Cambridge Investment Research Advisors Inc. Reduces Stock Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

Cambridge Investment Research Advisors Inc. lowered its position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 40.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,829 shares of the medical research company's stock after selling 16,904 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Exact Sciences were worth $1,075,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EXAS. Jones Financial Companies Lllp increased its holdings in Exact Sciences by 32.2% in the 4th quarter. Jones Financial Companies Lllp now owns 9,508 shares of the medical research company's stock worth $534,000 after buying an additional 2,315 shares in the last quarter. GAMMA Investing LLC increased its holdings in Exact Sciences by 15.5% in the 1st quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock worth $184,000 after buying an additional 569 shares in the last quarter. Merit Financial Group LLC increased its holdings in Exact Sciences by 110.0% in the 1st quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock worth $381,000 after buying an additional 4,609 shares in the last quarter. AlphaQuest LLC increased its holdings in Exact Sciences by 22,825.0% in the 4th quarter. AlphaQuest LLC now owns 917 shares of the medical research company's stock worth $52,000 after buying an additional 913 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Exact Sciences by 309.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 72,882 shares of the medical research company's stock worth $3,155,000 after buying an additional 55,063 shares in the last quarter. Hedge funds and other institutional investors own 88.82% of the company's stock.

Exact Sciences Stock Performance

NASDAQ:EXAS opened at $52.82 on Friday. The company has a market cap of $9.96 billion, a price-to-earnings ratio of -9.59, a PEG ratio of 11.39 and a beta of 0.95. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.73 and a quick ratio of 2.38. The stock's 50 day simple moving average is $53.73 and its two-hundred day simple moving average is $51.19. Exact Sciences Corporation has a 1 year low of $39.97 and a 1 year high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The medical research company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.16. Exact Sciences had a negative return on equity of 3.75% and a negative net margin of 36.06%. The company had revenue of $706.79 million for the quarter, compared to the consensus estimate of $688.58 million. During the same quarter in the prior year, the company posted ($0.60) EPS. Exact Sciences's quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

EXAS has been the subject of a number of recent research reports. Mizuho initiated coverage on Exact Sciences in a research note on Thursday, April 10th. They set an "outperform" rating and a $60.00 price target for the company. Barclays lowered their price objective on Exact Sciences from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 24th. Royal Bank Of Canada lifted their price objective on Exact Sciences from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Friday, May 2nd. Evercore ISI lifted their price objective on Exact Sciences from $60.00 to $66.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Guggenheim reaffirmed a "buy" rating and set a $60.00 price objective on shares of Exact Sciences in a research report on Friday, April 11th. Two 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.40.

Insider Activity

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 transaction, the director owned 72,759 shares of the company's stock, valued at approximately $3,870,778.80. This represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.

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