Janney Montgomery Scott LLC Makes New $1.85 Million Investment in Exact Sciences Corporation $EXAS

Key Points

• Janney Montgomery Scott LLC has made a new investment of approximately $1.85 million in Exact Sciences Corporation, acquiring 34,734 shares during the second quarter.
• Research firms have upgraded Exact Sciences' stock ratings recently, with Cowen reaffirming a "buy" rating and Zacks upgrading from a "hold" to a "strong-buy" rating.
• Exact Sciences reported better-than-expected quarterly earnings, posting $0.22 EPS which surpassed the consensus estimate of ($0.02) by $0.24.

Janney Montgomery Scott LLC acquired a new stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 34,734 shares of the medical research company's stock, valued at approximately $1,846,000.

Other large investors also recently modified their holdings of the company. Archford Capital Strategies LLC purchased a new stake in Exact Sciences in the second quarter worth approximately $321,000. ERn Financial LLC lifted its holdings in shares of Exact Sciences by 61.5% in the 2nd quarter. ERn Financial LLC now owns 10,791 shares of the medical research company's stock worth $573,000 after acquiring an additional 4,111 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Exact Sciences by 118.2% in the 2nd quarter. Signaturefd LLC now owns 2,226 shares of the medical research company's stock valued at $118,000 after purchasing an additional 1,206 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Exact Sciences by 27.2% during the 2nd quarter. Bank Pictet & Cie Europe AG now owns 163,204 shares of the medical research company's stock valued at $8,673,000 after purchasing an additional 34,914 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its position in Exact Sciences by 15.8% in the 2nd quarter. Perigon Wealth Management LLC now owns 9,838 shares of the medical research company's stock worth $523,000 after purchasing an additional 1,339 shares during the period. 88.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on EXAS. Cowen reissued a "buy" rating on shares of Exact Sciences in a research note on Thursday, August 7th. Zacks Research upgraded Exact Sciences from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Wells Fargo & Company set a $68.00 price target on Exact Sciences in a research report on Wednesday, October 1st. Wall Street Zen upgraded Exact Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Barclays increased their price objective on Exact Sciences from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Exact Sciences presently has an average rating of "Moderate Buy" and an average target price of $69.19.

Exact Sciences Stock Performance

NASDAQ:EXAS opened at $58.34 on Friday. 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 firm's fifty day simple moving average is $50.68 and its 200 day simple moving average is $50.50. The stock has a market cap of $11.04 billion, a P/E ratio of -10.74, a price-to-earnings-growth ratio of 5.49 and a beta of 1.24. Exact Sciences Corporation has a twelve month low of $38.81 and a twelve month high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.24. The business had revenue of $811.09 million during the quarter, compared to analyst estimates of $774.43 million. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) EPS. As a group, research analysts predict that Exact Sciences Corporation will post -0.58 EPS for the current year.

Insider Buying and Selling

In other Exact Sciences news, Director James Edward Doyle sold 2,000 shares of the firm's stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the completion of the sale, the director directly owned 57,962 shares in the company, valued at $3,477,720. This trade represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.20% of the stock is owned by company insiders.

Exact Sciences Company 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.

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