Citigroup Issues Pessimistic Forecast for Exact Sciences (NASDAQ:EXAS) Stock Price

Exact Sciences (NASDAQ:EXAS) had its price target cut by Citigroup from $80.00 to $75.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the medical research company’s stock.

EXAS has been the topic of a number of other reports. BTIG Research lowered their price target on Exact Sciences from $82.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group lowered their target price on shares of Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday. Canaccord Genuity Group reduced their price target on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday. Piper Sandler increased their price objective on shares of Exact Sciences from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, September 12th. Finally, Wells Fargo & Company initiated coverage on Exact Sciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price on the stock. One research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $75.06.

Exact Sciences Trading Down 3.3 %

Shares of NASDAQ:EXAS opened at $51.48 on Wednesday. The company has a quick ratio of 1.98, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average price is $66.76 and its 200 day moving average price is $56.51. The company has a market cap of $9.53 billion, a PE ratio of -44.00 and a beta of 1.27. Exact Sciences has a fifty-two week low of $40.62 and a fifty-two week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. The firm’s revenue was up 12.8% compared to the same quarter last year. Sell-side analysts anticipate that Exact Sciences will post -0.87 earnings per share for the current year.

Insider Buying and Selling

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the sale, the executive vice president now directly owns 13,687 shares of the company’s stock, valued at approximately $958,090. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Exact Sciences

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Exact Sciences by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 17,740,092 shares of the medical research company’s stock valued at $1,225,131,000 after purchasing an additional 180,341 shares during the period. Capital World Investors increased its stake in Exact Sciences by 74.4% in the 1st quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock valued at $899,528,000 after buying an additional 5,557,168 shares during the period. William Blair Investment Management LLC purchased a new stake in Exact Sciences in the 2nd quarter worth approximately $163,896,000. Champlain Investment Partners LLC lifted its position in Exact Sciences by 175.3% in the 1st quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after buying an additional 1,438,010 shares in the last quarter. Finally, Armistice Capital LLC boosted its stake in shares of Exact Sciences by 91.6% during the 2nd quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock valued at $59,154,000 after buying an additional 669,438 shares during the period. 88.82% of the stock is owned by institutional investors and hedge funds.

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.