Granahan Investment Management LLC Sells 106,189 Shares of Exact Sciences Corporation $EXAS

Key Points

• Granahan Investment Management LLC has reduced its stake in Exact Sciences Corporation by 23.9%, now holding 337,875 shares valued at approximately $14.63 million.
• Several other institutional investors, including National Pension Service and Bayforest Capital Ltd, made significant adjustments to their positions in Exact Sciences, increasing their stakes by up to 95.8% during the first quarter.
• Exact Sciences reported a revenue increase of 16.0% year-over-year, with quarterly earnings surpassing estimates by $0.24, leading to an EPS of $0.22.

Granahan Investment Management LLC reduced its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,875 shares of the medical research company's stock after selling 106,189 shares during the period. Granahan Investment Management LLC owned approximately 0.18% of Exact Sciences worth $14,627,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings 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 valued at $26,000 after purchasing an additional 589 shares in the last quarter. National Pension Service grew its stake in shares of Exact Sciences by 75.1% during the first quarter. National Pension Service now owns 681 shares of the medical research company's stock valued at $29,000 after acquiring an additional 292 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Exact Sciences during the first quarter valued at about $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Exact Sciences during the first quarter valued at about $34,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Exact Sciences during the first quarter valued at about $34,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Exact Sciences 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 sale, the director owned 72,759 shares in the company, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Edward Doyle sold 1,485 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $42.02, for a total transaction of $62,399.70. Following the sale, the director owned 59,962 shares of the company's stock, valued at $2,519,603.24. This trade represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company's stock.

Exact Sciences Trading Down 1.3%

EXAS traded down $0.70 during trading on Wednesday, reaching $54.71. 982,575 shares of the company's stock were exchanged, compared to its average volume of 2,803,596. The stock has a market capitalization of $10.36 billion, a PE ratio of -10.09, a price-to-earnings-growth ratio of 5.51 and a beta of 1.05. Exact Sciences Corporation has a one year low of $38.81 and a one year high of $72.83. The company has a current ratio of 2.89, a quick ratio of 2.56 and a debt-to-equity ratio of 0.94. The firm has a fifty day moving average price of $48.76 and a two-hundred day moving average price of $49.18.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued 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. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The firm had revenue of $811.09 million for the quarter, compared to the consensus estimate of $774.43 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The company's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities research analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EXAS has been the topic of a number of recent research reports. Evercore ISI cut their target price on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. BTIG Research decreased their price target on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Zacks Research cut shares of Exact Sciences from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. UBS Group dropped their target price on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their target price on shares of Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Exact Sciences currently has a consensus 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.