Exact Sciences (NASDAQ:EXAS) Stock Price Up 7.8% – Here’s Why

Shares of Exact Sciences Co. (NASDAQ:EXAS) were up 7.8% during mid-day trading on Tuesday . The stock traded as high as $53.49 and last traded at $53.42. Approximately 1,273,453 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 2,640,772 shares. The stock had previously closed at $49.54.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Sanford C. Bernstein upped their price target on Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Raymond James reaffirmed a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. Canaccord Genuity Group reduced their price target on Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. William Blair reaffirmed an “outperform” rating on shares of Exact Sciences in a report on Thursday. Finally, Citigroup reduced their price target on Exact Sciences from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.47.

Exact Sciences Stock Up 1.3 %

The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average price of $65.04 and a 200-day moving average price of $55.98. The firm has a market capitalization of $9.88 billion, a PE ratio of -45.63 and a beta of 1.27.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The company had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The business’s revenue was up 12.8% compared to the same quarter last year. Equities research analysts forecast that Exact Sciences Co. will post -1.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the transaction, the executive vice president now directly owns 12,758 shares in the company, valued at approximately $893,060. This represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kevin T. Conroy acquired 19,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the completion of 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 position. The disclosure for this purchase can be found here. 1.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC lifted its stake in Exact Sciences by 1.7% during the third quarter. Chicago Partners Investment Group LLC now owns 9,261 shares of the medical research company’s stock worth $651,000 after purchasing an additional 158 shares in the last quarter. Amalgamated Bank raised its stake in shares of Exact Sciences by 2.7% in the second quarter. Amalgamated Bank now owns 10,937 shares of the medical research company’s stock valued at $462,000 after acquiring an additional 284 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Exact Sciences by 92.4% in the first quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock valued at $49,000 after acquiring an additional 340 shares in the last quarter. Huntington National Bank raised its stake in shares of Exact Sciences by 838.1% in the third quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Exact Sciences by 6.2% in the second quarter. CIBC Asset Management Inc now owns 6,118 shares of the medical research company’s stock valued at $258,000 after acquiring an additional 356 shares in the last quarter. 88.82% of the stock is currently 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.