Exact Sciences (NASDAQ:EXAS) Stock Price Down 4.3% - What's Next?

Shares of Exact Sciences Co. (NASDAQ:EXAS - Get Free Report) were down 4.3% on Tuesday . The company traded as low as $55.92 and last traded at $56.01. Approximately 652,498 shares changed hands during trading, a decline of 65% from the average daily volume of 1,890,406 shares. The stock had previously closed at $58.51.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Benchmark reaffirmed a "buy" rating and issued a $65.00 target price on shares of Exact Sciences in a report on Monday. Craig Hallum dropped their price objective on shares of Exact Sciences from $82.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. BTIG Research lifted their price objective on shares of Exact Sciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. TD Cowen increased their target price on Exact Sciences from $82.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Finally, Bank of America cut their price target on Exact Sciences from $75.00 to $72.00 and set a "buy" rating on the stock in a research note on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat.com, Exact Sciences currently has a consensus rating of "Moderate Buy" and an average target price of $72.94.

Exact Sciences Stock Performance

The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The company has a market cap of $9.34 billion, a price-to-earnings ratio of -43.11 and a beta of 1.24. The firm has a 50-day simple moving average of $57.20 and a 200 day simple moving average of $59.03.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) 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 business had revenue of $708.66 million during the quarter, compared to analysts' expectations of $716.80 million. The company's revenue for the quarter was up 12.8% on a year-over-year basis. On average, sell-side analysts predict that Exact Sciences Co. will post -1.1 earnings per share for the current fiscal year.

Insider Transactions at Exact Sciences

In related news, CEO Kevin T. Conroy acquired 19,500 shares of Exact Sciences stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $51.35 per share, with a total value of $1,001,325.00. Following the purchase, the chief executive officer now directly owns 1,074,191 shares in the company, valued at approximately $55,159,707.85. The trade was a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.36% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Groupama Asset Managment acquired a new stake in shares of Exact Sciences during the third quarter worth $821,000. Sculptor Capital LP purchased a new position in Exact Sciences during the 2nd quarter worth $32,819,000. Samlyn Capital LLC acquired a new stake in shares of Exact Sciences in the 2nd quarter worth $30,426,000. Armistice Capital LLC boosted its holdings in shares of Exact Sciences by 91.6% in the second quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company's stock valued at $59,154,000 after acquiring an additional 669,438 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC acquired a new position in shares of Exact Sciences during the third quarter worth about $28,608,000. Institutional investors and hedge funds own 88.82% of the company's stock.

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.

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