Exact Sciences (NASDAQ:EXAS) Stock Price Expected to Rise, Scotiabank Analyst Says

Exact Sciences (NASDAQ:EXAS) had its price target raised by Scotiabank from $70.00 to $73.00 in a report released on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the medical research company’s stock. Scotiabank’s price objective suggests a potential upside of 48.24% from the company’s previous close.

Several other research firms also recently commented on EXAS. Bank of America dropped their price target on shares of Exact Sciences from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday. Citigroup cut their price target on Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Stifel Nicolaus reduced their price target on Exact Sciences from $82.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Benchmark reissued a “buy” rating and set a $65.00 price objective on shares of Exact Sciences in a research report on Monday, January 13th. Finally, Barclays reduced their target price on shares of Exact Sciences from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $72.24.

Exact Sciences Price Performance

EXAS opened at $49.24 on Monday. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of -8.80 and a beta of 1.24. The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. The stock’s 50-day moving average price is $54.91 and its 200 day moving average price is $60.04. Exact Sciences has a 12-month low of $40.62 and a 12-month high of $79.62.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.23. The business had revenue of $713.42 million for the quarter, compared to analysts’ expectations of $701.45 million. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. As a group, sell-side analysts expect that Exact Sciences will post -0.58 earnings per share for the current year.

Hedge Funds Weigh In On Exact Sciences

A number of hedge funds have recently modified their holdings of EXAS. Price T Rowe Associates Inc. MD grew its position in Exact Sciences by 74.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company’s stock worth $323,669,000 after purchasing an additional 2,462,165 shares during the last quarter. Capital World Investors increased its position in Exact Sciences by 10.7% in the 4th quarter. Capital World Investors now owns 17,537,617 shares of the medical research company’s stock valued at $985,439,000 after acquiring an additional 1,696,321 shares during the period. Mackenzie Financial Corp raised its stake in Exact Sciences by 107.7% during the 4th quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company’s stock valued at $164,037,000 after acquiring an additional 1,513,873 shares during the last quarter. Groupama Asset Managment acquired a new stake in Exact Sciences during the 3rd quarter worth approximately $821,000. Finally, Norges Bank purchased a new position in shares of Exact Sciences in the 4th quarter valued at approximately $50,625,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Company Profile

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.