Tidal Investments LLC Acquires 21,683 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Tidal Investments LLC raised its holdings in Exact Sciences Co. (NASDAQ:EXAS) by 172.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,275 shares of the medical research company’s stock after buying an additional 21,683 shares during the quarter. Tidal Investments LLC’s holdings in Exact Sciences were worth $2,335,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Exact Sciences by 0.3% in 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 acquiring an additional 7,873 shares during the period. M&T Bank Corp lifted its position in shares of Exact Sciences by 43.5% in the 3rd quarter. M&T Bank Corp now owns 9,256 shares of the medical research company’s stock worth $630,000 after purchasing an additional 2,806 shares during the period. Groupama Asset Managment bought a new stake in shares of Exact Sciences during the 3rd quarter valued at about $821,000. Nomura Asset Management Co. Ltd. increased its position in shares of Exact Sciences by 12.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 51,437 shares of the medical research company’s stock valued at $3,504,000 after buying an additional 5,664 shares during the period. Finally, Pier Capital LLC bought a new position in Exact Sciences in the third quarter worth about $5,520,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EXAS. Jefferies Financial Group upped their target price on Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Piper Sandler decreased their price objective on Exact Sciences from $85.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Evercore ISI dropped their target price on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Benchmark decreased their price target on shares of 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, Sanford C. Bernstein boosted their price objective on shares of Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.94.

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, CEO Kevin T. Conroy purchased 19,500 shares of Exact Sciences stock in a transaction dated Wednesday, November 13th. The stock was purchased at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the transaction, the chief executive officer now directly owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the transaction, the executive vice president now directly owns 13,687 shares in the company, valued at approximately $958,090. The trade was a 6.36 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Exact Sciences Price Performance

NASDAQ EXAS opened at $61.25 on Monday. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The stock has a 50-day moving average of $62.73 and a 200 day moving average of $56.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of -52.35 and a beta of 1.24.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings data 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 net margin of 7.95% and a negative return on equity of 6.17%. The company had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. Exact Sciences’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, sell-side analysts forecast that Exact Sciences Co. will post -1.13 EPS for the current year.

Exact Sciences 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.