Investors Sell Shares of EXACT Sciences (EXAS) on Strength on Insider Selling

Investors sold shares of EXACT Sciences Co. (NASDAQ:EXAS) on strength during trading on Wednesday after an insider sold shares in the company. $6.29 million flowed into the stock on the tick-up and $22.56 million flowed out of the stock on the tick-down, for a money net flow of $16.27 million out of the stock. Of all companies tracked, EXACT Sciences had the 24th highest net out-flow for the day. EXACT Sciences traded up $0.78 for the day and closed at $53.12Specifically, SVP D Scott Coward sold 29,115 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $47.16, for a total transaction of $1,373,063.40. Following the completion of the sale, the senior vice president now owns 64,991 shares in the company, valued at approximately $3,064,975.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kevin T. Conroy sold 134,057 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $59.50, for a total transaction of $7,976,391.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 718,908 shares of company stock valued at $39,448,030. 4.00% of the stock is owned by insiders.

Several brokerages have weighed in on EXAS. Leerink Swann reiterated an “outperform” rating and issued a $50.00 price objective (up previously from $45.00) on shares of EXACT Sciences in a research note on Thursday, September 21st. BidaskClub upgraded shares of EXACT Sciences from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Canaccord Genuity reiterated a “buy” rating and issued a $60.00 price objective (up previously from $45.00) on shares of EXACT Sciences in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded shares of EXACT Sciences from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research note on Tuesday, September 26th. Finally, Robert W. Baird restated a “buy” rating and issued a $49.00 target price on shares of EXACT Sciences in a research report on Friday, October 6th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. EXACT Sciences has a consensus rating of “Buy” and a consensus target price of $50.58.

The company has a quick ratio of 9.98, a current ratio of 10.34 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $6,280.00, a price-to-earnings ratio of -46.19 and a beta of 0.67.

EXACT Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Monday, October 30th. The medical research company reported ($0.23) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.07. The firm had revenue of $72.60 million for the quarter, compared to the consensus estimate of $65.03 million. EXACT Sciences had a negative net margin of 37.06% and a negative return on equity of 20.21%. The company’s revenue for the quarter was up 158.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.36) EPS. analysts forecast that EXACT Sciences Co. will post -1.12 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Krilogy Financial LLC lifted its position in shares of EXACT Sciences by 1,460.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock valued at $138,000 after acquiring an additional 3,650 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of EXACT Sciences by 17.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,072 shares of the medical research company’s stock valued at $144,000 after acquiring an additional 600 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of EXACT Sciences by 2,925.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,177 shares of the medical research company’s stock valued at $150,000 after acquiring an additional 3,072 shares during the period. Johnson Financial Group Inc. lifted its position in shares of EXACT Sciences by 25.9% during the 2nd quarter. Johnson Financial Group Inc. now owns 4,862 shares of the medical research company’s stock valued at $172,000 after acquiring an additional 1,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of EXACT Sciences by 66.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,052 shares of the medical research company’s stock valued at $179,000 after acquiring an additional 2,013 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.

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About EXACT Sciences

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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