ARK Investment Management LLC Sells 147,385 Shares of Exact Sciences Co. (NASDAQ:EXAS)

ARK Investment Management LLC lowered its stake in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 64.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,059 shares of the medical research company's stock after selling 147,385 shares during the quarter. ARK Investment Management LLC's holdings in Exact Sciences were worth $4,498,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Thompson Investment Management Inc. raised its position in Exact Sciences by 17.8% during the 4th quarter. Thompson Investment Management Inc. now owns 241,774 shares of the medical research company's stock worth $13,585,000 after purchasing an additional 36,505 shares during the last quarter. WCM Investment Management LLC lifted its stake in shares of Exact Sciences by 1,153.2% in the third quarter. WCM Investment Management LLC now owns 187,807 shares of the medical research company's stock worth $12,388,000 after acquiring an additional 172,821 shares during the period. Simplify Asset Management Inc. boosted its holdings in Exact Sciences by 67.5% in the third quarter. Simplify Asset Management Inc. now owns 29,277 shares of the medical research company's stock valued at $1,994,000 after acquiring an additional 11,800 shares during the last quarter. Zacks Investment Management acquired a new stake in Exact Sciences during the 3rd quarter valued at approximately $2,083,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Exact Sciences by 59.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 335,705 shares of the medical research company's stock worth $22,868,000 after purchasing an additional 125,192 shares during the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.

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Exact Sciences Stock Down 0.9 %

Shares of EXAS stock traded down $0.41 on Friday, hitting $47.41. The stock had a trading volume of 3,106,807 shares, compared to its average volume of 2,341,992. The business has a 50 day moving average price of $53.93 and a 200 day moving average price of $59.72. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The company has a market cap of $8.81 billion, a PE ratio of -8.51 and a beta of 1.24. 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 (NASDAQ:EXAS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.23. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. The business had revenue of $713.42 million during the quarter, compared to analysts' expectations of $701.45 million. Research analysts anticipate that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on EXAS shares. Barclays dropped their price target 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. Robert W. Baird dropped their target price on shares of Exact Sciences from $70.00 to $67.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group lifted their price target on shares of Exact Sciences from $84.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Benchmark reiterated a "buy" rating and set a $65.00 price objective on shares of Exact Sciences in a report on Monday, January 13th. Finally, Piper Sandler reduced their target price on Exact Sciences from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Exact Sciences currently has an average rating of "Moderate Buy" and an average target price of $71.94.

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.