Allianz Asset Management GmbH Cuts Stock Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Exact Sciences Corporation by 38.7%, holding 14,397 shares worth approximately $623,000 after selling 9,103 shares.
• Several large investors, including Capital World Investors and Price T Rowe Associates, have increased their holdings in Exact Sciences, with Capital World Investors boosting its stake by 10.7%.
• Exact Sciences recently reported a 10.9% year-over-year increase in quarterly revenue, totaling $706.79 million, and beat analysts' earnings per share estimates by a margin of $0.16.

Allianz Asset Management GmbH decreased its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 38.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,397 shares of the medical research company's stock after selling 9,103 shares during the quarter. Allianz Asset Management GmbH's holdings in Exact Sciences were worth $623,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in EXAS. Larson Financial Group LLC increased its holdings in Exact Sciences by 2,804.8% during the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock valued at $26,000 after purchasing an additional 589 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Exact Sciences during the first quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Exact Sciences in the fourth quarter valued at about $45,000. Ostrum Asset Management raised its holdings in Exact Sciences by 28.4% during the fourth quarter. Ostrum Asset Management now owns 2,382 shares of the medical research company's stock worth $134,000 after acquiring an additional 527 shares in the last quarter. Finally, Allworth Financial LP raised its holdings 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 acquiring an additional 373 shares in the last quarter. Institutional investors own 88.82% of the company's stock.

Insider Transactions at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of the business's stock in a transaction on 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 in the company, valued at $3,870,778.80. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

EXAS has been the topic of a number of recent research reports. Mizuho initiated coverage on Exact Sciences in a research note on Thursday, April 10th. They set an "outperform" rating and a $60.00 target price on the stock. Evercore ISI raised their target price on Exact Sciences from $66.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Guggenheim reiterated a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research note on Friday, April 11th. Barclays lowered their target price on Exact Sciences from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, June 24th. Finally, Robert W. Baird raised their target price on Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.50.

Exact Sciences Stock Performance

Shares of NASDAQ:EXAS traded down $0.93 during mid-day trading on Monday, reaching $46.83. The company had a trading volume of 2,913,131 shares, compared to its average volume of 2,303,501. The company has a current ratio of 2.73, a quick ratio of 2.38 and a debt-to-equity ratio of 0.97. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of -8.50, a PEG ratio of 10.20 and a beta of 0.93. The company's 50-day moving average price is $52.75 and its 200-day moving average price is $50.30. Exact Sciences Corporation has a one year low of $39.97 and a one year high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.37) by $0.16. Exact Sciences had a negative net margin of 36.06% and a negative return on equity of 3.75%. The business had revenue of $706.79 million for the quarter, compared to analysts' expectations of $688.58 million. During the same quarter in the previous year, the firm posted ($0.60) EPS. The business's revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Exact Sciences Corporation will post -0.58 EPS for the current fiscal year.

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.