Exact Sciences’ (EXAS) Buy Rating Reaffirmed at Canaccord Genuity Group

Exact Sciences (NASDAQ:EXAS)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity Group in a research note issued on Friday, Benzinga reports. They presently have a $75.00 price target on the medical research company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 14.89% from the company’s current price.

Several other brokerages have also recently issued reports on EXAS. BTIG Research dropped their target price on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Scotiabank initiated coverage on shares of Exact Sciences in a research note on Thursday, June 27th. They set a “sector outperform” rating and a $70.00 price target for the company. Evercore ISI dropped their target price on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. The Goldman Sachs Group decreased their target price on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group began coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They issued a “buy” rating and a $75.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Exact Sciences has an average rating of “Moderate Buy” and an average price target of $78.14.

Exact Sciences Price Performance

NASDAQ EXAS traded down $2.11 during trading on Friday, hitting $65.28. 3,624,898 shares of the company’s stock were exchanged, compared to its average volume of 2,649,055. The stock’s 50 day moving average price is $54.47 and its two-hundred day moving average price is $55.40. The company has a market cap of $12.06 billion, a PE ratio of -49.64 and a beta of 1.26. Exact Sciences has a fifty-two week low of $40.62 and a fifty-two week high of $79.62. The company has a current ratio of 2.17, a quick ratio of 1.98 and a debt-to-equity ratio of 0.73.

Exact Sciences (NASDAQ:EXAS) last released its earnings results on Wednesday, July 31st. The medical research company reported ($0.09) 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%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.45) EPS. Research analysts expect that Exact Sciences will post -0.87 EPS for the current year.

Hedge Funds Weigh In On Exact Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXAS. Vanguard Group Inc. boosted its holdings in 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 last quarter. Capital World Investors increased its position in shares of Exact Sciences by 74.4% in the first quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock worth $899,528,000 after acquiring an additional 5,557,168 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Exact Sciences by 12.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,470,278 shares of the medical research company’s stock worth $330,711,000 after acquiring an additional 508,764 shares in the last quarter. William Blair Investment Management LLC bought a new stake in Exact Sciences in the 2nd quarter valued at about $163,896,000. Finally, Champlain Investment Partners LLC boosted its holdings in shares of Exact Sciences by 175.3% during the first quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after purchasing an additional 1,438,010 shares during the period. 88.82% of the stock is owned by institutional investors.

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.