BI Asset Management Fondsmaeglerselskab A S Sells 8,704 Shares of Exact Sciences Corporation $EXAS

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its stake in Exact Sciences Corporation by 42.9% in the first quarter, retaining 11,586 shares valued at approximately $502,000.
• Exact Sciences recently reported quarterly earnings of $0.22 per share, exceeding analysts' expectations, with revenue of $811.09 million, a 16% increase compared to the same period last year.
• Analysts maintain favorable ratings on Exact Sciences, with one strong buy, twenty buys, and three holds, while targeting an average price of $67.43 for the stock.

BI Asset Management Fondsmaeglerselskab A S cut its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 42.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,586 shares of the medical research company's stock after selling 8,704 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Exact Sciences were worth $502,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Exact Sciences in the first quarter valued at $34,000. Cerity Partners LLC grew its stake in shares of Exact Sciences by 24.0% in the first quarter. Cerity Partners LLC now owns 33,598 shares of the medical research company's stock valued at $1,454,000 after buying an additional 6,508 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Exact Sciences in the first quarter valued at $1,171,000. GAMMA Investing LLC boosted its position in Exact Sciences by 15.5% during the first quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock worth $184,000 after purchasing an additional 569 shares during the period. Finally, Merit Financial Group LLC boosted its position in Exact Sciences by 110.0% during the first quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock worth $381,000 after purchasing an additional 4,609 shares during the period. 88.82% of the stock is owned by institutional investors.

Insider Transactions at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $53.20, for a total value of $170,612.40. Following the transaction, the director 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 legal filing with the SEC, which is available at this link. Also, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction dated 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 transaction, the director owned 59,962 shares in the company, valued at approximately $2,519,603.24. This represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company's stock.

Exact Sciences Price Performance

Shares of NASDAQ EXAS traded up $0.60 during mid-day trading on Wednesday, reaching $46.71. The company had a trading volume of 2,146,231 shares, compared to its average volume of 2,780,808. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of -8.60, a PEG ratio of 4.67 and a beta of 0.93. The business's 50-day simple moving average is $49.28 and its 200 day simple moving average is $49.19. Exact Sciences Corporation has a one year low of $38.81 and a one year high of $72.83. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.56 and a current ratio of 2.89.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.24. The business had revenue of $811.09 million during 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 revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, research analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Piper Sandler cut their price objective on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Evercore ISI reduced their price objective on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Wall Street Zen upgraded Exact Sciences from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Robert W. Baird lifted their price target on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Exact Sciences presently has an average rating of "Moderate Buy" and a consensus price target of $67.05.

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.