Nuveen LLC Invests $45.33 Million in Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Nuveen LLC has made a substantial investment of $45.33 million in Exact Sciences Corporation (NASDAQ:EXAS), acquiring over 1 million shares, which represents approximately 0.56% ownership of the company.
• Exact Sciences reported impressive quarterly earnings, with an earnings per share (EPS) of $0.22, surpassing analyst expectations, and a revenue of $811.09 million, reflecting a year-over-year increase of 16.0%.
• Institutional investors hold a significant stake in Exact Sciences, with 88.82% of the stock owned by these entities, indicating strong institutional confidence in the company's potential.

Nuveen LLC bought a new position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,047,216 shares of the medical research company's stock, valued at approximately $45,334,000. Nuveen LLC owned approximately 0.56% of Exact Sciences at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Larson Financial Group LLC lifted its holdings in Exact Sciences by 2,804.8% during the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after buying an additional 589 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Exact Sciences during the 1st quarter worth $34,000. Banque Cantonale Vaudoise acquired a new position in Exact Sciences during the 1st quarter worth $34,000. Bayforest Capital Ltd lifted its holdings in Exact Sciences by 95.8% during the 1st quarter. Bayforest Capital Ltd now owns 926 shares of the medical research company's stock worth $40,000 after buying an additional 453 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Exact Sciences in the 4th quarter valued at $45,000. 88.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Katherine S. Zanotti sold 3,207 shares of the company's 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 owned 72,759 shares in the company, valued at approximately $3,870,778.80. This represents 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 this link. Also, Director James Edward Doyle sold 1,485 shares of the company's 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 transaction, the director owned 59,962 shares in the company, valued at $2,519,603.24. This represents a 2.42% decrease in their position. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.

Exact Sciences Stock Performance

Shares of Exact Sciences stock opened at $44.99 on Friday. 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 twelve month low of $38.81 and a twelve month high of $72.83. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -8.29, a P/E/G ratio of 4.59 and a beta of 0.93. The company's fifty day moving average is $50.59 and its 200 day moving average is $49.73.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its 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 net margin of 34.19% and a negative return on equity of 1.75%. Exact Sciences's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts forecast that Exact Sciences Corporation will post -0.58 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Evercore ISI cut their price target on Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Cowen restated a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. Piper Sandler lowered their price objective on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday. Robert W. Baird upped their price objective on shares of Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, BTIG Research lowered their target price on Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $67.43.

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.

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