Zacks Investment Research Downgrades EXACT Sciences (EXAS) to Hold
Zacks Investment Research cut shares of EXACT Sciences (NASDAQ:EXAS) from a buy rating to a hold rating in a research note released on Friday.
According to Zacks, “EXACT Sciences Corporation uses applied genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer. Certain of its technologies have been licensed to Laboratory Corporation of America Holdings for a stool-based DNA screening assay for colorectal cancer in the average-risk population. Colorectal cancer, which is the most deadly cancer among non-smokers, is generally curable if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than twenty years, the rate of early detection of colorectal cancer remains low, and deaths from colorectal cancer remain high. EXACT Sciences believes its genomics-based technologies would help to enable detection of colorectal cancer so that more people can be effectively treated. “
EXAS has been the topic of several other research reports. Robert W. Baird reiterated a buy rating and set a $49.00 price target on shares of EXACT Sciences in a research report on Friday, October 6th. Bank of America set a $56.00 price target on shares of EXACT Sciences and gave the stock a buy rating in a research report on Thursday, October 19th. Canaccord Genuity upgraded shares of EXACT Sciences to a buy rating and set a $60.00 price target on the stock in a research report on Tuesday, October 31st. Leerink Swann reiterated an outperform rating and set a $63.00 price target (up previously from $50.00) on shares of EXACT Sciences in a research report on Tuesday, October 31st. Finally, BidaskClub cut EXACT Sciences from a buy rating to a hold rating in a report on Tuesday, December 12th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $51.64.
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 Thomson Reuters’ consensus estimate of ($0.30) by $0.07. The business 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 60.71% and a negative return on equity of 30.32%. The firm’s quarterly revenue was up 158.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.36) EPS. analysts forecast that EXACT Sciences will post -1.09 earnings per share for the current year.
In other news, SVP D Scott Coward sold 1,665 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $52.54, for a total value of $87,479.10. Following the completion of the sale, the senior vice president now directly owns 37,558 shares of the company’s stock, valued at approximately $1,973,297.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kevin T. Conroy sold 125,402 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $52.79, for a total value of $6,619,971.58. Following the completion of the sale, the insider now directly owns 955,454 shares of the company’s stock, valued at $50,438,416.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 735,835 shares of company stock valued at $40,961,278. 4.00% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Crow Point Partners LLC acquired a new position in shares of EXACT Sciences in the 4th quarter valued at approximately $145,000. Oppenheimer Asset Management Inc. grew its position in shares of EXACT Sciences by 2,925.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 3,177 shares of the medical research company’s stock valued at $150,000 after purchasing an additional 3,072 shares during the period. SG Americas Securities LLC acquired a new position in shares of EXACT Sciences in the 3rd quarter valued at approximately $183,000. Krilogy Financial LLC grew its position in shares of EXACT Sciences by 1,460.0% in the 2nd quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 3,650 shares during the period. Finally, Crescent Grove Advisors LLC acquired a new position in shares of EXACT Sciences in the 3rd quarter valued at approximately $200,000. Institutional investors and hedge funds own 82.01% of the company’s stock.
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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