Exact Sciences Corporation (NASDAQ:EXAS) shares rose 4.8% on Wednesday after Bank of America Corporation raised their price target on the stock from $56.00 to $58.00. Bank of America Corporation currently has a buy rating on the stock. Exact Sciences Corporation traded as high as $57.95 and last traded at $52.34. Approximately 1,846,711 shares changed hands during trading, an increase of 21% from the average daily volume of 1,521,440 shares. The stock had previously closed at $54.99.
Several other research analysts also recently weighed in on EXAS. Vetr downgraded Exact Sciences Corporation from a “buy” rating to a “hold” rating and set a $36.37 target price on the stock. in a research note on Thursday, July 6th. Craig Hallum boosted their target price on Exact Sciences Corporation from $35.00 to $41.00 in a research note on Friday, July 7th. Benchmark Co. set a $50.00 target price on Exact Sciences Corporation and gave the stock a “buy” rating in a research note on Friday, July 7th. BTIG Research restated a “buy” rating and set a $45.00 target price (up from $35.00) on shares of Exact Sciences Corporation in a research note on Monday, July 17th. Finally, Canaccord Genuity restated a “buy” rating and set a $42.00 target price (up from $38.00) on shares of Exact Sciences Corporation in a research note on Thursday, July 20th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $49.71.
In related news, SVP D Scott Coward sold 29,115 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $47.16, for a total value of $1,373,063.40. Following the completion of the transaction, the senior vice president now owns 64,991 shares of the company’s stock, valued at approximately $3,064,975.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas D. Carey purchased 2,500 shares of Exact Sciences Corporation stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average cost of $37.71 per share, with a total value of $94,275.00. Following the acquisition, the director now directly owns 60,858 shares in the company, valued at approximately $2,294,955.18. The disclosure for this purchase can be found here. In the last three months, insiders sold 231,598 shares of company stock valued at $10,182,030. Insiders own 4.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXAS. BlackRock Inc. raised its holdings in Exact Sciences Corporation by 45,816.0% in the 1st quarter. BlackRock Inc. now owns 6,804,297 shares of the medical research company’s stock worth $160,718,000 after purchasing an additional 6,789,478 shares during the period. Fred Alger Management Inc. acquired a new position in Exact Sciences Corporation in the 2nd quarter worth about $84,177,000. Lord Abbett & CO. LLC raised its holdings in Exact Sciences Corporation by 59.1% in the 2nd quarter. Lord Abbett & CO. LLC now owns 2,356,706 shares of the medical research company’s stock worth $83,357,000 after purchasing an additional 875,527 shares during the period. Victory Capital Management Inc. acquired a new position in Exact Sciences Corporation in the 2nd quarter worth about $29,450,000. Finally, Vanguard Group Inc. raised its holdings in Exact Sciences Corporation by 8.0% in the 2nd quarter. Vanguard Group Inc. now owns 9,459,679 shares of the medical research company’s stock worth $334,589,000 after purchasing an additional 700,051 shares during the period. 85.12% of the stock is owned by institutional investors.
The firm has a 50-day moving average price of $47.06 and a 200-day moving average price of $38.47. The firm’s market capitalization is $6.23 billion.
Exact Sciences Corporation (NASDAQ:EXAS) last announced its quarterly earnings data on Monday, October 30th. The medical research company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.07. The firm had revenue of $72.60 million during the quarter, compared to the consensus estimate of $65.03 million. Exact Sciences Corporation had a negative net margin of 60.71% and a negative return on equity of 32.85%. The firm’s revenue was up 158.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.36) earnings per share. Equities analysts forecast that Exact Sciences Corporation will post ($1.17) earnings per share for the current fiscal year.
About Exact Sciences Corporation
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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