Exact Sciences (NASDAQ:EXAS) Price Target Cut to $65.00 by Analysts at Craig Hallum

Exact Sciences (NASDAQ:EXAS) had its price target lowered by Craig Hallum from $82.00 to $65.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the medical research company’s stock.

Several other analysts have also issued reports on EXAS. The Goldman Sachs Group decreased their price target on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Sanford C. Bernstein lifted their target price on shares of Exact Sciences from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Robert W. Baird decreased their target price on shares of Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a research report on Wednesday. Evercore ISI lifted their target price on shares of Exact Sciences from $72.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Piper Sandler lifted their target price on shares of Exact Sciences from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.06.

Exact Sciences Price Performance

Shares of Exact Sciences stock traded down $1.75 during midday trading on Wednesday, reaching $51.48. 4,689,229 shares of the company’s stock traded hands, compared to its average volume of 2,310,664. The company’s 50 day simple moving average is $66.76 and its 200 day simple moving average is $56.55. The company has a quick ratio of 1.98, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. Exact Sciences has a 52 week low of $40.62 and a 52 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). The business had revenue of $708.66 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 12.8% on a year-over-year basis. Equities analysts forecast that Exact Sciences will post -0.87 EPS for the current year.

Insiders Place Their Bets

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were 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 of the company’s stock, valued at approximately $893,060. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Exact Sciences

A number of institutional investors and hedge funds have recently modified their holdings of EXAS. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Exact Sciences by 16.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 89,196 shares of the medical research company’s stock valued at $6,160,000 after purchasing an additional 12,349 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Exact Sciences by 5.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company’s stock valued at $14,361,000 after buying an additional 10,356 shares during the period. Profund Advisors LLC boosted its holdings in shares of Exact Sciences by 239.8% in the second quarter. Profund Advisors LLC now owns 78,589 shares of the medical research company’s stock valued at $3,320,000 after buying an additional 55,459 shares during the period. William Blair Investment Management LLC acquired a new position in shares of Exact Sciences in the second quarter valued at approximately $163,896,000. Finally, Swedbank AB acquired a new position in shares of Exact Sciences in the first quarter valued at approximately $2,719,000. 88.82% of the stock is owned by institutional investors.

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.