Jennison Associates LLC Cuts Stock Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Jennison Associates LLC decreased its holdings in Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 3.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 884,659 shares of the medical research company's stock after selling 30,775 shares during the period. Jennison Associates LLC owned 0.48% of Exact Sciences worth $60,263,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in EXAS. WCM Investment Management LLC lifted its stake in Exact Sciences by 1,153.2% in the 3rd quarter. WCM Investment Management LLC now owns 187,807 shares of the medical research company's stock worth $12,388,000 after purchasing an additional 172,821 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Exact Sciences by 5.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company's stock valued at $14,361,000 after buying an additional 10,356 shares during the last quarter. Simplify Asset Management Inc. boosted its stake in Exact Sciences by 67.5% during the third quarter. Simplify Asset Management Inc. now owns 29,277 shares of the medical research company's stock valued at $1,994,000 after buying an additional 11,800 shares during the last quarter. Profund Advisors LLC grew its holdings in Exact Sciences by 239.8% during the 2nd quarter. Profund Advisors LLC now owns 78,589 shares of the medical research company's stock valued at $3,320,000 after buying an additional 55,459 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new stake in Exact Sciences in the 2nd quarter worth approximately $163,896,000. Hedge funds and other institutional investors own 88.82% of the company's stock.

Exact Sciences Stock Up 1.1 %

Shares of Exact Sciences stock traded up $0.58 during trading on Thursday, reaching $53.28. The company's stock had a trading volume of 119,717 shares, compared to its average volume of 2,634,292. Exact Sciences Co. has a 1-year low of $40.62 and a 1-year high of $79.62. The company has a market cap of $9.86 billion, a price-to-earnings ratio of -44.69 and a beta of 1.27. 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 50-day simple moving average of $65.32 and a two-hundred day simple moving average of $55.99.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its quarterly earnings data 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 return on equity of 6.17% and a negative net margin of 7.95%. The company had revenue of $708.66 million for the quarter, compared to analyst estimates of $716.80 million. The company's quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities analysts forecast that Exact Sciences Co. will post -1.08 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Brian Baranick sold 929 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the sale, the executive vice president now owns 13,687 shares of the company's stock, valued at $958,090. This trade represents a 6.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin T. Conroy purchased 19,500 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,074,191 shares of the company's stock, valued at $55,159,707.85. This represents a 1.85 % increase in their position. The disclosure for this purchase can be found here. 1.36% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Evercore ISI cut their target price on shares of Exact Sciences from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. Craig Hallum decreased their target price 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. Raymond James reissued a "market perform" rating on shares of Exact Sciences in a research note on Thursday, September 26th. Canaccord Genuity Group lowered their price objective on Exact Sciences from $95.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group decreased their price target on Exact Sciences from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Exact Sciences currently has an average rating of "Moderate Buy" and an average price target of $74.47.

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.