Zacks Investment Management Invests $2.08 Million in Exact Sciences Co. (NASDAQ:EXAS)

Zacks Investment Management bought a new position in Exact Sciences Co. (NASDAQ:EXAS - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 30,579 shares of the medical research company's stock, valued at approximately $2,083,000.

Other hedge funds have also added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new position in shares of Exact Sciences in the second quarter worth $163,896,000. Sculptor Capital LP purchased a new position in shares of Exact Sciences in the second quarter worth $32,819,000. Samlyn Capital LLC purchased a new position in shares of Exact Sciences in the second quarter worth $30,426,000. Armistice Capital LLC raised its stake in shares of Exact Sciences by 91.6% in the second quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company's stock worth $59,154,000 after purchasing an additional 669,438 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new position in shares of Exact Sciences in the third quarter worth $28,608,000. 88.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EXAS has been the subject of a number of research reports. Citigroup reduced their price objective on Exact Sciences from $80.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. William Blair reiterated an "outperform" rating on shares of Exact Sciences in a research report on Thursday, November 21st. Piper Sandler reduced their price objective on Exact Sciences from $85.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, November 11th. Raymond James reiterated a "market perform" rating on shares of Exact Sciences in a research report on Thursday, September 26th. Finally, Robert W. Baird reduced their price objective on Exact Sciences from $70.00 to $67.00 and set an "outperform" rating for the company 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. Based on data from MarketBeat.com, Exact Sciences has a consensus rating of "Moderate Buy" and an average price target of $75.29.

Exact Sciences Price Performance

Shares of NASDAQ EXAS traded down $0.22 during mid-day trading on Tuesday, reaching $61.58. The company's stock had a trading volume of 1,494,311 shares, compared to its average volume of 2,632,750. The firm has a market capitalization of $11.40 billion, a PE ratio of -52.82 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93. The stock has a fifty day moving average of $63.16 and a two-hundred day moving average of $56.47. Exact Sciences Co. has a 52 week low of $40.62 and a 52 week high of $79.62.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The business had revenue of $708.66 million during the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The firm's revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Exact Sciences Co. will post -1.13 EPS for the current fiscal year.

Insider Activity at Exact Sciences

In related news, CEO Kevin T. Conroy acquired 19,500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost of $51.35 per share, with a total value of $1,001,325.00. Following the purchase, the chief executive officer now directly owns 1,074,191 shares of the company's stock, valued at approximately $55,159,707.85. This trade represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction that occurred 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 transaction, the executive vice president now owns 13,687 shares of the company's stock, valued at approximately $958,090. This trade represents a 6.36 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

About Exact Sciences

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.