Evercore ISI Cuts Exact Sciences (NASDAQ:EXAS) Price Target to $64.00

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 - Free Report) had its price objective reduced by Evercore ISI from $68.00 to $64.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the medical research company's stock.

Several other analysts have also issued reports on EXAS. UBS Group reduced their target price on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Barclays reduced 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, August 7th. Royal Bank Of Canada reduced their price target on shares of Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating for the company in a research report on Thursday, August 7th. Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. Finally, Mizuho assumed coverage on shares of Exact Sciences in a research report on Thursday, April 10th. They set an "outperform" rating and a $60.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Exact Sciences has an average rating of "Moderate Buy" and an average price target of $67.43.

Exact Sciences Stock Up 1.6%

EXAS stock traded up $0.67 during mid-day trading on Friday, reaching $41.58. 2,153,706 shares of the company traded hands, compared to its average volume of 2,754,910. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of -7.66, a P/E/G ratio of 4.74 and a beta of 0.93. The company has a quick ratio of 2.56, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. Exact Sciences has a fifty-two week low of $38.81 and a fifty-two week high of $72.83. The firm's 50 day moving average price is $51.25 and its 200 day moving average price is $49.89.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.24. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The firm had revenue of $811.09 million during the quarter, compared to analyst estimates of $774.43 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The business's revenue was up 16.0% compared to the same quarter last year. As a group, equities research analysts predict that Exact Sciences will post -0.58 EPS for the current fiscal year.

Insider Activity at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $53.20, for a total value of $170,612.40. Following the completion of the transaction, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Great Lakes Advisors LLC grew its position in shares of Exact Sciences by 3.7% during the 1st quarter. Great Lakes Advisors LLC now owns 4,971 shares of the medical research company's stock valued at $215,000 after purchasing an additional 178 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its position in shares of Exact Sciences by 0.8% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 22,432 shares of the medical research company's stock valued at $971,000 after purchasing an additional 187 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Exact Sciences by 0.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 58,333 shares of the medical research company's stock valued at $3,127,000 after purchasing an additional 217 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in Exact Sciences by 0.3% in the first quarter. OneDigital Investment Advisors LLC now owns 100,872 shares of the medical research company's stock valued at $4,367,000 after purchasing an additional 270 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in Exact Sciences by 6.5% in the second quarter. IFP Advisors Inc now owns 4,466 shares of the medical research company's stock valued at $237,000 after purchasing an additional 273 shares in the last quarter. 88.82% of the stock is currently 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.