CIBC Asset Management Inc Grows Holdings in Exact Sciences Co. (NASDAQ:EXAS)

CIBC Asset Management Inc increased its position in Exact Sciences Co. (NASDAQ:EXAS) by 6.1% in the third quarter, Holdings Channel reports. The firm owned 6,489 shares of the medical research company’s stock after purchasing an additional 371 shares during the quarter. CIBC Asset Management Inc’s holdings in Exact Sciences were worth $442,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. William Blair Investment Management LLC acquired a new stake in shares of Exact Sciences during the 2nd quarter worth approximately $163,896,000. Armistice Capital LLC raised its position in shares of Exact Sciences by 91.6% during the 2nd quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock worth $59,154,000 after buying an additional 669,438 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Exact Sciences by 19.0% in the 2nd quarter. Principal Financial Group Inc. now owns 1,303,887 shares of the medical research company’s stock worth $55,089,000 after acquiring an additional 208,641 shares during the period. Bellevue Group AG increased its stake in shares of Exact Sciences by 8.7% during the first quarter. Bellevue Group AG now owns 1,138,526 shares of the medical research company’s stock valued at $78,627,000 after acquiring an additional 90,740 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Exact Sciences by 12.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,002,784 shares of the medical research company’s stock worth $42,389,000 after purchasing an additional 108,296 shares in the last quarter. 88.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on EXAS. Evercore ISI dropped their target price on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Craig Hallum cut their price objective on Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Sanford C. Bernstein boosted their target price on Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Robert W. Baird decreased their price target on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, Citigroup cut their price objective on Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Exact Sciences has a consensus rating of “Moderate Buy” and a consensus target price of $74.47.

Insider Buying and Selling

In related news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the transaction, the executive vice president now owns 12,758 shares of the company’s stock, valued at $893,060. This trade represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin T. Conroy bought 19,500 shares of the stock in a transaction on Wednesday, November 13th. The stock was acquired at an average price of $51.35 per share, with a total value of $1,001,325.00. Following the completion of the acquisition, the chief executive officer now owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. This represents a 1.85 % increase in their position. The disclosure for this purchase can be found here. 1.36% of the stock is currently owned by corporate insiders.

Exact Sciences Stock Up 1.3 %

Shares of EXAS opened at $53.39 on Friday. The firm’s 50-day simple moving average is $65.04 and its 200 day simple moving average is $55.98. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. The firm has a market cap of $9.88 billion, a P/E ratio of -45.63 and a beta of 1.27. Exact Sciences Co. has a 52 week low of $40.62 and a 52 week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The company had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The business’s revenue was up 12.8% on a year-over-year basis. On average, analysts forecast that Exact Sciences Co. will post -1.08 earnings per share for the current year.

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.