State of New Jersey Common Pension Fund D Sells 33,633 Shares of Exact Sciences Co. (NASDAQ:EXAS)

State of New Jersey Common Pension Fund D lessened its position in shares of Exact Sciences Co. (NASDAQ:EXAS) by 32.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,250 shares of the medical research company’s stock after selling 33,633 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Exact Sciences were worth $2,968,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in EXAS. Capital World Investors grew its holdings in shares of Exact Sciences by 74.4% in the first quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock valued at $899,528,000 after purchasing an additional 5,557,168 shares in the last quarter. Norges Bank bought a new stake in shares of Exact Sciences in the 4th quarter worth about $120,308,000. Champlain Investment Partners LLC raised its position in shares of Exact Sciences by 175.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock valued at $155,954,000 after buying an additional 1,438,010 shares in the last quarter. Iron Triangle Partners LP purchased a new stake in shares of Exact Sciences during the 1st quarter valued at about $48,342,000. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Exact Sciences by 12.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,470,278 shares of the medical research company’s stock valued at $330,711,000 after acquiring an additional 508,764 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Evercore ISI decreased their price objective on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. Piper Sandler raised their price target on Exact Sciences from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, September 12th. Scotiabank initiated coverage on shares of Exact Sciences in a report on Thursday, June 27th. They set a “sector outperform” rating and a $70.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $75.00 price objective on shares of Exact Sciences in a research note on Friday, September 13th. Finally, The Goldman Sachs Group dropped their target price on Exact Sciences from $88.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. One analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.14.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $69.21 on Thursday. The firm has a market capitalization of $12.77 billion, a P/E ratio of -52.43 and a beta of 1.26. The stock has a 50-day simple moving average of $55.85 and a two-hundred day simple moving average of $55.58. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.98 and a current ratio of 2.17. Exact Sciences Co. has a fifty-two week low of $40.62 and a fifty-two week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.28. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. The company had revenue of $699.26 million during the quarter, compared to analysts’ expectations of $690.02 million. During the same period last year, the business earned ($0.45) earnings per share. Exact Sciences’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities analysts forecast that Exact Sciences Co. will post -0.87 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.