Elk Creek Partners LLC Has $35.92 Million Position in EXACT Sciences Co. (EXAS)
Elk Creek Partners LLC cut its stake in shares of EXACT Sciences Co. (NASDAQ:EXAS) by 37.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,288 shares of the medical research company’s stock after selling 463,376 shares during the period. EXACT Sciences accounts for about 2.3% of Elk Creek Partners LLC’s portfolio, making the stock its 3rd biggest position. Elk Creek Partners LLC owned about 0.64% of EXACT Sciences worth $35,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of EXAS. State of Wisconsin Investment Board bought a new position in EXACT Sciences in the second quarter worth approximately $3,006,000. Victory Capital Management Inc. bought a new position in EXACT Sciences in the second quarter worth approximately $29,450,000. Eagle Asset Management Inc. boosted its position in EXACT Sciences by 19.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 1,857,185 shares of the medical research company’s stock valued at $65,688,000 after acquiring an additional 304,598 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in EXACT Sciences during the 3rd quarter valued at $2,312,000. Finally, Bank of Nova Scotia bought a new stake in EXACT Sciences during the 2nd quarter valued at $1,482,000. Institutional investors and hedge funds own 82.35% of the company’s stock.
In other EXACT Sciences news, insider Kevin T. Conroy sold 134,057 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $59.50, for a total transaction of $7,976,391.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Graham Peter Lidgard sold 75,683 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $40.81, for a total value of $3,088,623.23. Following the sale, the insider now directly owns 308,377 shares in the company, valued at $12,584,865.37. The disclosure for this sale can be found here. Insiders sold a total of 503,460 shares of company stock valued at $26,862,545 in the last 90 days. 4.00% of the stock is currently owned by company insiders.
EXACT Sciences (NASDAQ:EXAS) last issued its earnings results on Monday, October 30th. The medical research company reported ($0.23) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.07. The company had revenue of $72.60 million during the quarter, compared to analyst estimates of $65.03 million. EXACT Sciences had a negative return on equity of 30.32% and a negative net margin of 60.71%. The firm’s quarterly revenue was up 158.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.36) EPS. analysts forecast that EXACT Sciences Co. will post -1.12 EPS for the current fiscal year.
Several brokerages have issued reports on EXAS. Bank of America increased their target price on EXACT Sciences from $58.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday. Leerink Swann reaffirmed an “outperform” rating and set a $67.00 target price (up previously from $63.00) on shares of EXACT Sciences in a research report on Monday, November 13th. Robert W. Baird cut EXACT Sciences from an “outperform” rating to a “neutral” rating and set a $56.00 target price on the stock. in a research report on Monday, November 13th. Zacks Investment Research lowered EXACT Sciences from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Finally, BTIG Research lowered EXACT Sciences from a “buy” rating to a “neutral” rating in a report on Wednesday, November 1st. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $50.58.
EXACT Sciences 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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