Exact Sciences (NASDAQ:EXAS) Hits New 52-Week Low - Here's What Happened

Exact Sciences Co. (NASDAQ:EXAS - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $40.12 and last traded at $41.40, with a volume of 144455 shares changing hands. The stock had previously closed at $42.55.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on EXAS shares. Guggenheim reissued a "buy" rating and issued a $60.00 target price on shares of Exact Sciences in a report on Friday. Royal Bank of Canada started coverage on shares of Exact Sciences in a report on Thursday, March 13th. They set a "sector perform" rating and a $52.00 price objective for the company. William Blair reaffirmed an "outperform" rating on shares of Exact Sciences in a report on Thursday, February 20th. Scotiabank increased their price target on Exact Sciences from $70.00 to $73.00 and gave the company a "sector outperform" rating in a research note on Monday, February 24th. Finally, Piper Sandler reduced their price objective on Exact Sciences from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Exact Sciences presently has a consensus rating of "Moderate Buy" and an average price target of $69.25.

Exact Sciences Price Performance

The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $8.26 billion, a PE ratio of -7.98 and a beta of 1.14. The stock's 50-day moving average is $46.95 and its two-hundred day moving average is $55.80.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.23. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. The firm had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. On average, equities analysts predict that Exact Sciences Co. will post -0.58 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EXAS. Quantinno Capital Management LP bought a new stake in shares of Exact Sciences in the third quarter valued at about $223,000. Stifel Financial Corp raised its holdings in shares of Exact Sciences by 2.3% in the 3rd quarter. Stifel Financial Corp now owns 80,961 shares of the medical research company's stock valued at $5,515,000 after purchasing an additional 1,825 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Exact Sciences by 12.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 51,437 shares of the medical research company's stock worth $3,504,000 after purchasing an additional 5,664 shares during the period. M&T Bank Corp boosted its stake in shares of Exact Sciences by 43.5% during the third quarter. M&T Bank Corp now owns 9,256 shares of the medical research company's stock valued at $630,000 after purchasing an additional 2,806 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Exact Sciences by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,105,970 shares of the medical research company's stock valued at $211,104,000 after buying an additional 7,873 shares during the period. Institutional investors own 88.82% 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.