Parnassus Investments LLC Takes $594,000 Position in Exact Sciences Co. (NASDAQ:EXAS)

Parnassus Investments LLC acquired a new stake in Exact Sciences Co. (NASDAQ:EXAS - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,578 shares of the medical research company's stock, valued at approximately $594,000.

A number of other institutional investors and hedge funds have also made changes to their positions in EXAS. Atria Investments Inc purchased a new stake in shares of Exact Sciences during the third quarter worth approximately $244,000. Axxcess Wealth Management LLC acquired a new position in Exact Sciences during the third quarter worth $243,000. Huntington National Bank boosted its stake in Exact Sciences by 838.1% during the third quarter. Huntington National Bank now owns 394 shares of the medical research company's stock worth $27,000 after buying an additional 352 shares during the last quarter. Curi RMB Capital LLC boosted its stake in Exact Sciences by 3.2% during the third quarter. Curi RMB Capital LLC now owns 24,468 shares of the medical research company's stock worth $1,667,000 after buying an additional 754 shares during the last quarter. Finally, Metis Global Partners LLC acquired a new position in Exact Sciences during the third quarter worth $241,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Stock Up 1.7 %

NASDAQ EXAS traded up $0.78 during trading hours on Wednesday, hitting $45.70. 1,531,769 shares of the company were exchanged, compared to its average volume of 2,620,571. The company has a 50 day moving average of $51.24 and a two-hundred day moving average of $58.58. The company has a quick ratio of 1.93, a current ratio of 2.15 and a debt-to-equity ratio of 0.97. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of -8.20 and a beta of 1.25.

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Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.23. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. The company had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. Equities research analysts anticipate that Exact Sciences Co. will post -0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EXAS has been the topic of a number of recent research reports. Barclays lowered their price objective on Exact Sciences from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, February 20th. Scotiabank upped their price target on Exact Sciences from $70.00 to $73.00 and gave the company a "sector outperform" rating in a research note on Monday, February 24th. Bank of America decreased their price target on Exact Sciences from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. TD Cowen upped their price target on Exact Sciences from $82.00 to $86.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Benchmark reaffirmed a "buy" rating and issued a $65.00 price target on shares of Exact Sciences in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.83.

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.