Jupiter Asset Management Ltd. Buys New Position in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Jupiter Asset Management Ltd. acquired 480,540 shares of Exact Sciences Corporation, valued at approximately $20.8 million, during the first quarter.
• Exact Sciences reported a 10.9% increase in revenue year-over-year, with earnings per share of ($0.21), exceeding analysts' expectations.
• Institutional investors now hold 88.82% of Exact Sciences' stock, indicating strong interest from large investors in the company.

Jupiter Asset Management Ltd. bought a new stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 480,540 shares of the medical research company's stock, valued at approximately $20,803,000. Jupiter Asset Management Ltd. owned about 0.25% of Exact Sciences as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of EXAS. Larson Financial Group LLC boosted its position in Exact Sciences by 2,804.8% in the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after purchasing an additional 589 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Exact Sciences in the 1st quarter worth approximately $34,000. Banque Cantonale Vaudoise purchased a new stake in Exact Sciences in the 1st quarter worth approximately $34,000. Bayforest Capital Ltd raised its stake in shares of Exact Sciences by 95.8% during the 1st quarter. Bayforest Capital Ltd now owns 926 shares of the medical research company's stock worth $40,000 after buying an additional 453 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Exact Sciences during the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 88.82% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Royal Bank Of Canada upped their target price on Exact Sciences from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Friday, May 2nd. Evercore ISI upped their target price on Exact Sciences from $66.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Barclays reduced their target price on Exact Sciences from $75.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, June 24th. Robert W. Baird upped their target price on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Guggenheim reissued a "buy" rating and issued a $60.00 price objective on shares of Exact Sciences in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $70.50.

Exact Sciences Trading Down 1.2%

Shares of NASDAQ EXAS traded down $0.55 during mid-day trading on Wednesday, reaching $46.81. 389,980 shares of the company's stock were exchanged, compared to its average volume of 2,595,633. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of -8.49, a PEG ratio of 10.00 and a beta of 0.93. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.38 and a current ratio of 2.73. Exact Sciences Corporation has a 52-week low of $39.97 and a 52-week high of $72.83. The company's 50-day moving average is $52.37 and its 200-day moving average is $50.24.

Insider Buying and Selling at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of the stock in a transaction 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 transaction, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. This represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.20% of the company's stock.

About Exact Sciences

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.