Connor Clark & Lunn Investment Management Ltd. Raises Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Connor Clark & Lunn Investment Management Ltd. raised its holdings in Exact Sciences by 40.1%, acquiring 219,988 shares during the first quarter, bringing their total ownership to approximately 769,250 shares valued at $33.3 million.
• Exact Sciences reported a 16.0% year-over-year increase in revenue, with quarterly earnings of $0.22 per share, surpassing analysts' expectations.
• Several analysts adjusted their price targets for Exact Sciences, with Evercore ISI lowering their target from $68 to $64, while over twenty analysts maintain a consensus rating of "Moderate Buy".

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 40.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 769,250 shares of the medical research company's stock after acquiring an additional 219,988 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.41% of Exact Sciences worth $33,301,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Exact Sciences by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company's stock worth $763,535,000 after purchasing an additional 617,384 shares during the period. Capital World Investors lifted its holdings in Exact Sciences by 10.7% in the fourth quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock valued at $985,439,000 after acquiring an additional 1,696,321 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Exact Sciences by 74.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock valued at $323,669,000 after acquiring an additional 2,462,165 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Exact Sciences by 25.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock valued at $239,922,000 after acquiring an additional 876,985 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Exact Sciences by 12.4% in the first quarter. Mackenzie Financial Corp now owns 3,281,639 shares of the medical research company's stock valued at $142,062,000 after acquiring an additional 362,314 shares during the period. Institutional investors and hedge funds own 88.82% of the company's stock.

Exact Sciences Stock Down 5.0%

Shares of EXAS opened at $40.99 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.38 and a current ratio of 2.89. Exact Sciences Corporation has a one year low of $38.81 and a one year high of $72.83. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of -7.55, a PEG ratio of 8.75 and a beta of 0.93. The stock has a 50 day moving average price of $51.55 and a 200 day moving average price of $50.03.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its 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. The company had revenue of $811.09 million during the quarter, compared to analysts' expectations of $774.43 million. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%. The firm's quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) EPS. Equities research analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on EXAS shares. Evercore ISI decreased their price target on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating for the company in a report on Friday. Royal Bank Of Canada reissued a "sector perform" rating and issued a $46.00 price target (down from $54.00) on shares of Exact Sciences in a report on Thursday. Wall Street Zen raised Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday. Barclays decreased their price target on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.62.

Insider Transactions at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of the company's stock in a transaction 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. This represents a 4.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by insiders.

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.

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