Exact Sciences (NASDAQ:EXAS) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Exact Sciences (NASDAQ:EXAS) in a research report released on Thursday morning, Marketbeat reports. The brokerage issued a sector outperform rating and a $70.00 target price on the medical research company’s stock.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group cut their price objective on shares of Exact Sciences from $90.00 to $85.00 and set a buy rating on the stock in a report on Thursday, May 9th. Jefferies Financial Group assumed coverage on shares of Exact Sciences in a report on Monday, June 3rd. They issued a buy rating and a $75.00 price target on the stock. BTIG Research cut their price target on shares of Exact Sciences from $80.00 to $70.00 and set a buy rating on the stock in a report on Wednesday. Finally, Citigroup cut their price target on shares of Exact Sciences from $100.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $87.86.

Exact Sciences Price Performance

EXAS opened at $44.49 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.64 and a quick ratio of 1.45. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of -33.70 and a beta of 1.26. The firm’s fifty day moving average price is $50.78 and its two-hundred day moving average price is $60.41. Exact Sciences has a 1 year low of $40.62 and a 1 year high of $100.77.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.50). The firm had revenue of $637.52 million for the quarter, compared to the consensus estimate of $624.95 million. Exact Sciences had a negative net margin of 9.48% and a negative return on equity of 7.12%. As a group, analysts anticipate that Exact Sciences will post -1.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Kevin T. Conroy sold 1,155 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total transaction of $69,473.25. Following the sale, the chief executive officer now directly owns 1,156,191 shares in the company, valued at $69,544,888.65. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Kevin T. Conroy sold 1,155 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total transaction of $69,473.25. Following the sale, the chief executive officer now directly owns 1,156,191 shares in the company, valued at $69,544,888.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Sarah Condella sold 2,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the executive vice president now owns 71,787 shares in the company, valued at $5,025,090. The disclosure for this sale can be found here. Insiders have sold a total of 3,498 shares of company stock worth $230,105 over the last ninety days. Company insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Exact Sciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wolff Wiese Magana LLC increased its position in shares of Exact Sciences by 459.5% in the fourth quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock worth $31,000 after purchasing an additional 340 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Exact Sciences by 65.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock worth $31,000 after purchasing an additional 179 shares during the last quarter. Able Wealth Management LLC bought a new position in shares of Exact Sciences in the fourth quarter worth approximately $45,000. EverSource Wealth Advisors LLC increased its position in shares of Exact Sciences by 92.4% in the first quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock worth $49,000 after purchasing an additional 340 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new position in shares of Exact Sciences in the first quarter worth approximately $55,000. 88.82% of the stock is currently owned by institutional investors.

Exact Sciences Company 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.