Nikko Asset Management Americas Inc. Trims Position in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Exact Sciences by 68.0%, selling 368,068 shares and retaining 173,112 shares worth approximately $7.49 million.
• Exact Sciences reported a quarterly loss of ($0.21) earnings per share, surpassing consensus estimates, with quarterly revenue reaching $706.79 million, a 10.9% increase from the previous year.
• Wall Street analysts are generally optimistic, with a consensus rating of "Moderate Buy" and an average target price of $70.50 for Exact Sciences stock.

Nikko Asset Management Americas Inc. cut its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 68.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 173,112 shares of the medical research company's stock after selling 368,068 shares during the quarter. Nikko Asset Management Americas Inc. owned 0.09% of Exact Sciences worth $7,491,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of EXAS. Bank Pictet & Cie Europe AG raised 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 buying an additional 1,547 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Exact Sciences by 13.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 139,000 shares of the medical research company's stock worth $7,958,000 after buying an additional 16,949 shares during the last quarter. Sava Infond d.o.o. purchased a new position in Exact Sciences during the 4th quarter worth approximately $346,000. Norges Bank purchased a new position in Exact Sciences during the 4th quarter worth approximately $50,625,000. Finally, Pictet Asset Management Holding SA raised its position in Exact Sciences by 2.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 69,341 shares of the medical research company's stock worth $3,896,000 after buying an additional 1,609 shares during the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Trading Down 0.6%

Shares of EXAS opened at $48.49 on Friday. Exact Sciences Corporation has a 52-week low of $39.97 and a 52-week high of $72.83. The company has a quick ratio of 2.38, a current ratio of 2.73 and a debt-to-equity ratio of 0.97. The firm's fifty day moving average is $53.71 and its two-hundred day moving average is $50.63. The stock has a market cap of $9.15 billion, a PE ratio of -8.80, a price-to-earnings-growth ratio of 10.41 and a beta of 0.95.

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

Insider Buying and Selling

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $53.20, for a total transaction of $170,612.40. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Guggenheim reaffirmed a "buy" rating and set a $60.00 target price on shares of Exact Sciences in a report on Friday, April 11th. Mizuho assumed coverage on shares of Exact Sciences in a report on Thursday, April 10th. They set an "outperform" rating and a $60.00 target price for the company. Robert W. Baird lifted their target price on shares of Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Evercore ISI lifted their target price on shares of Exact Sciences from $66.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Exact Sciences from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.50.

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.

Want to see what other hedge funds are holding EXAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exact Sciences Corporation (NASDAQ:EXAS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.