Allspring Global Investments Holdings LLC Cuts Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Allspring Global Investments Holdings LLC decreased its position in Exact Sciences Co. (NASDAQ:EXAS) by 72.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 504,411 shares of the medical research company’s stock after selling 1,353,969 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Exact Sciences were worth $34,835,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Asahi Life Asset Management CO. LTD. raised its stake in shares of Exact Sciences by 4.2% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 4,390 shares of the medical research company’s stock worth $325,000 after purchasing an additional 175 shares during the period. National Bank of Canada FI raised its position in Exact Sciences by 30.9% in the fourth quarter. National Bank of Canada FI now owns 848 shares of the medical research company’s stock worth $63,000 after acquiring an additional 200 shares during the period. Sanders Morris Harris LLC boosted its stake in Exact Sciences by 4.2% in the first quarter. Sanders Morris Harris LLC now owns 5,000 shares of the medical research company’s stock valued at $345,000 after acquiring an additional 200 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Exact Sciences by 0.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 37,200 shares of the medical research company’s stock valued at $2,752,000 after acquiring an additional 205 shares during the period. Finally, Wahed Invest LLC increased its stake in shares of Exact Sciences by 8.0% during the 4th quarter. Wahed Invest LLC now owns 3,047 shares of the medical research company’s stock worth $225,000 after purchasing an additional 227 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

Insider Buying and Selling

In related news, CEO Kevin T. Conroy sold 1,155 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 1,156,191 shares in the company, valued at $69,544,888.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 1,498 shares of company stock worth $90,105 over the last ninety days. 1.36% of the stock is owned by corporate insiders.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $43.19 on Friday. The company’s 50 day simple moving average is $48.89 and its two-hundred day simple moving average is $59.59. The stock has a market capitalization of $7.97 billion, a PE ratio of -32.72 and a beta of 1.22. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.64 and a quick ratio of 1.45. Exact Sciences Co. has a 1 year low of $40.62 and a 1 year high of $100.77.

Exact Sciences (NASDAQ:EXAS) last issued 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). Exact Sciences had a negative return on equity of 7.12% and a negative net margin of 9.48%. The company had revenue of $637.52 million for the quarter, compared to the consensus estimate of $624.95 million. Analysts predict that Exact Sciences Co. will post -1.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup dropped their price objective on Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Scotiabank initiated coverage on Exact Sciences in a research note on Thursday, June 27th. They set a “sector outperform” rating and a $70.00 price target for the company. Evercore ISI lowered their price objective on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday. Jefferies Financial Group assumed coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They set a “buy” rating and a $75.00 target price for the company. Finally, Canaccord Genuity Group lowered their price target on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $86.80.

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.