Cinctive Capital Management LP Takes Position in Exact Sciences Co. (NASDAQ:EXAS)

Cinctive Capital Management LP purchased a new stake in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 8,510 shares of the medical research company's stock, valued at approximately $580,000.

Several other hedge funds have also bought and sold shares of 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 during the period. Itau Unibanco Holding S.A. purchased a new stake in Exact Sciences during the second quarter valued at approximately $29,000. RPg Family Wealth Advisory LLC purchased a new stake in Exact Sciences during the third quarter valued at approximately $34,000. Capital Performance Advisors LLP purchased a new stake in Exact Sciences during the third quarter valued at approximately $35,000. Finally, Vestor Capital LLC purchased a new stake in shares of Exact Sciences in the third quarter worth approximately $46,000. Institutional investors own 88.82% of the company's stock.

Exact Sciences Trading Up 5.9 %

Exact Sciences stock traded up $3.58 during midday trading on Wednesday, hitting $64.14. 2,630,573 shares of the stock were exchanged, compared to its average volume of 2,647,741. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. Exact Sciences Co. has a 52 week low of $40.62 and a 52 week high of $79.62. The company has a fifty day simple moving average of $63.53 and a two-hundred day simple moving average of $56.19. The stock has a market capitalization of $11.87 billion, a PE ratio of -55.03 and a beta of 1.24.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its earnings results 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). Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The firm had revenue of $708.66 million for the quarter, compared to analyst estimates of $716.80 million. The business's revenue for the quarter was up 12.8% compared to the same quarter last year. Equities research analysts anticipate that Exact Sciences Co. will post -1.13 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on EXAS shares. Canaccord Genuity Group reduced their target price on Exact Sciences from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Citigroup dropped their target price on Exact Sciences from $80.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Evercore ISI dropped their target price on Exact Sciences from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group lifted their price objective on Exact Sciences from $84.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Finally, Sanford C. Bernstein lifted their price objective on Exact Sciences from $75.00 to $90.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.29.

Insider Transactions at Exact Sciences

In other news, CEO Kevin T. Conroy bought 19,500 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the acquisition, the chief executive officer now directly owns 1,074,191 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Baranick sold 929 shares of the stock in a transaction 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 transaction, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. This represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.