Barclays Cuts Exact Sciences (NASDAQ:EXAS) Price Target to $65.00

Exact Sciences (NASDAQ:EXAS - Free Report) had its price target reduced by Barclays from $70.00 to $65.00 in a research report sent to investors on Thursday,Benzinga reports. Barclays currently has an overweight rating on the medical research company's stock.

A number of other research firms also recently issued reports on EXAS. Craig Hallum reduced their price objective on Exact Sciences from $82.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reduced their price objective on Exact Sciences from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus reduced their price objective on Exact Sciences from $82.00 to $67.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Canaccord Genuity Group reduced their price objective on Exact Sciences from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Bank of America cut their target price on Exact Sciences from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, Exact Sciences presently has a consensus rating of "Moderate Buy" and an average target price of $72.06.

Exact Sciences Price Performance

EXAS traded down $0.25 on Thursday, hitting $49.26. 3,339,540 shares of the company's stock traded hands, compared to its average volume of 2,338,169. The company's 50 day simple moving average is $54.91 and its 200-day simple moving average is $59.99. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of -8.84 and a beta of 1.24. Exact Sciences has a one year low of $40.62 and a one year high of $79.62. 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 quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.23. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 37.29%. The business had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. As a group, research analysts anticipate that Exact Sciences will post -0.59 EPS for the current year.

Institutional Investors Weigh In On Exact Sciences

Several hedge funds have recently made changes to their positions in EXAS. Price T Rowe Associates Inc. MD lifted its holdings in shares of Exact Sciences by 74.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock worth $323,669,000 after buying an additional 2,462,165 shares during the period. Capital World Investors lifted its holdings in shares of Exact Sciences by 10.7% in the 4th quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock worth $985,439,000 after buying an additional 1,696,321 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Exact Sciences by 107.7% in the 4th quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock worth $164,037,000 after buying an additional 1,513,873 shares during the period. Groupama Asset Managment purchased a new stake in shares of Exact Sciences in the 3rd quarter worth $821,000. Finally, Norges Bank purchased a new stake in shares of Exact Sciences in the 4th quarter worth $50,625,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

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.