Victory Capital Management Inc. Lowers Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Victory Capital Management Inc. cut its holdings in Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 28.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,971 shares of the medical research company's stock after selling 16,449 shares during the quarter. Victory Capital Management Inc.'s holdings in Exact Sciences were worth $2,859,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Exact Sciences in the 3rd quarter valued at $35,000. Vestor Capital LLC bought a new position in Exact Sciences in the third quarter worth about $46,000. V Square Quantitative Management LLC purchased a new stake in shares of Exact Sciences during the third quarter valued at about $47,000. Itau Unibanco Holding S.A. bought a new stake in shares of Exact Sciences in the 2nd quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Exact Sciences by 92.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company's stock worth $49,000 after buying an additional 340 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Kevin T. Conroy acquired 19,500 shares of the business's stock in a transaction on Wednesday, November 13th. The stock was bought at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the purchase, the chief executive officer now owns 1,074,191 shares in the company, valued at approximately $55,159,707.85. This represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Brian Baranick sold 929 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 12,758 shares of the company's stock, 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. Insiders own 1.36% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on EXAS. Sanford C. Bernstein raised their target price on shares of Exact Sciences from $75.00 to $90.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Benchmark decreased their price objective on Exact Sciences from $67.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. TD Cowen dropped their target price on Exact Sciences from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Jefferies Financial Group increased their price target on Exact Sciences from $84.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, William Blair restated an "outperform" rating on shares of Exact Sciences in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $74.47.

Exact Sciences Stock Performance

NASDAQ:EXAS traded down $0.16 during trading hours on Friday, reaching $52.91. The company had a trading volume of 2,005,479 shares, compared to its average volume of 3,569,737. 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 Co. has a 1-year low of $40.62 and a 1-year high of $79.62. The business's 50 day moving average price is $64.79 and its 200-day moving average price is $55.84. The firm has a market cap of $9.79 billion, a PE ratio of -45.22 and a beta of 1.27.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) 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 firm had revenue of $708.66 million during the quarter, compared to analyst estimates of $716.80 million. The company's quarterly revenue was up 12.8% on a year-over-year basis. Research analysts forecast that Exact Sciences Co. will post -1.08 EPS for the current year.

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.