Adage Capital Partners GP L.L.C. Takes Position in Exact Sciences Co. (NASDAQ:EXAS)

Adage Capital Partners GP L.L.C. purchased a new position in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 378,200 shares of the medical research company's stock, valued at approximately $21,251,000. Adage Capital Partners GP L.L.C. owned about 0.20% of Exact Sciences as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors raised its holdings in shares of Exact Sciences by 10.7% in the 4th quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock valued at $985,439,000 after purchasing an additional 1,696,321 shares during the period. Price T Rowe Associates Inc. MD increased its position in Exact Sciences by 74.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock worth $323,669,000 after buying an additional 2,462,165 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Exact Sciences by 25.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock valued at $239,922,000 after buying an additional 876,985 shares during the period. Geode Capital Management LLC lifted its position in shares of Exact Sciences by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,122,798 shares of the medical research company's stock valued at $175,165,000 after buying an additional 16,828 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Exact Sciences by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,330,939 shares of the medical research company's stock valued at $74,785,000 after buying an additional 38,849 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Exact Sciences Stock Up 1.9 %

EXAS traded up $0.85 during midday trading on Wednesday, reaching $45.64. 2,079,721 shares of the company were exchanged, compared to its average volume of 2,601,206. Exact Sciences Co. has a one year low of $39.97 and a one year high of $72.83. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.93 and a current ratio of 2.15. The company's fifty day moving average price is $45.15 and its 200 day moving average price is $53.77. The company has a market cap of $8.48 billion, a price-to-earnings ratio of -8.19 and a beta of 1.14.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.23. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. The business had revenue of $713.42 million for the quarter, compared to analysts' expectations of $701.45 million. As a group, analysts expect that Exact Sciences Co. will post -0.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on EXAS shares. Bank of America cut their price target on Exact Sciences from $72.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Barclays cut their target price on shares of Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Guggenheim reiterated a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research note on Friday, April 11th. Piper Sandler cut their price objective on shares of Exact Sciences from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Finally, Benchmark reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Exact Sciences in a report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.25.

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.