78,500 Shares in Exact Sciences Corporation $EXAS Bought by DLD Asset Management LP

Key Points

• DLD Asset Management LP has acquired a new stake in Exact Sciences Corporation during the first quarter, purchasing 78,500 shares valued at approximately $3,398,000.
• Exact Sciences recently reported earnings exceeding expectations, with a quarterly revenue of $811.09 million, up 16.0% year-over-year.
• Institutional ownership remains high, with 88.82% of the stock held by hedge funds and other investors, highlighting strong institutional interest in the company.

DLD Asset Management LP bought a new stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 78,500 shares of the medical research company's stock, valued at approximately $3,398,000.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on EXAS. Craig Hallum upped their price target on shares of Exact Sciences from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday. Piper Sandler reduced their target price on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Zacks Research lowered shares of Exact Sciences from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Evercore ISI cut their price objective on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Barclays cut their price objective on shares of Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. One 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.05.

Insider Transactions at Exact Sciences

In related news, Director James Edward Doyle sold 1,485 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total value of $62,399.70. Following the completion of the sale, the director directly owned 59,962 shares in the company, valued at $2,519,603.24. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Exact Sciences Price Performance

Shares of NASDAQ EXAS traded down $2.06 during midday trading on Friday, reaching $53.94. 2,321,082 shares of the stock traded hands, compared to its average volume of 2,759,898. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56. The stock has a market capitalization of $10.21 billion, a PE ratio of -9.93, a P/E/G ratio of 4.98 and a beta of 1.05. Exact Sciences Corporation has a one year low of $38.81 and a one year high of $72.83. The company's 50 day moving average is $48.86 and its 200 day moving average is $49.30.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its 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 firm 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%.The company's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. On average, equities research analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

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.