Eventide Asset Management LLC Trims Stake in Exact Sciences Corporation $EXAS

Key Points

• Eventide Asset Management LLC decreased its holdings in Exact Sciences Corporation by 54.1%, selling 667,838 shares and leaving it with approximately 0.30% ownership valued at $24.48 million.
• Several institutional investors, including Larson Financial Group LLC and National Pension Service, significantly increased their stakes in Exact Sciences, highlighting continued interest in the company with 88.82% of the stock owned by institutions.
• Exact Sciences reported a quarterly earnings surpassing estimates with $0.22 EPS, alongside a revenue of $811.09 million, a 16% increase year-over-year, despite a negative net margin of 34.19%.

Eventide Asset Management LLC trimmed its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 54.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 565,546 shares of the medical research company's stock after selling 667,838 shares during the quarter. Eventide Asset Management LLC owned approximately 0.30% of Exact Sciences worth $24,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC grew its stake in Exact Sciences by 0.3% during the first 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 grew its stake in Exact Sciences by 75.1% during the first 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 grew its stake in Exact Sciences by 14.3% during the first 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 grew its stake in Exact Sciences by 5.7% during the first 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 grew its stake in Exact Sciences by 95.8% during the first 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. 88.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Exact Sciences

In other news, Director James Edward Doyle sold 1,485 shares of Exact Sciences 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Katherine S. Zanotti sold 3,207 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $53.20, for a total value of $170,612.40. Following the transaction, the director owned 72,759 shares of the company's stock, valued at approximately $3,870,778.80. The trade was a 4.22% 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 insiders.

Exact Sciences Stock Performance

Shares of EXAS traded up $1.03 during mid-day trading on Tuesday, hitting $54.92. The stock had a trading volume of 2,043,376 shares, compared to its average volume of 2,805,371. The firm has a market cap of $10.40 billion, a P/E ratio of -10.11, a PEG ratio of 5.50 and a beta of 1.05. The business has a fifty day moving average price of $48.74 and a 200-day moving average price of $49.14. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56. Exact Sciences Corporation has a 52 week low of $38.81 and a 52 week high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share 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% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) earnings per share. On average, equities research analysts expect that Exact Sciences Corporation will post -0.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wall Street Zen raised Exact Sciences from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Evercore ISI dropped their target price on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. UBS Group dropped their target price on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Cowen restated a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. Finally, Piper Sandler dropped their target price on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. One investment 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 company. According to MarketBeat.com, Exact Sciences currently has an average rating of "Moderate Buy" and a consensus price target of $67.05.

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.