Sumitomo Mitsui Trust Group Inc. Has $70.39 Million Stock Holdings in Exact Sciences Corporation $EXAS

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS) by 643.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,286,595 shares of the medical research company’s stock after buying an additional 1,113,459 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Exact Sciences were worth $70,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EXAS. True Wealth Design LLC raised its stake in shares of Exact Sciences by 951.8% in the second quarter. True Wealth Design LLC now owns 589 shares of the medical research company’s stock worth $31,000 after acquiring an additional 533 shares during the last quarter. Country Trust Bank bought a new position in Exact Sciences in the 2nd quarter worth approximately $32,000. Bessemer Group Inc. raised its position in Exact Sciences by 1,980.6% in the 2nd quarter. Bessemer Group Inc. now owns 645 shares of the medical research company’s stock worth $34,000 after purchasing an additional 614 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Exact Sciences by 120.1% during the 2nd quarter. Parallel Advisors LLC now owns 799 shares of the medical research company’s stock worth $42,000 after buying an additional 436 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Exact Sciences by 37.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,018 shares of the medical research company’s stock valued at $54,000 after buying an additional 275 shares during the last quarter. Institutional investors and hedge funds own 88.82% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Brian Baranick sold 2,858 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $70.08, for a total transaction of $200,288.64. Following the sale, the executive vice president owned 22,368 shares of the company’s stock, valued at approximately $1,567,549.44. This trade represents a 11.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jacob A. Orville sold 5,000 shares of Exact Sciences stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $75.00, for a total value of $375,000.00. Following the transaction, the executive vice president owned 23,237 shares in the company, valued at approximately $1,742,775. This represents a 17.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.20% of the stock is owned by corporate insiders.

Exact Sciences Stock Performance

Shares of NASDAQ:EXAS opened at $102.26 on Thursday. The firm’s 50 day simple moving average is $95.09 and its 200 day simple moving average is $67.92. Exact Sciences Corporation has a fifty-two week low of $38.81 and a fifty-two week high of $102.66. The company has a market capitalization of $19.51 billion, a price-to-earnings ratio of -19.22, a P/E/G ratio of 2.41 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.72 and a quick ratio of 2.44.

Exact Sciences (NASDAQ:EXAS) last issued its earnings results on Monday, November 3rd. The medical research company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.13 by $0.11. The firm had revenue of $850.74 million during the quarter, compared to the consensus estimate of $810.42 million. Exact Sciences had a negative net margin of 32.01% and a positive return on equity of 1.67%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.21) earnings per share. As a group, sell-side analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on EXAS shares. Piper Sandler downgraded Exact Sciences from an “overweight” rating to a “hold” rating and set a $105.00 target price for the company. in a research report on Monday, November 24th. Stifel Nicolaus reiterated a “hold” rating and issued a $105.00 price objective (up from $80.00) on shares of Exact Sciences in a research report on Friday, November 28th. Robert W. Baird set a $105.00 price objective on Exact Sciences in a report on Thursday, November 20th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $105.00 target price (up previously from $85.00) on shares of Exact Sciences in a research note on Thursday, November 20th. Finally, Wall Street Zen cut shares of Exact Sciences from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $87.06.

Exact Sciences Profile

Exact Sciences Corporation is a molecular diagnostics company headquartered in Madison, Wisconsin, dedicated to the early detection and prevention of cancer. The company’s flagship product, Cologuard®, is a noninvasive, stool-based DNA screening test for colorectal cancer that was developed in collaboration with the Mayo Clinic. By combining DNA mutation analysis with hemoglobin detection, Cologuard aims to improve screening adherence and identify cancers and precancerous lesions in average-risk adults.

Since its founding in 1995, Exact Sciences has expanded its portfolio through strategic acquisitions and internal research and development.