Exact Sciences Corp. (EXAS) Shares Down 16% on Insider Selling
Exact Sciences Corp. (NASDAQ:EXAS) shares dropped 16% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $14.55 and last traded at $14.63, with a volume of 8,263,693 shares trading hands. The stock had previously closed at $17.41.
Specifically, COO Maneesh Arora sold 562,932 shares of the company’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $17.46, for a total transaction of $9,828,792.72. Following the sale, the chief operating officer now directly owns 1,094,309 shares of the company’s stock, valued at approximately $19,106,635.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lionel Sterling bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were acquired at an average cost of $18.10 per share, for a total transaction of $90,500.00. Following the completion of the purchase, the director now owns 121,247 shares in the company, valued at $2,194,570.70. The disclosure for this purchase can be found here. 5.60% of the stock is currently owned by insiders.
Several equities research analysts recently weighed in on EXAS shares. BTIG Research reaffirmed a “buy” rating and set a $20.00 target price on shares of Exact Sciences Corp. in a research note on Sunday, July 31st. Zacks Investment Research raised shares of Exact Sciences Corp. from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Friday, July 29th. Craig Hallum upped their target price on shares of Exact Sciences Corp. from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Jefferies Group upped their target price on shares of Exact Sciences Corp. from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Exact Sciences Corp. in a report on Tuesday, July 26th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $19.33.
The firm’s market capitalization is $1.58 billion. The firm has a 50 day moving average price of $17.76 and a 200 day moving average price of $14.60.
Exact Sciences Corp. (NASDAQ:EXAS) last posted its quarterly earnings results on Wednesday, October 26th. The company reported ($0.36) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.06. Exact Sciences Corp. had a negative net margin of 216.45% and a negative return on equity of 55.44%. The firm had revenue of $28.10 million for the quarter, compared to analyst estimates of $25.24 million. During the same quarter last year, the firm posted ($0.45) earnings per share. Exact Sciences Corp.’s revenue for the quarter was up 122.6% compared to the same quarter last year. On average, equities analysts forecast that Exact Sciences Corp. will post ($1.71) earnings per share for the current year.
Several hedge funds have recently bought and sold shares of the stock. William Blair Investment Management LLC raised 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 worth $61,866,000 after buying an additional 4,803,363 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in Exact Sciences Corp. by 141.8% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 3,900,300 shares of the company’s stock worth $72,429,000 after buying an additional 2,287,290 shares in the last quarter. Elk Creek Partners LLC purchased a new stake in Exact Sciences Corp. during the second quarter worth about $8,414,000. FIL Ltd purchased a new stake in Exact Sciences Corp. during the second quarter worth about $11,520,000. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in Exact Sciences Corp. during the second quarter worth about $9,824,000. Institutional investors own 87.62% of the company’s stock.
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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