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

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. raised its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 40.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 769,250 shares of the medical research company's stock after acquiring an additional 219,988 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.41% of Exact Sciences worth $33,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Exact Sciences by 74.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock worth $323,669,000 after buying an additional 2,462,165 shares during the last quarter. Capital World Investors grew its holdings in shares of Exact Sciences by 10.7% during the 4th quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock valued at $985,439,000 after purchasing an additional 1,696,321 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Exact Sciences by 107.7% in the 4th quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock worth $164,037,000 after acquiring an additional 1,513,873 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Exact Sciences by 25.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock worth $239,922,000 after acquiring an additional 876,985 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Exact Sciences by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company's stock worth $763,535,000 after acquiring an additional 617,384 shares during the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Exact Sciences 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 sale, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.20% of the company's stock.

Wall Street Analysts Forecast Growth

EXAS has been the topic of a number of research reports. Cowen reaffirmed a "buy" rating on shares of Exact Sciences in a research note on Thursday, August 7th. Royal Bank Of Canada reissued a "sector perform" rating and set a $46.00 price objective (down from $54.00) on shares of Exact Sciences in a report on Thursday, August 7th. BTIG Research reduced their target price on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday. Robert W. Baird upped their target price on shares of Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, UBS Group reduced their price objective on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Exact Sciences presently has an average rating of "Moderate Buy" and a consensus target price of $67.43.

Exact Sciences Stock Performance

Shares of NASDAQ:EXAS traded down $0.25 on Thursday, hitting $44.66. The company's stock had a trading volume of 1,984,603 shares, compared to its average volume of 2,774,546. Exact Sciences Corporation has a 12 month low of $38.81 and a 12 month high of $72.83. The company has a market capitalization of $8.46 billion, a price-to-earnings ratio of -8.22, a price-to-earnings-growth ratio of 4.27 and a beta of 0.93. The stock's 50-day moving average is $50.78 and its two-hundred day moving average is $49.80. 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 released its quarterly earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.24. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%. The company had revenue of $811.09 million during the quarter, compared to analysts' expectations of $774.43 million. During the same quarter in the prior year, the business posted ($0.09) earnings per share. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Exact Sciences Corporation will post -0.58 EPS for the current year.

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.