30,536 Shares in Exact Sciences Co. (NASDAQ:EXAS) Bought by Fred Alger Management LLC

Fred Alger Management LLC purchased a new stake in shares of Exact Sciences Co. (NASDAQ:EXAS) during the 3rd quarter, HoldingsChannel reports. The firm purchased 30,536 shares of the medical research company’s stock, valued at approximately $2,080,000.

Other hedge funds have also modified their holdings of the company. Huntington National Bank boosted its position in 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 buying an additional 352 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in shares of Exact Sciences in the 3rd quarter valued at $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Exact Sciences in the third quarter worth $35,000. Vestor Capital LLC acquired a new position in Exact Sciences during the third quarter valued at $46,000. Finally, V Square Quantitative Management LLC acquired a new position in Exact Sciences during the third quarter valued at $47,000. 88.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Exact Sciences

In related news, CEO Kevin T. Conroy bought 19,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was bought at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the acquisition, the chief executive officer now directly owns 1,074,191 shares in the company, valued at $55,159,707.85. This represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the sale, the executive vice president now directly owns 13,687 shares of the company’s stock, valued at $958,090. This trade represents a 6.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Exact Sciences Price Performance

Exact Sciences stock opened at $62.08 on Monday. The company has a fifty day simple moving average of $63.85 and a 200-day simple moving average of $56.03. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of -53.06 and a beta of 1.27. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The business had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. The firm’s revenue was up 12.8% on a year-over-year basis. On average, equities analysts anticipate that Exact Sciences Co. will post -1.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on EXAS shares. Canaccord Genuity Group reduced their price objective on Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. BTIG Research lifted their target price on shares of Exact Sciences from $65.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. TD Cowen raised their price target on shares of Exact Sciences from $82.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Jefferies Financial Group upped their price objective on shares of Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating 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 company. According to MarketBeat.com, Exact Sciences currently has an average rating of “Moderate Buy” and an average target price of $75.29.

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.