DNB Asset Management AS Acquires 76,847 Shares of Exact Sciences Co. (NASDAQ:EXAS)

DNB Asset Management AS grew its holdings in Exact Sciences Co. (NASDAQ:EXAS) by 47.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 239,883 shares of the medical research company’s stock after acquiring an additional 76,847 shares during the quarter. DNB Asset Management AS owned 0.13% of Exact Sciences worth $10,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of EXAS. Benjamin F. Edwards & Company Inc. raised its stake in Exact Sciences by 65.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock worth $31,000 after acquiring an additional 179 shares in the last quarter. Able Wealth Management LLC acquired a new position in Exact Sciences during the fourth quarter worth about $45,000. EverSource Wealth Advisors LLC raised its stake in Exact Sciences by 92.4% during the first quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock worth $49,000 after acquiring an additional 340 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Exact Sciences during the first quarter worth about $55,000. Finally, National Bank of Canada FI raised its stake in 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 worth $63,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 88.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Evercore ISI lowered their price objective on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Jefferies Financial Group initiated coverage on Exact Sciences in a report on Monday, June 3rd. They issued a “buy” rating and a $75.00 target price on the stock. Scotiabank initiated coverage on Exact Sciences in a report on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Benchmark reduced their target price on Exact Sciences from $91.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Citigroup reduced their target price on Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.77.

Exact Sciences Stock Up 0.3 %

Shares of EXAS traded up $0.19 during trading hours on Tuesday, reaching $55.96. The stock had a trading volume of 2,549,796 shares, compared to its average volume of 2,731,515. Exact Sciences Co. has a 12 month low of $40.62 and a 12 month high of $87.11. The firm has a 50-day simple moving average of $45.49 and a 200 day simple moving average of $55.97. The company has a current ratio of 2.17, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of -42.81 and a beta of 1.22.

Exact Sciences (NASDAQ:EXAS) last issued its earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.28. The company had revenue of $699.26 million for the quarter, compared to analysts’ expectations of $690.02 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. Exact Sciences’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business earned ($0.45) EPS. Equities research analysts predict that Exact Sciences Co. will post -1.17 earnings per share 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.