Avidity Partners Management LP Acquires 15,011 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Avidity Partners Management LP raised its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 603,011 shares of the medical research company's stock after purchasing an additional 15,011 shares during the quarter. Exact Sciences makes up 3.3% of Avidity Partners Management LP's holdings, making the stock its 6th biggest position. Avidity Partners Management LP owned about 0.33% of Exact Sciences worth $33,883,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Asset Planning Inc bought a new stake in shares of Exact Sciences during the 4th quarter worth about $40,000. Modus Advisors LLC bought a new stake in shares of Exact Sciences during the fourth quarter worth approximately $43,000. AlphaQuest LLC grew its position in shares of Exact Sciences by 22,825.0% in the fourth quarter. AlphaQuest LLC now owns 917 shares of the medical research company's stock valued at $52,000 after purchasing an additional 913 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Exact Sciences in the fourth quarter valued at approximately $66,000. Finally, Ostrum Asset Management increased its stake in shares of Exact Sciences by 28.4% during the fourth quarter. Ostrum Asset Management now owns 2,382 shares of the medical research company's stock worth $134,000 after purchasing an additional 527 shares during the period. 88.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Bank of America decreased their price objective on Exact Sciences from $72.00 to $65.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. William Blair restated an "outperform" rating on shares of Exact Sciences in a research note on Thursday, February 20th. Piper Sandler dropped 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 note on Wednesday, February 26th. Evercore ISI increased their target price on shares of Exact Sciences from $60.00 to $66.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Guggenheim reiterated a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research report on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Exact Sciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.90.

Exact Sciences Trading Up 9.3 %

EXAS opened at $51.55 on Friday. The company has a market cap of $9.72 billion, a P/E ratio of -9.25 and a beta of 0.92. The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. The company's 50 day moving average is $45.02 and its 200-day moving average is $53.31. Exact Sciences Co. has a 1-year low of $39.97 and a 1-year high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.16. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. The firm had revenue of $706.79 million for the quarter, compared to analysts' expectations of $688.58 million. During the same quarter in the previous year, the firm posted ($0.60) earnings per share. The company's revenue was up 10.9% on a year-over-year basis. Equities research analysts predict that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Exact Sciences Profile

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.

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