 52 week low of $40.62 and a 52 week high of $100.77. The firm has a market capitalization of $7.80 billion, a P/E ratio of -32.01 and a beta of 1.26.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Wednesday, May 8th. The medical research company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50). Exact Sciences had a negative return on equity of 7.12% and a negative net margin of 9.48%. The firm had revenue of $637.52 million during the quarter, compared to analysts’ expectations of $624.95 million. On average, equities research analysts expect that Exact Sciences will post -1.15 earnings per share for the current year.

Insider Transactions at Exact Sciences

In related news, EVP Sarah Condella sold 2,000 shares of Exact Sciences stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the executive vice president now directly owns 71,787 shares of the company’s stock, valued at $5,025,090. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Exact Sciences news, CEO Kevin T. Conroy sold 1,155 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total value of $69,473.25. Following the transaction, the chief executive officer now directly owns 1,156,191 shares in the company, valued at approximately $69,544,888.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sarah Condella sold 2,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the executive vice president now owns 71,787 shares of the company’s stock, valued at approximately $5,025,090. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,498 shares of company stock worth $230,105. Insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Capital World Investors raised its stake in shares of Exact Sciences by 74.4% during the first quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock worth $899,528,000 after buying an additional 5,557,168 shares during the last quarter. Norges Bank acquired a new position in shares of Exact Sciences in the 4th quarter valued at $120,308,000. Champlain Investment Partners LLC lifted its stake in shares of Exact Sciences by 175.3% in the 1st quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock valued at $155,954,000 after purchasing an additional 1,438,010 shares during the period. Iron Triangle Partners LP acquired a new stake in shares of Exact Sciences during the first quarter worth $48,342,000. Finally, Jennison Associates LLC increased its holdings in Exact Sciences by 94.0% in the fourth quarter. Jennison Associates LLC now owns 1,360,917 shares of the medical research company’s stock valued at $100,681,000 after purchasing an additional 659,235 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

About Exact Sciences

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.