Rock Springs Capital Management LP Sells 697,500 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Rock Springs Capital Management LP cut its position in Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 60.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 450,000 shares of the medical research company's stock after selling 697,500 shares during the quarter. Rock Springs Capital Management LP owned approximately 0.24% of Exact Sciences worth $25,286,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of EXAS. Thompson Investment Management Inc. boosted its holdings in Exact Sciences by 17.8% during the fourth quarter. Thompson Investment Management Inc. now owns 241,774 shares of the medical research company's stock valued at $13,585,000 after acquiring an additional 36,505 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Exact Sciences by 35.3% in the 4th quarter. Harbor Capital Advisors Inc. now owns 95,827 shares of the medical research company's stock valued at $5,385,000 after buying an additional 24,992 shares during the last quarter. Jones Financial Companies Lllp increased its position in Exact Sciences by 32.2% in the 4th quarter. Jones Financial Companies Lllp now owns 9,508 shares of the medical research company's stock worth $534,000 after buying an additional 2,315 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Exact Sciences in the 4th quarter worth approximately $478,000. Finally, Sanctuary Advisors LLC lifted its holdings in shares of Exact Sciences by 2.0% during the fourth quarter. Sanctuary Advisors LLC now owns 13,625 shares of the medical research company's stock worth $763,000 after buying an additional 269 shares during the last quarter. Institutional investors own 88.82% of the company's stock.

Exact Sciences Trading Down 0.3 %

Shares of Exact Sciences stock traded down $0.14 during trading on Friday, hitting $45.46. 1,093,684 shares of the company were exchanged, compared to its average volume of 2,606,558. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.15 and a quick ratio of 1.93. The firm has a market capitalization of $8.44 billion, a P/E ratio of -8.16 and a beta of 1.14. The firm's fifty day moving average price is $45.42 and its 200 day moving average price is $54.38. Exact Sciences Co. has a 1-year low of $39.97 and a 1-year high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.23. The company had revenue of $713.42 million during the quarter, compared to analyst estimates of $701.45 million. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. As a group, sell-side analysts expect that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Guggenheim reaffirmed a "buy" rating and set a $60.00 target price on shares of Exact Sciences in a research report on Friday, April 11th. Scotiabank lifted their price objective on Exact Sciences from $70.00 to $73.00 and gave the company a "sector outperform" rating in a report on Monday, February 24th. Benchmark reaffirmed a "buy" rating and issued a $65.00 target price on shares of Exact Sciences in a report on Monday, January 13th. Barclays dropped their price target on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Bank of America reduced their price objective on Exact Sciences from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $69.25.

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.