DLD Asset Management LP Invests $3.40 Million in Exact Sciences Corporation $EXAS

Key Points

• DLD Asset Management LP acquired a new stake in Exact Sciences Corporation, purchasing 78,500 shares valued at approximately $3.4 million, which represents about 0.3% of its investment portfolio.
• Exact Sciences reported a quarterly earnings per share of $0.22, exceeding expectations of ($0.02), with revenues of $811.09 million, up 16% from the previous year.
• Multiple analysts have issued adjusted target prices for Exact Sciences, with targets now ranging from $46.00 to $64.00, indicating a consensus rating of "Moderate Buy" for the stock.

DLD Asset Management LP bought a new position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 78,500 shares of the medical research company's stock, valued at approximately $3,398,000. Exact Sciences comprises 0.3% of DLD Asset Management LP's holdings, making the stock its 29th largest holding.

A number of other large investors also recently bought and sold shares of EXAS. OneDigital Investment Advisors LLC raised its position in shares of Exact Sciences by 0.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 100,872 shares of the medical research company's stock worth $4,367,000 after purchasing an additional 270 shares during the period. National Pension Service raised its position in shares of Exact Sciences by 75.1% during the 1st quarter. National Pension Service now owns 681 shares of the medical research company's stock worth $29,000 after purchasing an additional 292 shares during the period. Allworth Financial LP raised its position in shares of Exact Sciences by 14.3% during the 1st quarter. Allworth Financial LP now owns 2,986 shares of the medical research company's stock worth $136,000 after purchasing an additional 373 shares during the period. Integrated Advisors Network LLC raised its position in shares of Exact Sciences by 5.7% during the 1st quarter. Integrated Advisors Network LLC now owns 7,036 shares of the medical research company's stock worth $305,000 after purchasing an additional 379 shares during the period. Finally, Bayforest Capital Ltd raised its position in shares of Exact Sciences by 95.8% during the 1st quarter. Bayforest Capital Ltd now owns 926 shares of the medical research company's stock worth $40,000 after purchasing an additional 453 shares during the period. Institutional investors own 88.82% of the company's stock.

Wall Street Analyst Weigh In

EXAS has been the topic of a number of research reports. Wall Street Zen upgraded Exact Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Evercore ISI dropped their price target on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada dropped their price target 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. Piper Sandler dropped their price target on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Finally, Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.43.

Exact Sciences Price Performance

Shares of EXAS stock traded up $0.79 during mid-day trading on Friday, hitting $47.47. 2,023,443 shares of the stock traded hands, compared to its average volume of 4,009,665. Exact Sciences Corporation has a twelve month low of $38.81 and a twelve month high of $72.83. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -8.74, a price-to-earnings-growth ratio of 4.85 and a beta of 0.93. The company's 50-day simple moving average is $49.57 and its 200-day simple moving average is $49.31. 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 issued its quarterly 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. 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 for the quarter, compared to analysts' expectations of $774.43 million. During the same period last year, the firm earned ($0.09) EPS. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities research analysts expect that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Insider Buying and Selling at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences 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 directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. This trade represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $42.02, for a total value of $62,399.70. Following the transaction, the director owned 59,962 shares in the company, valued at approximately $2,519,603.24. This trade represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.

Exact Sciences Company 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.