Exact Sciences Corporation $EXAS Shares Purchased by Armistice Capital LLC

Key Points

• Armistice Capital LLC increased its holdings in Exact Sciences Corporation by 9.6% during the first quarter, making it the 9th largest holding in their investment portfolio with approximately 1.2% ownership.
• Several research firms recently adjusted their ratings and target prices for EXAS, with the average target price set at $67.05, and a majority of analysts maintaining a Moderate Buy rating.
• Exact Sciences reported a quarterly earnings performance that beat estimates with $811.09 million in revenue, reflecting a 16% year-over-year increase, although it still recorded a negative return on equity of -1.75%.

Armistice Capital LLC raised its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 9.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,772,369 shares of the medical research company's stock after purchasing an additional 155,369 shares during the quarter. Exact Sciences comprises approximately 1.2% of Armistice Capital LLC's investment portfolio, making the stock its 9th biggest holding. Armistice Capital LLC owned 0.94% of Exact Sciences worth $76,726,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in EXAS. Bank Pictet & Cie Europe AG increased its stake in shares of Exact Sciences by 1.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 129,024 shares of the medical research company's stock valued at $7,250,000 after purchasing an additional 1,547 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Exact Sciences by 20.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 969,185 shares of the medical research company's stock valued at $54,461,000 after purchasing an additional 165,809 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Exact Sciences by 1.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 138,086 shares of the medical research company's stock valued at $7,759,000 after purchasing an additional 1,494 shares during the period. Northern Trust Corp increased its stake in shares of Exact Sciences by 30.0% in the fourth quarter. Northern Trust Corp now owns 1,147,271 shares of the medical research company's stock valued at $64,465,000 after purchasing an additional 264,430 shares during the period. Finally, Lido Advisors LLC increased its stake in shares of Exact Sciences by 351.5% in the fourth quarter. Lido Advisors LLC now owns 24,112 shares of the medical research company's stock valued at $1,355,000 after purchasing an additional 18,772 shares during the period. Institutional investors and hedge funds own 88.82% of the company's stock.

Insider Buying and Selling

In related news, Director Katherine S. Zanotti sold 3,207 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $53.20, for a total value of $170,612.40. Following the completion of the transaction, the director owned 72,759 shares of the company's stock, valued at approximately $3,870,778.80. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Edward Doyle sold 1,485 shares of the firm's stock in a transaction that occurred 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. This represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.20% of the company's stock.

Exact Sciences Price Performance

NASDAQ:EXAS traded up $2.14 during trading hours on Thursday, reaching $51.41. 6,744,051 shares of the company's stock were exchanged, compared to its average volume of 2,791,338. The company has a market capitalization of $9.73 billion, a P/E ratio of -9.47, a price-to-earnings-growth ratio of 4.85 and a beta of 1.05. Exact Sciences Corporation has a 12 month low of $38.81 and a 12 month high of $72.83. The company has a quick ratio of 2.56, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. The business's 50-day simple moving average is $48.73 and its two-hundred day simple moving average is $49.08.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.24. The firm had revenue of $811.09 million during the quarter, compared to analysts' expectations of $774.43 million. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. Sell-side analysts expect that Exact Sciences Corporation will post -0.58 EPS for the current fiscal year.

Analysts Set New Price Targets

EXAS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Cowen reiterated a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. Piper Sandler decreased their price objective on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 11th. BTIG Research decreased their price objective on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Royal Bank Of Canada decreased their price objective on shares of Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating for the company in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.