Exact Sciences Co. (NASDAQ:EXAS - Get Free Report) shares gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $71.51, but opened at $55.70. Exact Sciences shares last traded at $51.14, with a volume of 4,851,214 shares changing hands.
The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The company had revenue of $708.66 million during the quarter, compared to analyst estimates of $716.80 million. The business's revenue was up 12.8% on a year-over-year basis.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Exact Sciences from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday. Piper Sandler upped their price target on shares of Exact Sciences from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, September 12th. 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. Robert W. Baird decreased their target price on shares of Exact Sciences from $70.00 to $67.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus cut their target price on shares of Exact Sciences from $82.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Exact Sciences has an average rating of "Moderate Buy" and a consensus price target of $75.06.
Check Out Our Latest Report on EXAS
Insider Activity
In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the business's stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the transaction, the executive vice president now owns 12,758 shares of the company's stock, valued at $893,060. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.36% of the stock is currently owned by corporate insiders.
Institutional Trading of Exact Sciences
Large investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its holdings in Exact Sciences by 838.1% in the third quarter. Huntington National Bank now owns 394 shares of the medical research company's stock worth $27,000 after purchasing an additional 352 shares during the period. Capital Performance Advisors LLP acquired a new stake in Exact Sciences in the 3rd quarter worth about $35,000. Vestor Capital LLC acquired a new stake in shares of Exact Sciences in the 3rd quarter valued at $46,000. V Square Quantitative Management LLC acquired a new stake in Exact Sciences in the third quarter valued at approximately $47,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Exact Sciences in the 2nd quarter valued at approximately $29,000. 88.82% of the stock is owned by institutional investors.
Exact Sciences Price Performance
The business's 50 day moving average is $67.27 and its two-hundred day moving average is $56.67. The firm has a market cap of $10.11 billion, a P/E ratio of -56.71 and a beta of 1.27. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73.
About Exact Sciences
(
Get Free Report)
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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