Lecap Asset Management Ltd. Invests $467,000 in Exact Sciences Corporation $EXAS

Key Points

• Lecap Asset Management Ltd. invested approximately $467,000 in Exact Sciences Corporation by acquiring 8,787 shares during the second quarter.
• Exact Sciences reported a 16.0% year-over-year revenue increase with $811.09 million for the quarter, surpassing analysts' estimates of $774.43 million.
• The company's stock has a market capitalization of $10.74 billion and a current average share price of $56.72, moving up by 0.9% recently.

Lecap Asset Management Ltd. bought a new position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,787 shares of the medical research company's stock, valued at approximately $467,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in Exact Sciences by 9.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,135 shares of the medical research company's stock valued at $2,199,000 after acquiring an additional 3,434 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Exact Sciences by 4,899.4% in the first quarter. GAMMA Investing LLC now owns 183,679 shares of the medical research company's stock valued at $7,951,000 after acquiring an additional 180,005 shares during the last quarter. Rhumbline Advisers lifted its holdings in Exact Sciences by 1.8% in the first quarter. Rhumbline Advisers now owns 221,301 shares of the medical research company's stock valued at $9,580,000 after acquiring an additional 3,873 shares during the last quarter. Merit Financial Group LLC lifted its holdings in 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 acquiring an additional 4,609 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in Exact Sciences by 6.1% in the first quarter. Park Avenue Securities LLC now owns 25,335 shares of the medical research company's stock valued at $1,097,000 after acquiring an additional 1,449 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Exact Sciences

In other news, Director James Edward Doyle sold 1,485 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was 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 of the company's stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 1.20% of the company's stock.

Exact Sciences Stock Up 0.9%

Exact Sciences stock opened at $56.72 on Friday. Exact Sciences Corporation has a twelve month low of $38.81 and a twelve month high of $72.83. The stock's fifty day simple moving average is $49.57 and its 200-day simple moving average is $50.06. 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 market capitalization of $10.74 billion, a P/E ratio of -10.45, a P/E/G ratio of 5.19 and a beta of 1.24.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on EXAS shares. Evercore ISI decreased their price objective on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Wells Fargo & Company set a $68.00 price objective on Exact Sciences in a report on Wednesday. Piper Sandler cut their target price on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Cowen reissued a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. Finally, UBS Group cut their target price on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $68.52.

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.

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