Exact Sciences Corp. (EXAS) Lowered to Hold at Zacks Investment Research
According to Zacks, “EXACT Sciences Corporation uses applied genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer. Certain of its technologies have been licensed to Laboratory Corporation of America Holdings for a stool-based DNA screening assay for colorectal cancer in the average-risk population. Colorectal cancer, which is the most deadly cancer among non-smokers, is generally curable if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than twenty years, the rate of early detection of colorectal cancer remains low, and deaths from colorectal cancer remain high. EXACT Sciences believes its genomics-based technologies would help to enable detection of colorectal cancer so that more people can be effectively treated. “
EXAS has been the topic of a number of other research reports. Robert W. Baird reaffirmed an outperform rating and set a $18.00 target price on shares of Exact Sciences Corp. in a research report on Sunday, July 31st. William Blair reaffirmed an outperform rating and set a $29.00 target price on shares of Exact Sciences Corp. in a research report on Friday, July 15th. BTIG Research reaffirmed a buy rating and set a $20.00 target price on shares of Exact Sciences Corp. in a research report on Sunday, July 31st. Benchmark Co. dropped their target price on shares of Exact Sciences Corp. from $14.00 to $9.00 and set a hold rating on the stock in a research report on Wednesday, July 27th. Finally, Goldman Sachs Group Inc. boosted their price target on shares of Exact Sciences Corp. from $16.00 to $18.00 and gave the company a neutral rating in a report on Monday, August 15th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Exact Sciences Corp. currently has an average rating of Hold and an average target price of $16.73.
Shares of Exact Sciences Corp. (NASDAQ:EXAS) traded down 2.87% during mid-day trading on Monday, reaching $19.26. 314,682 shares of the company traded hands. The stock’s 50 day moving average is $19.36 and its 200 day moving average is $12.68. Exact Sciences Corp. has a 52-week low of $4.67 and a 52-week high of $22.80. The stock’s market capitalization is $1.89 billion.
Exact Sciences Corp. (NASDAQ:EXAS) last announced its earnings results on Tuesday, July 26th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.55) by $0.09. Exact Sciences Corp. had a negative net margin of 277.74% and a negative return on equity of 57.16%. The business had revenue of $21.20 million for the quarter, compared to analyst estimates of $18.54 million. During the same quarter in the previous year, the firm posted ($0.44) earnings per share. Exact Sciences Corp.’s revenue was up 161.7% compared to the same quarter last year. On average, analysts anticipate that Exact Sciences Corp. will post ($1.78) earnings per share for the current year.
In other news, COO Maneesh Arora sold 7,359 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $14.82, for a total transaction of $109,060.38. Following the completion of the transaction, the chief operating officer now directly owns 538,736 shares of the company’s stock, valued at approximately $7,984,067.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Katherine S. Zanotti purchased 3,380 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were acquired at an average cost of $17.93 per share, with a total value of $60,603.40. Following the completion of the purchase, the director now directly owns 105,927 shares in the company, valued at $1,899,271.11. The disclosure for this purchase can be found here. Insiders own 5.60% of the company’s stock.
Several institutional investors have recently modified their holdings of EXAS. William Blair Investment Management LLC increased its stake in Exact Sciences Corp. by 1,945.5% in the second quarter. William Blair Investment Management LLC now owns 5,050,263 shares of the company’s stock valued at $61,866,000 after buying an additional 4,803,363 shares during the last quarter. Primecap Management Co. CA increased its stake in Exact Sciences Corp. by 45.9% in the first quarter. Primecap Management Co. CA now owns 4,516,300 shares of the company’s stock valued at $30,440,000 after buying an additional 1,420,000 shares during the last quarter. Elk Creek Partners LLC bought a new stake in Exact Sciences Corp. during the second quarter valued at approximately $8,414,000. FIL Ltd bought a new stake in Exact Sciences Corp. during the second quarter valued at approximately $11,520,000. Finally, Kornitzer Capital Management Inc. KS bought a new stake in Exact Sciences Corp. during the second quarter valued at approximately $9,824,000. 86.91% of the stock is owned by institutional investors.
About Exact Sciences Corp.
Exact Sciences Corporation is a molecular diagnostics company focused on the early detection and prevention of some forms of cancer. The Company’s product pipeline includes Lung Cancer Nodules, Pancreatic Cancer Screening, Esophageal Cancer Screening, Lung Cancer Pipeline, Pancreatic Cancer Pipeline and Esophageal Cancer Pipeline.
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