Los Angeles Capital Management LLC Acquires New Stake in Exact Sciences Co. (NASDAQ:EXAS)

Los Angeles Capital Management LLC acquired a new stake in Exact Sciences Co. (NASDAQ:EXAS - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,062 shares of the medical research company's stock, valued at approximately $4,228,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new position in Exact Sciences in the second quarter valued at approximately $29,000. Capital Performance Advisors LLP purchased a new position in shares of Exact Sciences during the third quarter valued at about $35,000. Vestor Capital LLC bought a new stake in Exact Sciences in the 3rd quarter worth approximately $46,000. V Square Quantitative Management LLC bought a new stake in Exact Sciences in the 3rd quarter valued at $47,000. Finally, EverSource Wealth Advisors LLC increased its stake in Exact Sciences by 92.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company's stock worth $49,000 after buying an additional 340 shares during the period. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Exact Sciences Price Performance

EXAS stock traded up $0.57 during midday trading on Wednesday, hitting $50.73. 7,054,997 shares of the stock were exchanged, compared to its average volume of 2,646,286. Exact Sciences Co. has a fifty-two week low of $40.62 and a fifty-two week high of $79.62. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. The stock's 50-day moving average price is $66.35 and its 200-day moving average price is $56.34.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The business had revenue of $708.66 million during the quarter, compared to analyst estimates of $716.80 million. Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The business's revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts forecast that Exact Sciences Co. will post -1.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EXAS shares. Canaccord Genuity Group lowered their price target on shares of Exact Sciences from $95.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Craig Hallum decreased their price target on Exact Sciences from $82.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Stifel Nicolaus cut their price target on Exact Sciences from $82.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Benchmark reduced their price target on Exact Sciences from $67.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Finally, Piper Sandler cut their price target on shares of Exact Sciences from $85.00 to $75.00 and set an "overweight" rating for the company in a report on Monday. One analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $74.47.

Insider Buying and Selling

In related news, EVP Brian Baranick sold 929 shares of the firm'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 directly owns 12,758 shares of the company's stock, valued at approximately $893,060. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Kevin T. Conroy acquired 19,500 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were bought at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the acquisition, the chief executive officer now owns 1,074,191 shares of the company's stock, valued at $55,159,707.85. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction that occurred 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 sale, the executive vice president now owns 12,758 shares in the company, valued at $893,060. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by insiders.

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.