Beacon Investment Advisory Services Inc. Cuts Stock Position in Exact Sciences Co. (NASDAQ:EXAS)

Beacon Investment Advisory Services Inc. lowered its stake in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 20.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,985 shares of the medical research company's stock after selling 8,916 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Exact Sciences were worth $2,315,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Huntington National Bank raised its position in Exact Sciences by 838.1% during the third quarter. Huntington National Bank now owns 394 shares of the medical research company's stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Exact Sciences during the 2nd quarter worth $29,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Exact Sciences during the 3rd quarter worth $34,000. Capital Performance Advisors LLP bought a new position in Exact Sciences in the third quarter valued at about $35,000. Finally, Vestor Capital LLC bought a new position in shares of Exact Sciences in the third quarter worth about $46,000. Institutional investors own 88.82% of the company's stock.

Exact Sciences Stock Down 0.1 %

Shares of Exact Sciences stock traded down $0.05 during trading on Tuesday, reaching $61.64. 624,844 shares of the company traded hands, compared to its average volume of 2,639,334. The firm has a market capitalization of $11.41 billion, a PE ratio of -53.06 and a beta of 1.24. Exact Sciences Co. has a 1-year low of $40.62 and a 1-year high of $79.62. The company has a 50 day moving average price of $63.70 and a 200-day moving average price of $56.12. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. TD Cowen upped their price objective on shares of Exact Sciences from $82.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Evercore ISI cut their price objective on Exact Sciences from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Wells Fargo & Company began coverage on Exact Sciences in a report on Tuesday, August 27th. They issued an "overweight" rating and a $75.00 target price for the company. William Blair restated an "outperform" rating on shares of Exact Sciences in a report on Thursday, November 21st. Finally, BTIG Research raised their price objective on shares of Exact Sciences from $65.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $75.29.

Insider Buying and Selling at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the sale, the executive vice president now directly owns 12,758 shares of the company's stock, valued at $893,060. This represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kevin T. Conroy purchased 19,500 shares of the firm's stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the acquisition, the chief executive officer now directly owns 1,074,191 shares of the company's stock, valued at $55,159,707.85. This represents a 1.85 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.36% of the company's stock.

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.