Belpointe Asset Management LLC Reduces Stock Position in Exact Sciences Corporation $EXAS

Key Points

• Belpointe Asset Management LLC reduced its stake in Exact Sciences Corporation by 15.4%, holding 52,235 shares valued at approximately $2.26 million after selling 9,525 shares in the first quarter.
• The company recently reported a quarterly EPS of $0.22, exceeding analyst expectations, with a revenue increase of 16% compared to the same quarter last year.
• Exact Sciences has experienced adjustments in target prices, with UBS Group and Barclays lowering their targets, while other analysts maintain positive ratings, indicating an average rating of "Moderate Buy" with a consensus target price of $67.05.

Belpointe Asset Management LLC lessened its holdings in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 15.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,235 shares of the medical research company's stock after selling 9,525 shares during the period. Belpointe Asset Management LLC's holdings in Exact Sciences were worth $2,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EXAS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Exact Sciences by 120.1% in 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 valued at $135,453,000 after purchasing an additional 1,707,287 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Exact Sciences by 107.7% in the fourth quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock valued at $164,037,000 after purchasing an additional 1,513,873 shares during the last quarter. Nuveen LLC purchased a new position in Exact Sciences in the first quarter valued at approximately $45,334,000. Price T Rowe Associates Inc. MD lifted its stake in Exact Sciences by 11.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,403,872 shares of the medical research company's stock valued at $277,225,000 after purchasing an additional 643,631 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Exact Sciences by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company's stock valued at $763,535,000 after purchasing an additional 617,384 shares during the last quarter. Hedge funds and other institutional investors own 88.82% of the company's stock.

Exact Sciences Trading Down 3.7%

NASDAQ EXAS traded down $2.06 during trading on Friday, hitting $53.94. 2,321,082 shares of the company's stock traded hands, compared to its average volume of 2,838,130. The stock has a fifty day moving average of $48.86 and a two-hundred day moving average of $49.29. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56. Exact Sciences Corporation has a 12-month low of $38.81 and a 12-month high of $72.83. The firm has a market cap of $10.21 billion, a P/E ratio of -9.93, a PEG ratio of 5.73 and a beta of 1.05.

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

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Craig Hallum upped their price objective on Exact Sciences from $65.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday. BTIG Research lowered their target price on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Wall Street Zen raised shares of Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Barclays lowered their target price on shares of Exact Sciences from $65.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Finally, Cowen reaffirmed a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $68.05.

Insider Buying and Selling at Exact Sciences

In other news, Director James Edward Doyle sold 1,485 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $42.02, for a total transaction of $62,399.70. Following the completion of the sale, the director directly owned 59,962 shares in the company, valued at approximately $2,519,603.24. This represents a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company's stock.

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.