Exact Sciences Corporation $EXAS Position Cut by Krilogy Financial LLC

Key Points

• Krilogy Financial LLC reduced its holdings in Exact Sciences Corporation by 16.0% in the second quarter, selling 8,147 shares, bringing its total to 42,716 shares valued at $2,270,000.
• Institutional investors continue to heavily invest in the company, with 88.82% of Exact Sciences' stock owned by hedge funds and other institutional investors.
• Exact Sciences reported earnings of $0.22 per share for the last quarter, exceeding analyst estimates, and experienced a 16.0% year-over-year revenue increase to $811.09 million.

Krilogy Financial LLC lessened its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 16.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,716 shares of the medical research company's stock after selling 8,147 shares during the quarter. Krilogy Financial LLC's holdings in Exact Sciences were worth $2,270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG increased its position in Exact Sciences by 1.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 129,024 shares of the medical research company's stock worth $7,250,000 after purchasing an additional 1,547 shares during the period. Quantinno Capital Management LP raised its position in Exact Sciences by 205.4% in the fourth quarter. Quantinno Capital Management LP now owns 9,991 shares of the medical research company's stock worth $561,000 after acquiring an additional 6,720 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Exact Sciences during the 4th quarter worth approximately $45,000. Raiffeisen Bank International AG purchased a new stake in Exact Sciences in the 4th quarter valued at approximately $149,000. Finally, Silvercrest Asset Management Group LLC increased its position in Exact Sciences by 8.7% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 7,992 shares of the medical research company's stock worth $449,000 after buying an additional 641 shares in the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on EXAS shares. Piper Sandler dropped their price objective on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Wall Street Zen raised shares of Exact Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Evercore ISI lowered their target price on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. UBS Group decreased their target price on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Finally, Cowen reiterated a "buy" rating on shares of Exact Sciences in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $68.05.

Insider Buying and Selling at Exact Sciences

In related news, Director James Edward Doyle sold 1,485 shares of the stock in a transaction dated 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 in the company, valued at $2,519,603.24. This represents a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Exact Sciences Stock Performance

NASDAQ:EXAS traded down $0.27 during trading hours on Friday, reaching $53.32. 3,098,095 shares of the stock were exchanged, compared to its average volume of 2,630,643. The stock has a market capitalization of $10.09 billion, a P/E ratio of -9.82, a P/E/G ratio of 4.95 and a beta of 1.05. The firm has a 50 day simple moving average of $48.85 and a 200-day simple moving average of $49.46. The company has a quick ratio of 2.56, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. Exact Sciences Corporation has a 52 week low of $38.81 and a 52 week high of $72.83.

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

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.