ARK Investment Management LLC Sells 117,043 Shares of Exact Sciences Co. (NASDAQ:EXAS)

ARK Investment Management LLC reduced its holdings in Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 34.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,444 shares of the medical research company's stock after selling 117,043 shares during the period. ARK Investment Management LLC owned about 0.12% of Exact Sciences worth $15,493,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of EXAS. Daiwa Securities Group Inc. raised its stake in shares of Exact Sciences by 1.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 11,947 shares of the medical research company's stock worth $825,000 after purchasing an additional 200 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Exact Sciences by 1.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 23,088 shares of the medical research company's stock valued at $1,594,000 after acquiring an additional 401 shares during the last quarter. ClariVest Asset Management LLC increased its holdings in shares of Exact Sciences by 32.4% during the 1st quarter. ClariVest Asset Management LLC now owns 25,313 shares of the medical research company's stock valued at $1,748,000 after acquiring an additional 6,192 shares during the last quarter. Zevenbergen Capital Investments LLC increased its holdings in shares of Exact Sciences by 20.5% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 1,361,415 shares of the medical research company's stock valued at $94,019,000 after acquiring an additional 231,591 shares during the last quarter. Finally, Lipe & Dalton increased its holdings in shares of Exact Sciences by 32.9% during the 1st quarter. Lipe & Dalton now owns 7,270 shares of the medical research company's stock valued at $502,000 after acquiring an additional 1,800 shares during the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. TD Cowen lowered their price objective on Exact Sciences from $90.00 to $82.00 and set a "buy" rating on the stock in a report on Wednesday. Robert W. Baird lowered their target price on Exact Sciences from $70.00 to $67.00 and set an "outperform" rating on the stock in a report on Wednesday. Craig Hallum lowered their target price on Exact Sciences from $82.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday. Benchmark lowered their target price on Exact Sciences from $67.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Raymond James reaffirmed a "market perform" rating on shares of Exact Sciences in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $75.06.

Insider Buying and Selling

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the business's stock in a transaction dated 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 directly owns 12,758 shares of the company's stock, valued at approximately $893,060. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.36% of the stock is owned by insiders.

Exact Sciences Price Performance

EXAS traded down $1.75 during trading on Friday, hitting $51.48. The company's stock had a trading volume of 4,687,814 shares, compared to its average volume of 2,614,300. The firm's 50 day moving average price is $66.96 and its two-hundred day moving average price is $56.63. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of -55.45 and a beta of 1.27. Exact Sciences Co. has a 12 month low of $40.62 and a 12 month high of $79.62. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. The company had revenue of $708.66 million for the quarter, compared to analyst estimates of $716.80 million. The firm's revenue was up 12.8% compared to the same quarter last year. Sell-side analysts forecast that Exact Sciences Co. will post -0.87 earnings per share for the current fiscal year.

Exact Sciences Company 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.