Jennison Associates LLC Sells 64,048 Shares of Exact Sciences Corporation (NASDAQ:EXAS)

Jennison Associates LLC lowered its position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 8.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 698,688 shares of the medical research company's stock after selling 64,048 shares during the quarter. Jennison Associates LLC owned 0.37% of Exact Sciences worth $30,246,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Capital World Investors grew its position in Exact Sciences by 10.7% in the fourth quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock worth $985,439,000 after acquiring an additional 1,696,321 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Exact Sciences by 74.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock worth $323,669,000 after acquiring an additional 2,462,165 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Exact Sciences by 25.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock worth $239,922,000 after acquiring an additional 876,985 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Exact Sciences by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,122,798 shares of the medical research company's stock valued at $175,165,000 after purchasing an additional 16,828 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Exact Sciences by 107.7% in the 4th quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock valued at $164,037,000 after acquiring an additional 1,513,873 shares during the period. Institutional investors and hedge funds own 88.82% of the company's stock.

Exact Sciences Price Performance

NASDAQ EXAS traded down $2.10 during trading on Monday, hitting $48.36. 2,240,499 shares of the company's stock were exchanged, compared to its average volume of 2,630,401. 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 company has a market cap of $9.12 billion, a PE ratio of -8.78, a P/E/G ratio of 10.77 and a beta of 0.95. Exact Sciences Corporation has a fifty-two week low of $39.97 and a fifty-two week high of $72.83. The stock's 50 day moving average price is $54.33 and its two-hundred day moving average price is $50.84.

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

Insider Buying and Selling

In related news, Director Katherine S. Zanotti sold 3,207 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $53.20, for a total value of $170,612.40. Following the sale, the director directly owned 72,759 shares in the company, valued at $3,870,778.80. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Robert W. Baird raised their target price on shares of Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Barclays lowered their price objective on shares of Exact Sciences from $75.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, June 24th. Guggenheim reiterated a "buy" rating and issued a $60.00 price objective on shares of Exact Sciences in a report on Friday, April 11th. Evercore ISI raised their target price on shares of Exact Sciences from $66.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada raised their target price on shares of Exact Sciences from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Friday, May 2nd. Two research 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.