Mackenzie Financial Corp Raises Stock Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Mackenzie Financial Corp increased its ownership in Exact Sciences Corporation by 12.4%, holding approximately 1.74% of the company, valued at about $142 million at the end of the latest reporting period.
• Multiple analysts have raised their price targets for Exact Sciences, with the average target now at $70.50, and the stock receiving mostly "buy" or "outperform" ratings.
• Exact Sciences reported a quarterly earnings per share (EPS) of ($0.21), outperforming analyst expectations, and noted a revenue increase of 10.9% year-over-year.

Mackenzie Financial Corp raised its position in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 12.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,281,639 shares of the medical research company's stock after buying an additional 362,314 shares during the quarter. Mackenzie Financial Corp owned about 1.74% of Exact Sciences worth $142,062,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cetera Investment Advisers lifted its position in Exact Sciences by 6.8% during the first quarter. Cetera Investment Advisers now owns 88,233 shares of the medical research company's stock valued at $3,820,000 after buying an additional 5,596 shares during the period. Avantax Advisory Services Inc. lifted its position in Exact Sciences by 23.6% during the first quarter. Avantax Advisory Services Inc. now owns 6,588 shares of the medical research company's stock valued at $285,000 after buying an additional 1,259 shares during the period. Private Advisor Group LLC lifted its position in Exact Sciences by 39.2% during the first quarter. Private Advisor Group LLC now owns 31,742 shares of the medical research company's stock valued at $1,374,000 after buying an additional 8,946 shares during the period. Grandfield & Dodd LLC lifted its position in Exact Sciences by 3.5% during the first quarter. Grandfield & Dodd LLC now owns 112,760 shares of the medical research company's stock valued at $4,881,000 after buying an additional 3,799 shares during the period. Finally, Larson Financial Group LLC raised its position in shares of Exact Sciences by 2,804.8% in the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after purchasing an additional 589 shares during the last quarter. Hedge funds and other institutional investors own 88.82% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on EXAS. Robert W. Baird lifted their price target on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Mizuho began coverage on Exact Sciences in a research report on Thursday, April 10th. They issued an "outperform" rating and a $60.00 price target for the company. Royal Bank Of Canada lifted their price target on Exact Sciences from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. Guggenheim reaffirmed a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research report on Friday, April 11th. Finally, Barclays lowered their price target on Exact Sciences from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Exact Sciences presently has an average rating of "Moderate Buy" and an average target price of $70.50.

Exact Sciences Stock Performance

Shares of NASDAQ:EXAS traded up $0.53 during mid-day trading on Friday, reaching $47.48. 931,044 shares of the company traded hands, compared to its average volume of 2,599,671. The company's 50 day moving average price is $52.94 and its 200-day moving average price is $50.36. The firm has a market cap of $8.96 billion, a PE ratio of -8.62, a PEG ratio of 9.99 and a beta of 0.95. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.73 and a quick ratio of 2.38. Exact Sciences Corporation has a 52 week low of $39.97 and a 52 week high of $72.83.

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

Insider Activity

In related news, Director Katherine S. Zanotti sold 3,207 shares of the business'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 transaction of $170,612.40. Following the completion of the transaction, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.20% of the company's stock.

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.