Channel Wealth LLC Sells 13,032 Shares of Exact Sciences Corporation $EXAS

Key Points

• Channel Wealth LLC has significantly reduced its stake in Exact Sciences by 49.5%, resulting in ownership of 13,285 shares valued at approximately $706,000.
• Exact Sciences recently reported a quarterly earnings per share of $0.22, exceeding analysts' expectations, and saw a 16.0% increase in revenue year-over-year to $811.09 million.
• Institutional investors own 88.82% of Exact Sciences' stock, with analysts maintaining a generally positive outlook, reflected in its average target price of $68.05.

Channel Wealth LLC trimmed its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 49.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,285 shares of the medical research company's stock after selling 13,032 shares during the period. Channel Wealth LLC's holdings in Exact Sciences were worth $706,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Exact Sciences in the 1st quarter valued at approximately $34,000. Cerity Partners LLC lifted its stake in shares of Exact Sciences by 24.0% in the 1st quarter. Cerity Partners LLC now owns 33,598 shares of the medical research company's stock valued at $1,454,000 after acquiring an additional 6,508 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Exact Sciences in the 1st quarter worth approximately $1,171,000. GAMMA Investing LLC increased its stake in Exact Sciences by 15.5% during the 1st quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock valued at $184,000 after purchasing an additional 569 shares in the last quarter. Finally, Merit Financial Group LLC increased its position in shares of Exact Sciences by 110.0% during the 1st quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock valued at $381,000 after purchasing an additional 4,609 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Cowen reissued a "buy" rating on shares of Exact Sciences in a research note on Thursday, August 7th. Craig Hallum lifted their price target on shares of Exact Sciences from $65.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday, September 11th. 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 research note on Thursday, August 7th. Wall Street Zen raised shares of Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Barclays dropped their price objective on shares of Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $68.05.

Exact Sciences Price Performance

EXAS stock traded down $0.27 during mid-day trading on Friday, hitting $53.32. 3,098,095 shares of the stock were exchanged, compared to its average volume of 2,630,643. 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 12 month low of $38.81 and a 12 month high of $72.83. The stock has a market capitalization of $10.09 billion, a price-to-earnings ratio of -9.82, a PEG ratio of 4.92 and a beta of 1.05. The business has a fifty day moving average price of $48.85 and a 200 day moving average price of $49.47.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $811.09 million during the quarter, compared to analyst estimates of $774.43 million. During the same quarter last year, the company earned ($0.09) EPS. The company's quarterly revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Exact Sciences Corporation will post -0.58 EPS for the current year.

Insider Buying and Selling

In related news, Director James Edward Doyle sold 1,485 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total transaction of $62,399.70. Following the completion of the transaction, the director directly owned 59,962 shares of the company's stock, valued at $2,519,603.24. The trade was a 2.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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.