Zacks Investment Research lowered shares of EXACT Sciences (NASDAQ:EXAS) from a hold rating to a sell rating in a research note published on Tuesday morning.
According to Zacks, “EXACT Sciences Corporation uses applied genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer. Certain of its technologies have been licensed to Laboratory Corporation of America Holdings for a stool-based DNA screening assay for colorectal cancer in the average-risk population. Colorectal cancer, which is the most deadly cancer among non-smokers, is generally curable if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than twenty years, the rate of early detection of colorectal cancer remains low, and deaths from colorectal cancer remain high. EXACT Sciences believes its genomics-based technologies would help to enable detection of colorectal cancer so that more people can be effectively treated. “
Several other equities analysts have also recently issued reports on the stock. BidaskClub cut shares of EXACT Sciences from a hold rating to a sell rating in a research note on Thursday, October 11th. UBS Group assumed coverage on shares of EXACT Sciences in a research note on Tuesday, October 9th. They issued a buy rating and a $100.00 target price for the company. Canaccord Genuity boosted their target price on shares of EXACT Sciences from $72.00 to $87.00 and gave the company a buy rating in a research note on Wednesday, September 12th. Robert W. Baird boosted their target price on shares of EXACT Sciences from $74.00 to $85.00 and gave the company an outperform rating in a research note on Tuesday, September 11th. Finally, Bank of America boosted their target price on shares of EXACT Sciences from $68.00 to $92.00 and gave the company a buy rating in a research note on Thursday, September 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $83.25.
EXACT Sciences (NASDAQ:EXAS) last released its quarterly earnings data on Wednesday, August 1st. The medical research company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.03. The business had revenue of $102.89 million for the quarter, compared to the consensus estimate of $104.40 million. EXACT Sciences had a negative net margin of 35.24% and a negative return on equity of 20.10%. The business’s revenue for the quarter was up 78.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.27) EPS. On average, research analysts expect that EXACT Sciences will post -1.44 EPS for the current fiscal year.
In other EXACT Sciences news, insider Graham Peter Lidgard sold 58,000 shares of the company’s stock in a transaction on Monday, October 8th. The shares were sold at an average price of $69.36, for a total transaction of $4,022,880.00. Following the completion of the transaction, the insider now directly owns 204,684 shares in the company, valued at $14,196,882.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D Scott Coward sold 2,190 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $79.51, for a total transaction of $174,126.90. The disclosure for this sale can be found here. Insiders have sold 75,069 shares of company stock valued at $5,102,545 over the last 90 days. 3.20% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the business. First Trust Advisors LP raised its position in EXACT Sciences by 6,220.7% during the third quarter. First Trust Advisors LP now owns 524,744 shares of the medical research company’s stock worth $41,413,000 after acquiring an additional 516,442 shares during the period. IFP Advisors Inc raised its position in EXACT Sciences by 49.4% during the third quarter. IFP Advisors Inc now owns 6,192 shares of the medical research company’s stock worth $489,000 after acquiring an additional 2,047 shares during the period. Handelsbanken Fonder AB raised its position in EXACT Sciences by 7.0% during the third quarter. Handelsbanken Fonder AB now owns 228,000 shares of the medical research company’s stock worth $17,994,000 after acquiring an additional 15,000 shares during the period. Xact Kapitalforvaltning AB raised its position in EXACT Sciences by 4.5% during the third quarter. Xact Kapitalforvaltning AB now owns 18,725 shares of the medical research company’s stock worth $1,478,000 after acquiring an additional 800 shares during the period. Finally, Oakbrook Investments LLC acquired a new position in EXACT Sciences during the third quarter worth $304,000. Institutional investors own 86.54% of the company’s stock.
EXACT Sciences Company Profile
Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.
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