Connor Clark & Lunn Investment Management Ltd. Purchases 125,192 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 59.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 335,705 shares of the medical research company's stock after acquiring an additional 125,192 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.18% of Exact Sciences worth $22,868,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Covestor Ltd raised its holdings in shares of Exact Sciences by 76.5% in the first quarter. Covestor Ltd now owns 1,419 shares of the medical research company's stock valued at $98,000 after purchasing an additional 615 shares during the last quarter. UniSuper Management Pty Ltd boosted its stake in shares of Exact Sciences by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,600 shares of the medical research company's stock worth $180,000 after buying an additional 1,300 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Exact Sciences by 5.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company's stock valued at $14,361,000 after acquiring an additional 10,356 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Exact Sciences during the first quarter worth about $67,000. Finally, Advisors Asset Management Inc. raised its holdings in Exact Sciences by 25.9% during the first quarter. Advisors Asset Management Inc. now owns 36,779 shares of the medical research company's stock worth $2,540,000 after acquiring an additional 7,574 shares in the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Exact Sciences

In related news, EVP Brian Baranick sold 929 shares of the company's stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin T. Conroy bought 19,500 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the completion of the transaction, 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. 1.36% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

EXAS has been the topic of several recent analyst reports. Stifel Nicolaus lowered their price target on Exact Sciences from $82.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Benchmark lowered their target price on shares of Exact Sciences from $67.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Raymond James reiterated a "market perform" rating on shares of Exact Sciences in a research note on Thursday, September 26th. The Goldman Sachs Group dropped their target price on shares of Exact Sciences from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Finally, Wells Fargo & Company assumed coverage on Exact Sciences in a research report on Tuesday, August 27th. They set an "overweight" rating and a $75.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Exact Sciences currently has an average rating of "Moderate Buy" and an average target price of $74.47.

Exact Sciences Trading Up 1.8 %

NASDAQ:EXAS traded up $0.93 during trading hours on Thursday, hitting $53.63. 174,609 shares of the company were exchanged, compared to its average volume of 2,634,802. The company has a fifty day simple moving average of $65.32 and a 200 day simple moving average of $55.99. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of -44.69 and a beta of 1.27. The company has a current ratio of 2.12, a quick ratio of 1.93 and a debt-to-equity ratio of 0.72.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 revenue was up 12.8% on a year-over-year basis. Sell-side analysts expect that Exact Sciences Co. will post -1.08 EPS for the current fiscal year.

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.