Sumitomo Mitsui Trust Group Inc. Has $71.52 Million Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Exact Sciences Co. (NASDAQ:EXAS) by 8.1% in the third quarter, HoldingsChannel reports. The fund owned 1,049,935 shares of the medical research company’s stock after selling 92,841 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Exact Sciences were worth $71,522,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbour Investments Inc. grew its holdings in Exact Sciences by 9.2% in the 3rd quarter. Harbour Investments Inc. now owns 29,790 shares of the medical research company’s stock valued at $2,029,000 after buying an additional 2,518 shares in the last quarter. WCM Investment Management LLC boosted its position in shares of Exact Sciences by 1,153.2% in the third quarter. WCM Investment Management LLC now owns 187,807 shares of the medical research company’s stock valued at $12,388,000 after acquiring an additional 172,821 shares during the period. Lisanti Capital Growth LLC acquired a new position in shares of Exact Sciences in the third quarter valued at about $1,040,000. Patten & Patten Inc. TN increased its position in Exact Sciences by 13.9% during the third quarter. Patten & Patten Inc. TN now owns 25,693 shares of the medical research company’s stock worth $1,750,000 after acquiring an additional 3,138 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in Exact Sciences in the 3rd quarter worth about $4,228,000. Institutional investors and hedge funds own 88.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stifel Nicolaus decreased their target price on shares of Exact Sciences from $82.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI lowered their price objective on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Raymond James reiterated a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. Jefferies Financial Group raised their price target on Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group cut their price objective on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $74.47.

Insider Activity

In other news, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. The trade was a 6.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin T. Conroy purchased 19,500 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were purchased at an average cost of $51.35 per share, for a total transaction 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 approximately $55,159,707.85. The trade was a 1.85 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.36% of the company’s stock.

Exact Sciences Stock Up 0.4 %

NASDAQ:EXAS opened at $50.93 on Friday. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93. The company has a market cap of $9.43 billion, a PE ratio of -43.53 and a beta of 1.27. The firm’s 50 day simple moving average is $66.02 and its 200 day simple moving average is $56.27.

Exact Sciences (NASDAQ:EXAS) last issued 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). The business had revenue of $708.66 million during the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. Exact Sciences’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, research analysts anticipate that Exact Sciences Co. will post -1.08 earnings per share for the current 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.