EXACT Sciences (EXAS) Trading Down 5.5%

EXACT Sciences Co. (NASDAQ:EXAS) shares dropped 5.5% on Wednesday . The stock traded as low as $60.35 and last traded at $60.44. Approximately 2,154,663 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 2,719,760 shares. The stock had previously closed at $63.99.

EXAS has been the topic of several research analyst reports. BTIG Research raised EXACT Sciences from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 3rd. ValuEngine raised EXACT Sciences from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. William Blair reissued a “buy” rating on shares of EXACT Sciences in a research report on Thursday, March 29th. Leerink Swann set a $67.00 price objective on EXACT Sciences and gave the stock a “buy” rating in a research report on Wednesday, March 28th. Finally, BidaskClub cut EXACT Sciences from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $61.05.

The company has a debt-to-equity ratio of 0.71, a current ratio of 15.30 and a quick ratio of 14.86. The stock has a market cap of $7.37 billion, a P/E ratio of -61.09 and a beta of 0.86.

EXACT Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Thursday, April 26th. The medical research company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.05. EXACT Sciences had a negative return on equity of 20.92% and a negative net margin of 38.61%. The firm had revenue of $90.30 million for the quarter, compared to analysts’ expectations of $86.31 million. During the same quarter in the prior year, the firm earned ($0.32) EPS. The business’s revenue for the quarter was up 86.7% compared to the same quarter last year. analysts predict that EXACT Sciences Co. will post -1.18 earnings per share for the current year.

In other news, Director Michael S. Wyzga sold 7,402 shares of the company’s stock in a transaction on Thursday, May 10th. The stock was sold at an average price of $51.53, for a total transaction of $381,425.06. Following the transaction, the director now owns 10,974 shares of the company’s stock, valued at approximately $565,490.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP D Scott Coward sold 2,122 shares of the company’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $40.12, for a total value of $85,134.64. The disclosure for this sale can be found here. Insiders have sold a total of 25,204 shares of company stock worth $1,127,639 in the last ninety days. Insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EXAS. OppenheimerFunds Inc. raised its stake in shares of EXACT Sciences by 99.6% during the 1st quarter. OppenheimerFunds Inc. now owns 5,831,347 shares of the medical research company’s stock valued at $235,179,000 after purchasing an additional 2,910,506 shares during the period. Artisan Partners Limited Partnership bought a new stake in shares of EXACT Sciences during the 1st quarter valued at $60,243,000. Victory Capital Management Inc. raised its stake in shares of EXACT Sciences by 43.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,709,505 shares of the medical research company’s stock valued at $68,945,000 after purchasing an additional 519,945 shares during the period. Atlantic Trust Group LLC raised its stake in shares of EXACT Sciences by 423.8% during the 1st quarter. Atlantic Trust Group LLC now owns 625,906 shares of the medical research company’s stock valued at $25,244,000 after purchasing an additional 506,404 shares during the period. Finally, Elk Creek Partners LLC raised its stake in shares of EXACT Sciences by 66.5% during the 1st quarter. Elk Creek Partners LLC now owns 962,731 shares of the medical research company’s stock valued at $38,827,000 after purchasing an additional 384,481 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

About EXACT Sciences

Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.

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