Belpointe Asset Management LLC Cuts Stock Position in Exact Sciences Corporation $EXAS

Belpointe Asset Management LLC cut its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS) by 2.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 50,944 shares of the medical research company’s stock after selling 1,291 shares during the quarter. Belpointe Asset Management LLC’s holdings in Exact Sciences were worth $2,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Exact Sciences by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company’s stock worth $763,535,000 after acquiring an additional 617,384 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Exact Sciences by 11.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,403,872 shares of the medical research company’s stock worth $277,225,000 after purchasing an additional 643,631 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Exact Sciences by 12.4% in the 1st quarter. Mackenzie Financial Corp now owns 3,281,639 shares of the medical research company’s stock worth $142,062,000 after purchasing an additional 362,314 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Exact Sciences by 120.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,128,958 shares of the medical research company’s stock valued at $135,453,000 after purchasing an additional 1,707,287 shares during the last quarter. Finally, Armistice Capital LLC grew its holdings in Exact Sciences by 9.6% during the first quarter. Armistice Capital LLC now owns 1,772,369 shares of the medical research company’s stock valued at $76,726,000 after purchasing an additional 155,369 shares during the period. 88.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EXAS has been the topic of several research reports. Royal Bank Of Canada lowered their target price on Exact Sciences from $54.00 to $46.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Evercore ISI lowered their price objective on Exact Sciences from $68.00 to $64.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th. UBS Group dropped their price objective on shares of Exact Sciences from $61.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Piper Sandler reduced their target price on shares of Exact Sciences from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, August 11th. Finally, Wall Street Zen upgraded shares of Exact Sciences from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Exact Sciences has an average rating of “Moderate Buy” and an average target price of $68.52.

Exact Sciences Price Performance

EXAS stock opened at $57.63 on Tuesday. The firm has a 50 day moving average of $49.76 and a 200-day moving average of $50.21. The firm has a market capitalization of $10.91 billion, a P/E ratio of -10.61, a price-to-earnings-growth ratio of 5.24 and a beta of 1.24. Exact Sciences Corporation has a 12 month low of $38.81 and a 12 month high of $72.83. The company has a current ratio of 2.89, a quick ratio of 2.56 and a debt-to-equity ratio of 0.94.

Exact Sciences (NASDAQ:EXAS) last posted its earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.24. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The business had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. Exact Sciences’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Exact Sciences

In related news, Director James Edward Doyle sold 1,485 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total value of $62,399.70. Following the sale, the director owned 59,962 shares in the company, valued at approximately $2,519,603.24. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.

Exact Sciences 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.