DLD Asset Management LP Purchases Shares of 78,500 Exact Sciences Corporation $EXAS

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 position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) in the first quarter, according to its most recent Form 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.

A number of other hedge funds have also modified their holdings of EXAS. Bank Pictet & Cie Europe AG raised its holdings in shares of Exact Sciences by 1.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 129,024 shares of the medical research company's stock worth $7,250,000 after buying an additional 1,547 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Exact Sciences by 20.1% in the 4th quarter. Focus Partners Wealth now owns 19,135 shares of the medical research company's stock worth $1,085,000 after buying an additional 3,201 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Exact Sciences by 205.4% in the 4th quarter. Quantinno Capital Management LP now owns 9,991 shares of the medical research company's stock worth $561,000 after buying an additional 6,720 shares in the last quarter. Polar Capital Holdings Plc acquired a new position in shares of Exact Sciences in the 4th quarter worth approximately $13,789,000. Finally, Polar Asset Management Partners Inc. raised its holdings in shares of Exact Sciences by 20.1% in the 4th quarter. Polar Asset Management Partners Inc. now owns 81,997 shares of the medical research company's stock worth $4,607,000 after buying an additional 13,697 shares in the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Exact Sciences news, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total transaction of $62,399.70. Following the transaction, the director directly owned 59,962 shares in the company, valued at approximately $2,519,603.24. The trade was a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Cowen reaffirmed a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. UBS Group dropped their price target on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Zacks Research lowered Exact Sciences from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Royal Bank Of Canada decreased their price objective on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Finally, Craig Hallum increased their price objective on Exact Sciences from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Exact Sciences currently has an average rating of "Moderate Buy" and a consensus price target of $68.05.

Exact Sciences Trading Down 0.6%

EXAS stock traded down $0.31 during midday trading on Wednesday, hitting $52.63. 557,086 shares of the company's stock were exchanged, compared to its average volume of 2,790,072. The stock's fifty day moving average price is $48.87 and its 200-day moving average price is $49.36. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.56 and a current ratio of 2.89. The company has a market cap of $9.96 billion, a PE ratio of -9.70, a price-to-earnings-growth ratio of 4.93 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.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.24. The firm had revenue of $811.09 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) earnings per share. Research analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal 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.