Handelsinvest Investeringsforvaltning Reduces Position in Exact Sciences Co. (NASDAQ:EXAS)

Handelsinvest Investeringsforvaltning lessened its stake in shares of Exact Sciences Co. (NASDAQ:EXAS) by 34.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,450 shares of the medical research company’s stock after selling 2,311 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Exact Sciences were worth $307,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of EXAS. Wolff Wiese Magana LLC raised its stake in shares of Exact Sciences by 459.5% during the fourth quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock valued at $31,000 after acquiring an additional 340 shares in the last quarter. Able Wealth Management LLC bought a new stake in shares of Exact Sciences during the fourth quarter valued at approximately $45,000. Fortitude Family Office LLC bought a new stake in shares of Exact Sciences during the first quarter valued at approximately $55,000. National Bank of Canada FI raised its stake in shares of Exact Sciences by 30.9% during the fourth quarter. National Bank of Canada FI now owns 848 shares of the medical research company’s stock valued at $63,000 after acquiring an additional 200 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Exact Sciences during the fourth quarter valued at approximately $66,000. Institutional investors own 88.82% of the company’s stock.

Analysts Set New Price Targets

EXAS has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of Exact Sciences in a research note on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Exact Sciences in a research note on Monday, June 3rd. They issued a “buy” rating and a $75.00 price objective for the company. BTIG Research reduced their price objective on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Citigroup reduced their price objective on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, Canaccord Genuity Group reduced their price objective on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.80.

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, CEO Kevin T. Conroy sold 1,155 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $60.15, for a total value of $69,473.25. Following the sale, the chief executive officer now directly owns 1,156,191 shares of the company’s stock, valued at $69,544,888.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 1,498 shares of company stock valued at $90,105. 1.36% of the stock is owned by insiders.

Exact Sciences Stock Performance

Shares of EXAS traded up $0.31 during trading hours on Wednesday, reaching $43.48. 84,010 shares of the company traded hands, compared to its average volume of 2,643,943. The stock has a market capitalization of $8.02 billion, a P/E ratio of -32.70 and a beta of 1.22. The company has a quick ratio of 1.45, a current ratio of 1.64 and a debt-to-equity ratio of 0.66. Exact Sciences Co. has a 12-month low of $40.62 and a 12-month high of $100.77. The business has a fifty day moving average price of $49.60 and a 200-day moving average price of $59.82.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.50). Exact Sciences had a negative net margin of 9.48% and a negative return on equity of 7.12%. The firm had revenue of $637.52 million for the quarter, compared to analyst estimates of $624.95 million. Equities analysts anticipate that Exact Sciences Co. will post -1.15 EPS for the current fiscal year.

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.