Jennison Associates LLC Decreases Stock Holdings in Exact Sciences Corporation $EXAS

Jennison Associates LLC reduced its position in shares of Exact Sciences Corporation (NASDAQ:EXAS) by 27.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 505,265 shares of the medical research company’s stock after selling 193,423 shares during the period. Jennison Associates LLC’s holdings in Exact Sciences were worth $26,850,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Great Lakes Advisors LLC lifted its position in shares of Exact Sciences by 3.7% during the 1st quarter. Great Lakes Advisors LLC now owns 4,971 shares of the medical research company’s stock worth $215,000 after purchasing an additional 178 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Exact Sciences by 0.8% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 22,432 shares of the medical research company’s stock worth $971,000 after purchasing an additional 187 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Exact Sciences by 0.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 58,333 shares of the medical research company’s stock worth $3,127,000 after purchasing an additional 217 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Exact Sciences by 0.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 100,872 shares of the medical research company’s stock worth $4,367,000 after purchasing an additional 270 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Exact Sciences by 6.5% during the 2nd quarter. IFP Advisors Inc now owns 4,466 shares of the medical research company’s stock worth $237,000 after purchasing an additional 273 shares during the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Exact Sciences news, Director James Edward Doyle sold 2,000 shares of the stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the sale, the director directly owned 57,962 shares of the company’s stock, valued at approximately $3,477,720. This trade represents a 3.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.20% of the company’s stock.

Exact Sciences Price Performance

Shares of NASDAQ:EXAS opened at $63.22 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56. The firm has a market capitalization of $11.97 billion, a P/E ratio of -11.64, a P/E/G ratio of 5.56 and a beta of 1.24. Exact Sciences Corporation has a 12 month low of $38.81 and a 12 month high of $72.83. The company’s fifty day moving average price is $55.61 and its 200 day moving average price is $52.37.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.24. The company had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. Exact Sciences’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) earnings per share. As a group, sell-side analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on EXAS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Exact Sciences in a research report on Wednesday, October 8th. Craig Hallum lifted their price target on shares of Exact Sciences from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, September 11th. Wall Street Zen upgraded shares of Exact Sciences from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Wells Fargo & Company set a $68.00 price target on shares of Exact Sciences in a research note on Wednesday, October 1st. Finally, BTIG Research lifted their price target on shares of Exact Sciences from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.90.

Exact Sciences Profile

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.