Rafferty Asset Management LLC Raises Position in Exact Sciences Corporation $EXAS

Key Points

• Rafferty Asset Management LLC increased its holdings in Exact Sciences Corporation by 9.7%, now owning approximately 0.12% of the company worth $10.1 million.
• Exact Sciences reported a revenue increase of 16.0% year-over-year, with $811.09 million in revenue for the last quarter, beating analysts' expectations.
• Several analysts have adjusted their price targets for Exact Sciences, with a consensus rating of "Moderate Buy" and a target price of $67.05.

Rafferty Asset Management LLC boosted its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 9.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,197 shares of the medical research company's stock after purchasing an additional 20,661 shares during the quarter. Rafferty Asset Management LLC owned about 0.12% of Exact Sciences worth $10,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC lifted its stake in Exact Sciences by 2,804.8% in the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after purchasing an additional 589 shares in the last quarter. National Pension Service lifted its stake in Exact Sciences by 75.1% in 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 in the last quarter. SVB Wealth LLC purchased a new stake in Exact Sciences in the 1st quarter worth approximately $30,000. Banque Cantonale Vaudoise purchased a new stake in shares of Exact Sciences during the 1st quarter valued at $34,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Exact Sciences during the 1st quarter valued at $34,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Trading Up 0.5%

Shares of EXAS stock traded up $0.24 on Tuesday, hitting $47.66. 584,733 shares of the company's stock traded hands, compared to its average volume of 2,766,843. 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 Corporation has a one year low of $38.81 and a one year high of $72.83. The company's fifty day simple moving average is $48.85 and its 200 day simple moving average is $49.08. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of -8.77, a P/E/G ratio of 4.85 and a beta of 1.05.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.24. The business had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The company's revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. Equities analysts forecast that Exact Sciences Corporation will post -0.58 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on EXAS shares. Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. Evercore ISI lowered their price objective on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Exact Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Barclays lowered their price objective on shares of Exact Sciences from $65.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Piper Sandler lowered their price objective on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $67.05.

Insider Transactions at Exact Sciences

In related news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $53.20, for a total transaction of $170,612.40. Following the completion of the transaction, the director directly owned 72,759 shares of the company's stock, valued at $3,870,778.80. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction dated Wednesday, August 13th. The shares were 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 of the company's stock, 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. Company insiders own 1.20% of the company's stock.

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.