Exact Sciences Corporation $EXAS Shares Bought by Iron Triangle Partners LP

Key Points

• Iron Triangle Partners LP increased its Exact Sciences stake by 66.7%, acquiring 200,000 shares to hold 500,000 shares (0.26% of EXAS) worth $27,355,000, making EXAS 3.9% of the firm's portfolio and its 11th largest holding.
• Analyst sentiment has softened: several firms downgraded EXAS in November, and across the Street the stock has an average rating of "Reduce" with an average price target of $92.13 (21 Holds, 1 Sell).
• Exact Sciences reported a quarterly EPS of ($0.21) versus consensus $0.08 (missing by $0.29) while revenue rose 23.1% year-over-year; the stock recently opened near $103.57 and the company has a market cap of about $19.77 billion.

Iron Triangle Partners LP grew its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 66.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 500,000 shares of the medical research company's stock after acquiring an additional 200,000 shares during the period. Exact Sciences comprises 3.9% of Iron Triangle Partners LP's portfolio, making the stock its 11th largest holding. Iron Triangle Partners LP owned 0.26% of Exact Sciences worth $27,355,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in EXAS. Comerica Bank raised its stake in shares of Exact Sciences by 9.2% during the 3rd quarter. Comerica Bank now owns 1,954 shares of the medical research company's stock worth $107,000 after buying an additional 164 shares in the last quarter. Great Lakes Advisors LLC grew its holdings in Exact Sciences by 3.7% during the first quarter. Great Lakes Advisors LLC now owns 4,971 shares of the medical research company's stock worth $215,000 after acquiring an additional 178 shares during the period. Capital Asset Advisory Services LLC grew its holdings in Exact Sciences by 4.8% during the third quarter. Capital Asset Advisory Services LLC now owns 3,941 shares of the medical research company's stock worth $216,000 after acquiring an additional 182 shares during the period. Assetmark Inc. raised its position in Exact Sciences by 7.2% in the third quarter. Assetmark Inc. now owns 3,588 shares of the medical research company's stock worth $196,000 after acquiring an additional 242 shares in the last quarter. Finally, Westside Investment Management Inc. raised its position in Exact Sciences by 100.0% in the third quarter. Westside Investment Management Inc. now owns 542 shares of the medical research company's stock worth $31,000 after acquiring an additional 271 shares in the last quarter. Institutional investors and hedge funds own 88.82% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Evercore set a $105.00 price target on shares of Exact Sciences and gave the stock an "in-line" rating in a research note on Monday, January 5th. Guggenheim cut shares of Exact Sciences from a "buy" rating to a "neutral" rating in a research note on Thursday, November 20th. Leerink Partners downgraded shares of Exact Sciences from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 20th. Wolfe Research lowered shares of Exact Sciences from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 20th. Finally, Robert W. Baird set a $105.00 target price on shares of Exact Sciences in a report on Thursday, November 20th. Twenty-one analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Exact Sciences presently has an average rating of "Reduce" and an average price target of $92.13.

Exact Sciences Stock Performance

Shares of EXAS opened at $103.57 on Monday. Exact Sciences Corporation has a 12-month low of $38.81 and a 12-month high of $103.75. The stock has a market cap of $19.77 billion, a P/E ratio of -94.15, a PEG ratio of 2.36 and a beta of 1.41. The company has a current ratio of 2.43, a quick ratio of 2.17 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average of $102.83 and a two-hundred day moving average of $84.12.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Friday, February 13th. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.29). Exact Sciences had a positive return on equity of 0.53% and a negative net margin of 6.40%.During the same quarter in the previous year, the firm earned ($0.06) EPS. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, research analysts predict that Exact Sciences Corporation will post -0.58 EPS for the current fiscal year.

About Exact Sciences

Exact Sciences Corporation is a molecular diagnostics company headquartered in Madison, Wisconsin, dedicated to the early detection and prevention of cancer. The company's flagship product, Cologuard®, is a noninvasive, stool-based DNA screening test for colorectal cancer that was developed in collaboration with the Mayo Clinic. By combining DNA mutation analysis with hemoglobin detection, Cologuard aims to improve screening adherence and identify cancers and precancerous lesions in average-risk adults.

Since its founding in 1995, Exact Sciences has expanded its portfolio through strategic acquisitions and internal research and development.

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