Canaccord Genuity Reaffirms Buy Rating for Exact Sciences Corporation (EXAS)
Canaccord Genuity reissued their buy rating on shares of Exact Sciences Corporation (NASDAQ:EXAS) in a research report sent to investors on Tuesday, Marketbeat.com reports. Canaccord Genuity currently has a $60.00 price target on the medical research company’s stock, up from their prior price target of $45.00.
Other equities analysts have also recently issued research reports about the company. Craig Hallum upped their target price on Exact Sciences Corporation from $35.00 to $41.00 in a report on Friday, July 7th. Benchmark Co. set a $50.00 target price on Exact Sciences Corporation and gave the stock a buy rating in a report on Friday, July 7th. BTIG Research reaffirmed a buy rating and issued a $45.00 target price (up previously from $35.00) on shares of Exact Sciences Corporation in a report on Monday, July 17th. BidaskClub raised Exact Sciences Corporation from a hold rating to a buy rating in a report on Thursday, June 22nd. Finally, Vetr cut Exact Sciences Corporation from a strong-buy rating to a buy rating and set a $37.46 target price for the company. in a report on Monday, June 19th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $43.11.
Shares of Exact Sciences Corporation (NASDAQ EXAS) traded up 1.27% during mid-day trading on Tuesday, hitting $48.74. The stock had a trading volume of 763,936 shares. The stock’s 50-day moving average price is $43.08 and its 200 day moving average price is $34.95. Exact Sciences Corporation has a 1-year low of $13.05 and a 1-year high of $50.65. The company’s market capitalization is $5.80 billion.
Exact Sciences Corporation (NASDAQ:EXAS) last posted its quarterly earnings results on Tuesday, July 25th. The medical research company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.10. Exact Sciences Corporation had a negative return on equity of 36.36% and a negative net margin of 83.08%. The company had revenue of $57.65 million during the quarter, compared to analysts’ expectations of $47.73 million. On average, analysts predict that Exact Sciences Corporation will post ($1.18) EPS for the current fiscal year.
In other news, SVP D Scott Coward sold 29,115 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $47.16, for a total value of $1,373,063.40. Following the completion of the sale, the senior vice president now owns 64,991 shares of the company’s stock, valued at $3,064,975.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas D. Carey purchased 2,500 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was bought at an average cost of $37.71 per share, with a total value of $94,275.00. Following the purchase, the director now owns 60,858 shares of the company’s stock, valued at approximately $2,294,955.18. The disclosure for this purchase can be found here. In the last three months, insiders sold 237,444 shares of company stock valued at $10,412,421. Insiders own 4.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Exact Sciences Corporation by 8.0% in the second quarter. Vanguard Group Inc. now owns 9,459,679 shares of the medical research company’s stock valued at $334,589,000 after buying an additional 700,051 shares during the period. BlackRock Inc. boosted its position in shares of Exact Sciences Corporation by 1.2% during the 2nd quarter. BlackRock Inc. now owns 6,884,886 shares of the medical research company’s stock valued at $243,518,000 after purchasing an additional 80,589 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Exact Sciences Corporation by 1,534.3% during the 1st quarter. Point72 Asset Management L.P. now owns 2,500,476 shares of the medical research company’s stock valued at $59,061,000 after purchasing an additional 2,347,476 shares in the last quarter. Fred Alger Management Inc. bought a new stake in shares of Exact Sciences Corporation during the 2nd quarter valued at about $84,177,000. Finally, Lord Abbett & CO. LLC boosted its position in shares of Exact Sciences Corporation by 59.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,356,706 shares of the medical research company’s stock valued at $83,357,000 after purchasing an additional 875,527 shares in the last quarter. 85.23% of the stock is owned by institutional investors.
Exact Sciences Corporation Company Profile
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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