Envestnet Asset Management Inc. Sells 44,424 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Envestnet Asset Management Inc. lowered its position in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 14.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 255,244 shares of the medical research company's stock after selling 44,424 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.14% of Exact Sciences worth $14,342,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in EXAS. Aviva PLC bought a new stake in shares of Exact Sciences during the fourth quarter worth $5,824,000. Rhenman & Partners Asset Management AB grew its holdings in Exact Sciences by 1.3% during the 4th quarter. Rhenman & Partners Asset Management AB now owns 471,000 shares of the medical research company's stock worth $26,465,000 after acquiring an additional 6,000 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in Exact Sciences in the 4th quarter valued at about $3,031,000. Prudential PLC bought a new position in shares of Exact Sciences in the fourth quarter worth about $483,000. Finally, ExodusPoint Capital Management LP grew its stake in shares of Exact Sciences by 223.4% during the fourth quarter. ExodusPoint Capital Management LP now owns 195,791 shares of the medical research company's stock valued at $11,001,000 after purchasing an additional 135,245 shares during the last quarter. 88.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on EXAS shares. Barclays reduced their price objective on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. William Blair reissued an "outperform" rating on shares of Exact Sciences in a report on Thursday, February 20th. Bank of America dropped their price objective on Exact Sciences from $72.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Mizuho assumed coverage on Exact Sciences in a research report on Thursday, April 10th. They set an "outperform" rating and a $60.00 target price for the company. Finally, Royal Bank of Canada began coverage on shares of Exact Sciences in a research note on Thursday, March 13th. They issued a "sector perform" rating and a $52.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Exact Sciences currently has an average rating of "Moderate Buy" and a consensus price target of $69.25.

Exact Sciences Stock Performance

NASDAQ EXAS traded up $1.05 during trading on Tuesday, reaching $44.15. 2,033,638 shares of the company's stock were exchanged, compared to its average volume of 2,612,749. Exact Sciences Co. has a fifty-two week low of $39.97 and a fifty-two week high of $72.83. The stock has a market capitalization of $8.20 billion, a P/E ratio of -7.93 and a beta of 1.14. The business has a 50 day moving average price of $45.60 and a 200-day moving average price of $54.62. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.15 and a quick ratio of 1.93.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates 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. Sell-side analysts forecast 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.