AlphaQuest LLC Raises Holdings in Exact Sciences Corporation $EXAS

Key Points

• AlphaQuest LLC significantly increased its holdings in Exact Sciences Corporation by 979.9% during Q1, owning 9,903 shares worth approximately $429,000 by the end of the quarter.
• Multiple analysts have recently adjusted their price targets for Exact Sciences, with Piper Sandler reducing theirs from $70.00 to $60.00, while Robert W. Baird increased it from $69.00 to $72.00.
• Exact Sciences reported a revenue increase of 16.0% year-over-year, with earnings per share of $0.22 for the quarter, exceeding analysts' expectations.

AlphaQuest LLC increased its position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 979.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,903 shares of the medical research company's stock after buying an additional 8,986 shares during the period. AlphaQuest LLC's holdings in Exact Sciences were worth $429,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake in Exact Sciences by 2,804.8% in the first quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock valued at $26,000 after purchasing an additional 589 shares during the last quarter. National Pension Service grew its stake in Exact Sciences by 75.1% in the first quarter. National Pension Service now owns 681 shares of the medical research company's stock valued at $29,000 after purchasing an additional 292 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Exact Sciences in the first quarter valued at about $34,000. Banque Cantonale Vaudoise purchased a new position in Exact Sciences in the first quarter valued at about $34,000. Finally, Bayforest Capital Ltd grew its stake in Exact Sciences by 95.8% in the first quarter. Bayforest Capital Ltd now owns 926 shares of the medical research company's stock valued at $40,000 after purchasing an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 88.82% of the company's stock.

Analyst Ratings Changes

EXAS has been the topic of several analyst reports. Royal Bank Of Canada cut their target price on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. Evercore ISI cut their target price on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. BTIG Research lowered their price target on Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Piper Sandler lowered their price target on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Finally, Wall Street Zen raised Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $67.05.

Insider Buying and Selling

In other 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 value of $170,612.40. Following the completion of the sale, the director directly owned 72,759 shares in the company, valued at $3,870,778.80. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Edward Doyle sold 1,485 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.

Exact Sciences Stock Performance

Shares of Exact Sciences stock traded up $0.47 on Friday, reaching $47.42. 3,318,545 shares of the stock were exchanged, compared to its average volume of 3,974,295. 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 Corporation has a twelve month low of $38.81 and a twelve month high of $72.83. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of -8.73, a PEG ratio of 4.85 and a beta of 0.93. The business has a 50 day moving average price of $48.95 and a two-hundred day moving average price of $49.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.24. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%.The company had revenue of $811.09 million during the quarter, compared to the consensus estimate of $774.43 million. During the same period in the previous year, the company posted ($0.09) earnings per share. Exact Sciences's revenue for the quarter was up 16.0% on a year-over-year basis. Analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

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.