Exact Sciences Corporation (NASDAQ:EXAS) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Exact Sciences Corporation has received a consensus rating of "Moderate Buy" from 24 rating firms, with an average 12-month price objective of $67.43.
• The company reported $0.22 earnings per share, exceeding estimates by $0.24, along with a 16% year-over-year revenue increase of $811.09 million.
• Institutional investors hold 88.82% of Exact Sciences stock, indicating strong support from hedge funds and investment firms.

Exact Sciences Corporation (NASDAQ:EXAS - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-four ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $67.4286.

A number of analysts have recently weighed in on the company. Barclays dropped their price objective on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Piper Sandler dropped their price objective on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Royal Bank Of Canada dropped their price target on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. BTIG Research dropped their price target on Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Evercore ISI dropped their price target on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating for the company in a research note on Friday, August 8th.

Exact Sciences Trading Up 2.9%

Shares of Exact Sciences stock opened at $47.00 on Thursday. Exact Sciences has a 52-week low of $38.81 and a 52-week high of $72.83. The stock's 50-day simple moving average is $49.83 and its 200 day simple moving average is $49.46. The stock has a market capitalization of $8.90 billion, a P/E ratio of -8.66, a P/E/G ratio of 4.67 and a beta of 0.93. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.56 and a current ratio of 2.89.

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

Insiders Place Their Bets

In related news, Director James Edward Doyle sold 1,485 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total value of $62,399.70. Following the completion of the sale, the director owned 59,962 shares of the company's stock, valued at $2,519,603.24. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Katherine S. Zanotti sold 3,207 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $53.20, for a total value 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. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Exact Sciences

A number of institutional investors have recently added to or reduced their stakes in the company. Forefront Wealth Partners LLC bought a new position in Exact Sciences in the second quarter worth $208,000. Marex Group plc bought a new position in shares of Exact Sciences during the second quarter valued at $341,000. Geneos Wealth Management Inc. increased its holdings in Exact Sciences by 68.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the medical research company's stock worth $102,000 after buying an additional 779 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Exact Sciences by 28.9% in the 2nd quarter. Corient Private Wealth LLC now owns 16,737 shares of the medical research company's stock worth $889,000 after buying an additional 3,748 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in Exact Sciences by 208.8% in the second quarter. Captrust Financial Advisors now owns 22,527 shares of the medical research company's stock worth $1,197,000 after purchasing an additional 15,233 shares during the last quarter. Institutional investors own 88.82% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.