Exact Sciences Corporation (NASDAQ:EXAS) Holdings Reduced by Banque Pictet & Cie SA

Banque Pictet & Cie SA cut its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 23.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,854 shares of the medical research company's stock after selling 16,839 shares during the period. Banque Pictet & Cie SA's holdings in Exact Sciences were worth $2,331,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in EXAS. Mirae Asset Global Investments Co. Ltd. purchased a new position in Exact Sciences in the first quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Exact Sciences during the 4th quarter worth approximately $45,000. AlphaQuest LLC increased its stake in shares of Exact Sciences by 22,825.0% during the 4th quarter. AlphaQuest LLC now owns 917 shares of the medical research company's stock worth $52,000 after purchasing an additional 913 shares in the last quarter. Ostrum Asset Management increased its stake in shares of Exact Sciences by 28.4% during the 4th quarter. Ostrum Asset Management now owns 2,382 shares of the medical research company's stock worth $134,000 after purchasing an additional 527 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in shares of Exact Sciences during the 4th quarter worth approximately $149,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Stock Down 3.6%

Exact Sciences stock traded down $1.99 during trading on Thursday, reaching $53.32. 3,888,041 shares of the company's stock were exchanged, compared to its average volume of 2,590,668. The company's 50-day moving average is $54.23 and its two-hundred day moving average is $51.15. 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 firm has a market cap of $10.06 billion, a price-to-earnings ratio of -9.68, a PEG ratio of 11.43 and a beta of 0.95.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.16. Exact Sciences had a negative net margin of 36.06% and a negative return on equity of 3.75%. The firm had revenue of $706.79 million during the quarter, compared to analysts' expectations of $688.58 million. During the same period in the prior year, the company earned ($0.60) EPS. The firm's revenue was up 10.9% on a year-over-year basis. On average, analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Insider Buying and Selling at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of the business's stock in a transaction dated 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 sale, the director owned 72,759 shares of the company's stock, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.20% of the company's stock.

Analyst Ratings Changes

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

Exact Sciences 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.