Exact Sciences (NASDAQ:EXAS) Trading Down 4%

Exact Sciences Co. (NASDAQ:EXAS) dropped 4% during trading on Wednesday . The stock traded as low as $57.56 and last traded at $57.62. Approximately 542,645 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,610,708 shares. The stock had previously closed at $60.01.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EXAS. Stifel Nicolaus lowered their price target on Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Jefferies Financial Group initiated coverage on Exact Sciences in a research report on Monday, June 3rd. They issued a “buy” rating and a $75.00 price target for the company. Evercore ISI decreased their price objective on shares of Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company started coverage on shares of Exact Sciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price for the company. Finally, Citigroup cut their target price on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $78.50.

Exact Sciences Price Performance

The stock has a market cap of $10.91 billion, a PE ratio of -46.14 and a beta of 1.22. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73. The company’s fifty day moving average is $52.60 and its 200 day moving average is $55.37.

Exact Sciences (NASDAQ:EXAS) last posted its earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.28. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business had revenue of $699.26 million for the quarter, compared to analyst estimates of $690.02 million. During the same quarter in the previous year, the business posted ($0.45) EPS. The business’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Exact Sciences Co. will post -0.87 earnings per share for the current fiscal year.

Institutional Trading of Exact Sciences

A number of hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in Exact Sciences during the 2nd quarter valued at approximately $29,000. Benjamin F. Edwards & Company Inc. grew its position in shares of 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 buying an additional 179 shares in the last quarter. Able Wealth Management LLC bought a new stake in shares of Exact Sciences in the fourth quarter worth $45,000. EverSource Wealth Advisors LLC raised its holdings in 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. Finally, Fortitude Family Office LLC bought a new position in Exact Sciences during the 1st quarter valued at $55,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Company Profile

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.