Exact Sciences (NASDAQ:EXAS) Price Target Cut to $72.00

Exact Sciences (NASDAQ:EXAS) had its price target trimmed by Evercore ISI from $80.00 to $72.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has an outperform rating on the medical research company’s stock.

EXAS has been the topic of several other reports. BTIG Research cut their price objective on shares of Exact Sciences from $80.00 to $70.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Canaccord Genuity Group cut their target price 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 target price on the stock. Citigroup cut their target price 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. Finally, Scotiabank assumed coverage on shares of Exact Sciences in a report on Thursday, June 27th. They issued a sector outperform rating and a $70.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Exact Sciences has an average rating of Moderate Buy and an average target price of $86.80.

Exact Sciences Price Performance

Shares of EXAS stock opened at $43.17 on Tuesday. The firm’s 50 day moving average is $49.60 and its 200-day moving average is $59.82. Exact Sciences has a 1 year low of $40.62 and a 1 year high of $100.77. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of -32.70 and a beta of 1.22. The company has a current ratio of 1.64, a quick ratio of 1.45 and a debt-to-equity ratio of 0.66.

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

Insider Activity at Exact Sciences

In related news, CEO Kevin T. Conroy sold 1,155 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $60.15, for a total value of $69,473.25. Following the completion of the transaction, the chief executive officer now owns 1,156,191 shares of the company’s stock, valued at $69,544,888.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 1,498 shares of company stock valued at $90,105. Corporate insiders own 1.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in Exact Sciences by 172.0% in the third quarter. AQR Capital Management LLC now owns 328,317 shares of the medical research company’s stock valued at $22,398,000 after acquiring an additional 207,623 shares during the last quarter. Thompson Investment Management Inc. lifted its stake in shares of Exact Sciences by 13.1% during the 1st quarter. Thompson Investment Management Inc. now owns 160,584 shares of the medical research company’s stock worth $11,090,000 after buying an additional 18,595 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Exact Sciences by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 17,559,751 shares of the medical research company’s stock worth $1,299,070,000 after buying an additional 115,058 shares during the last quarter. New York Life Investment Management LLC lifted its stake in shares of Exact Sciences by 5.0% during the 4th quarter. New York Life Investment Management LLC now owns 21,106 shares of the medical research company’s stock worth $1,561,000 after buying an additional 1,014 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Exact Sciences by 4.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 22,687 shares of the medical research company’s stock worth $1,678,000 after buying an additional 1,020 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

About Exact Sciences

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.