Evercore ISI Has Lowered Expectations for Exact Sciences (NASDAQ:EXAS) Stock Price

Key Points

• Evercore ISI has lowered its price target for Exact Sciences (NASDAQ:EXAS) from $68.00 to $64.00, but maintains an "outperform" rating, suggesting a potential upside of 48.29% from the current price.
• Several other analysts have also reduced their price targets, with Barclays and UBS Group setting their targets at $55.00 and $53.00 respectively, indicating a broader trend of lowered expectations.
• Exact Sciences' shares have recently dropped by 8.0%, and the company reported earnings of $0.22 per share, surpassing estimates by $0.24, indicating positive revenue growth despite recent stock price declines.

Exact Sciences (NASDAQ:EXAS - Get Free Report) had its price target lowered by stock analysts at Evercore ISI from $68.00 to $64.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the medical research company's stock. Evercore ISI's price target would suggest a potential upside of 48.29% from the company's current price.

Other equities analysts also recently issued research reports about the company. Barclays reduced their price objective on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday. UBS Group reduced their price objective on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday. Guggenheim restated a "buy" rating and issued a $60.00 target price on shares of Exact Sciences in a research report on Friday, April 11th. Royal Bank Of Canada reduced their target price on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a research report on Thursday. Finally, Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Exact Sciences currently has a consensus rating of "Moderate Buy" and an average price target of $68.62.

Exact Sciences Stock Down 8.0%

Shares of EXAS opened at $43.16 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.38 and a debt-to-equity ratio of 0.97. Exact Sciences has a 12 month low of $38.81 and a 12 month high of $72.83. The stock's 50 day moving average is $51.86 and its two-hundred day moving average is $50.16. The firm has a market cap of $8.14 billion, a P/E ratio of -7.95, a PEG ratio of 10.02 and a beta of 0.93.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.24. The company had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. Exact Sciences had a negative return on equity of 1.72% and a negative net margin of 34.19%. Exact Sciences's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company earned ($0.09) earnings per share. Analysts predict that Exact Sciences will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $53.20, for a total transaction of $170,612.40. Following the completion of the sale, the director directly owned 72,759 shares of the company's stock, valued at $3,870,778.80. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.20% of the company's stock.

Institutional Trading of Exact Sciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Exact Sciences during the 1st quarter worth approximately $34,000. Cerity Partners LLC raised its stake in shares of Exact Sciences by 24.0% during the 1st quarter. Cerity Partners LLC now owns 33,598 shares of the medical research company's stock worth $1,454,000 after buying an additional 6,508 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Exact Sciences during the 1st quarter worth approximately $1,171,000. GAMMA Investing LLC raised its stake in shares of Exact Sciences by 15.5% during the 1st quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock worth $184,000 after buying an additional 569 shares in the last quarter. Finally, Merit Financial Group LLC grew its holdings in shares of Exact Sciences by 110.0% in the 1st quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock worth $381,000 after acquiring an additional 4,609 shares during the period. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Company 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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