Heritage Investors Management Corp Sells 6,492 Shares of Exact Sciences Corporation (NASDAQ:EXAS)

Heritage Investors Management Corp trimmed its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,903 shares of the medical research company's stock after selling 6,492 shares during the quarter. Heritage Investors Management Corp's holdings in Exact Sciences were worth $3,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Exact Sciences during the first quarter valued at approximately $34,000. Teacher Retirement System of Texas bought a new stake in Exact Sciences during the first quarter worth $1,171,000. GAMMA Investing LLC raised its stake in shares of Exact Sciences by 15.5% in the first quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock valued at $184,000 after buying an additional 569 shares during the period. Merit Financial Group LLC raised its stake in shares of Exact Sciences by 110.0% in the first quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock valued at $381,000 after buying an additional 4,609 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Exact Sciences by 309.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 72,882 shares of the medical research company's stock valued at $3,155,000 after buying an additional 55,063 shares during the period. 88.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Katherine S. Zanotti sold 3,207 shares of the firm'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 directly 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 1.20% of the company's stock.

Exact Sciences Stock Performance

Shares of EXAS opened at $50.46 on Monday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.38 and a current ratio of 2.73. The company has a market capitalization of $9.52 billion, a price-to-earnings ratio of -9.16, a PEG ratio of 10.77 and a beta of 0.95. The company's 50 day simple moving average is $54.33 and its 200 day simple moving average is $50.84. Exact Sciences Corporation has a 1 year low of $39.97 and a 1 year high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.16. The company had revenue of $706.79 million for the quarter, compared to the consensus estimate of $688.58 million. Exact Sciences had a negative net margin of 36.06% and a negative return on equity of 3.75%. Exact Sciences's revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.60) earnings per share. On average, sell-side analysts predict that Exact Sciences Corporation will post -0.58 EPS for the current year.

Wall Street Analysts Forecast Growth

EXAS has been the subject of several recent analyst reports. Barclays reduced 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. Evercore ISI upped their price target on Exact Sciences from $66.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their target price on Exact Sciences from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. Guggenheim restated a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research note on Friday, April 11th. Finally, Robert W. Baird increased 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 research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.50.

Exact Sciences 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.

Want to see what other hedge funds are holding EXAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exact Sciences Corporation (NASDAQ:EXAS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.