ARK Investment Management LLC Has $4.50 Million Position in Exact Sciences Co. (NASDAQ:EXAS)

ARK Investment Management LLC trimmed its stake in shares of Exact Sciences Co. (NASDAQ:EXAS) by 64.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,059 shares of the medical research company’s stock after selling 147,385 shares during the quarter. ARK Investment Management LLC’s holdings in Exact Sciences were worth $4,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EXAS. Geode Capital Management LLC increased its holdings in shares of Exact Sciences by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,105,970 shares of the medical research company’s stock worth $211,104,000 after buying an additional 7,873 shares in the last quarter. Champlain Investment Partners LLC grew its position in Exact Sciences by 10.9% during the 3rd quarter. Champlain Investment Partners LLC now owns 2,494,480 shares of the medical research company’s stock worth $169,924,000 after acquiring an additional 245,980 shares during the last quarter. Bellevue Group AG increased its holdings in Exact Sciences by 25.1% in the 3rd quarter. Bellevue Group AG now owns 1,449,465 shares of the medical research company’s stock worth $98,738,000 after purchasing an additional 290,585 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Exact Sciences by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,292,090 shares of the medical research company’s stock worth $88,017,000 after purchasing an additional 45,015 shares in the last quarter. Finally, Groupama Asset Managment bought a new position in Exact Sciences in the third quarter valued at about $821,000. Institutional investors own 88.82% of the company’s stock.

Analysts Set New Price Targets

EXAS has been the subject of several recent research reports. Barclays lowered their price objective on Exact Sciences from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, February 20th. Piper Sandler decreased their price target on shares of Exact Sciences from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday. Evercore ISI dropped their price target on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Citigroup reduced their price objective on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Sanford C. Bernstein raised their target price on Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $71.94.

Exact Sciences Price Performance

Exact Sciences stock opened at $48.50 on Thursday. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of -8.71 and a beta of 1.24. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.93 and a current ratio of 2.15. The stock’s 50 day moving average price is $54.34 and its two-hundred day moving average price is $59.87.

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

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.