Lansforsakringar Fondforvaltning AB publ Has $2.33 Million Stock Position in Exact Sciences Corporation $EXAS

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its stake in Exact Sciences Corporation by 19.8% during the first quarter, leaving it with 53,756 shares valued at $2,327,000.
• Several hedge funds have shifted their positions, with Mirae Asset Global Investments purchasing a new position valued at approximately $34,000, while Cerity Partners increased its holdings by 24.0%.
• Exact Sciences reported earnings of $0.22 per share, exceeding expectations, and the company's revenue increased by 16.0% compared to the same quarter last year.

Lansforsakringar Fondforvaltning AB publ trimmed its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 19.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,756 shares of the medical research company's stock after selling 13,286 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in Exact Sciences were worth $2,327,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Larson Financial Group LLC grew its stake in Exact Sciences by 2,804.8% in the first quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock valued at $26,000 after purchasing an additional 589 shares in the last quarter. National Pension Service boosted its stake in shares of Exact Sciences by 75.1% during the 1st quarter. National Pension Service now owns 681 shares of the medical research company's stock worth $29,000 after acquiring an additional 292 shares during the period. SVB Wealth LLC bought a new position in shares of Exact Sciences during the 1st quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Exact Sciences during the 1st quarter worth approximately $34,000. Finally, Banque Cantonale Vaudoise bought a new position in shares of Exact Sciences during the 1st quarter worth approximately $34,000. 88.82% of the stock is currently owned by institutional investors.

Exact Sciences Price Performance

NASDAQ EXAS traded up $2.14 during midday trading on Thursday, hitting $51.41. The company had a trading volume of 6,815,768 shares, compared to its average volume of 2,802,402. The company has a market capitalization of $9.73 billion, a PE ratio of -9.47, a P/E/G ratio of 4.85 and a beta of 1.05. The company has a current ratio of 2.89, a quick ratio of 2.56 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average price of $48.73 and a 200-day moving average price of $49.08. 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 announced its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.24. The firm had revenue of $811.09 million during the quarter, compared to analysts' expectations of $774.43 million. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%.The company's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) EPS. As a group, analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction 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 completion of the transaction, the director directly owned 72,759 shares of the company's stock, valued at $3,870,778.80. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $42.02, for a total value of $62,399.70. Following the completion of the transaction, the director directly owned 59,962 shares of the company's stock, valued at $2,519,603.24. This represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on EXAS shares. BTIG Research reduced their target price on Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. UBS Group reduced their target price on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their target price on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Barclays reduced their target price on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Finally, Piper Sandler dropped their price target on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.05.

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.