Barclays Cuts Exact Sciences (NASDAQ:EXAS) Price Target to $55.00

Key Points

• Barclays has reduced its price target for Exact Sciences from $65.00 to $55.00 while maintaining an "overweight" rating, indicating a potential upside of 32.43% from the current stock price.
• Despite the price target cut from Barclays, other analysts have raised their targets, with an average consensus rating of "Moderate Buy" and an average target price of $70.00 for the stock.
• Exact Sciences reported a quarterly revenue of $811.09 million, exceeding estimates, and showed a year-over-year revenue growth of 16%.

Exact Sciences (NASDAQ:EXAS - Free Report) had its price target reduced by Barclays from $65.00 to $55.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the medical research company's stock.

A number of other equities research analysts have also recently commented on EXAS. Royal Bank Of Canada raised their price target on Exact Sciences from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. Robert W. Baird raised their price target on Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Mizuho started coverage on Exact Sciences in a report on Thursday, April 10th. They set an "outperform" rating and a $60.00 price target on the stock. Evercore ISI raised their price target on Exact Sciences from $66.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Guggenheim reissued a "buy" rating and set a $60.00 price target on shares of Exact Sciences in a report on Friday, April 11th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $68.62.

Exact Sciences Stock Performance

NASDAQ EXAS traded down $2.17 on Thursday, hitting $40.99. 6,210,297 shares of the company traded hands, compared to its average volume of 3,127,436. The company has a market capitalization of $7.76 billion, a price-to-earnings ratio of -7.55, a P/E/G ratio of 9.22 and a beta of 0.93. The company has a current ratio of 2.89, a quick ratio of 2.38 and a debt-to-equity ratio of 0.94. The business's 50 day moving average price is $51.55 and its 200-day moving average price is $50.07. Exact Sciences has a 52-week low of $38.81 and a 52-week high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its 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 company had revenue of $811.09 million for the quarter, compared to the consensus estimate of $774.43 million. Exact Sciences had a negative return on equity of 1.75% 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 in the previous year, the business earned ($0.09) earnings per share. Equities analysts expect that Exact Sciences will post -0.58 earnings per share for the current year.

Insiders Place Their Bets

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of the business'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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Exact Sciences

Several large investors have recently added to or reduced their stakes in EXAS. Massachusetts Financial Services Co. MA bought a new stake in Exact Sciences during the second quarter worth approximately $157,805,000. Price T Rowe Associates Inc. MD increased its stake in Exact Sciences by 74.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock worth $323,669,000 after acquiring an additional 2,462,165 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Exact Sciences by 120.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,128,958 shares of the medical research company's stock worth $135,453,000 after acquiring an additional 1,707,287 shares during the last quarter. Capital World Investors increased its stake in Exact Sciences by 10.7% during the fourth quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock worth $985,439,000 after acquiring an additional 1,696,321 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Exact Sciences by 107.7% during the fourth quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock worth $164,037,000 after acquiring an additional 1,513,873 shares during the last quarter. 88.82% of the stock is owned by 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.