Envestnet Asset Management Inc. Has $13.81 Million Position in Exact Sciences Co. (NASDAQ:EXAS)

Envestnet Asset Management Inc. cut its stake in Exact Sciences Co. (NASDAQ:EXAS) by 3.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 326,910 shares of the medical research company’s stock after selling 10,826 shares during the period. Envestnet Asset Management Inc.’s holdings in Exact Sciences were worth $13,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Capital World Investors grew its stake in Exact Sciences by 74.4% in the 1st quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock valued at $899,528,000 after buying an additional 5,557,168 shares during the last quarter. William Blair Investment Management LLC acquired a new position in shares of Exact Sciences in the second quarter valued at approximately $163,896,000. Champlain Investment Partners LLC increased its stake in shares of Exact Sciences by 175.3% during the first quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after purchasing an additional 1,438,010 shares during the period. Iron Triangle Partners LP bought a new position in shares of Exact Sciences during the first quarter worth approximately $48,342,000. Finally, Global Assets Advisory LLC acquired a new stake in Exact Sciences during the 1st quarter worth approximately $18,074,000. Institutional investors and hedge funds own 88.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler increased their price objective on Exact Sciences from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, September 12th. Stifel Nicolaus lowered their price target on shares of Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. BTIG Research dropped their price objective on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Wells Fargo & Company started coverage on shares of Exact Sciences in a research report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $75.00 price target on shares of Exact Sciences in a research report on Friday, September 13th. One investment analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.14.

Exact Sciences Trading Down 1.3 %

Shares of EXAS stock opened at $68.73 on Wednesday. Exact Sciences Co. has a fifty-two week low of $40.62 and a fifty-two week high of $79.62. The stock’s fifty day moving average price is $58.16 and its two-hundred day moving average price is $55.95. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.98 and a current ratio of 2.17. The company has a market cap of $12.68 billion, a PE ratio of -52.07 and a beta of 1.26.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings data 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. The business had revenue of $699.26 million for the quarter, compared to analyst estimates of $690.02 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. Exact Sciences’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.45) earnings per share. Equities analysts predict that Exact Sciences Co. will post -0.87 EPS for the current fiscal year.

Insider Activity

In related news, EVP Brian Baranick sold 929 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. 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 directly owns 13,687 shares in the company, valued at approximately $958,090. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.36% of the stock is currently owned by corporate insiders.

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.