Harbor Capital Advisors Inc. Trims Stake in Exact Sciences Co. (NASDAQ:EXAS)

Harbor Capital Advisors Inc. lowered its stake in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 48.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,372 shares of the medical research company's stock after selling 46,455 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Exact Sciences were worth $2,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXAS. Asset Planning Inc acquired a new stake in Exact Sciences in the fourth quarter valued at approximately $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Exact Sciences in the fourth quarter valued at approximately $45,000. AlphaQuest LLC increased its position in shares of Exact Sciences by 22,825.0% in the fourth quarter. AlphaQuest LLC now owns 917 shares of the medical research company's stock valued at $52,000 after buying an additional 913 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Exact Sciences in the fourth quarter valued at approximately $66,000. Finally, Ostrum Asset Management increased its position in shares of Exact Sciences by 28.4% in the fourth quarter. Ostrum Asset Management now owns 2,382 shares of the medical research company's stock valued at $134,000 after buying an additional 527 shares in the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Trading Down 0.9%

NASDAQ EXAS traded down $0.49 on Friday, reaching $53.52. 1,266,159 shares of the company were exchanged, compared to its average volume of 2,597,840. The business's fifty day moving average price is $50.99 and its 200 day moving average price is $52.17. The stock has a market capitalization of $10.10 billion, a P/E ratio of -9.61 and a beta of 0.98. The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. Exact Sciences Co. has a fifty-two week low of $39.97 and a fifty-two week high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its earnings results on Thursday, May 1st. The medical research company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates of ($0.37) by $0.16. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. The company had revenue of $706.79 million for the quarter, compared to the consensus estimate of $688.58 million. During the same quarter in the previous year, the business earned ($0.60) earnings per share. The company's revenue for the quarter was up 10.9% on a year-over-year basis. Analysts forecast that Exact Sciences Co. will post -0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EXAS has been the subject of a number of recent analyst reports. Royal Bank of Canada boosted their price objective on Exact Sciences from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Friday, May 2nd. Barclays boosted their price objective on Exact Sciences from $55.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Mizuho initiated coverage on Exact Sciences in a research report on Thursday, April 10th. They issued an "outperform" rating and a $60.00 price objective for the company. Robert W. Baird boosted their price objective on Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Evercore ISI lifted their price target on Exact Sciences from $60.00 to $66.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Exact Sciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.90.

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.