Pallas Capital Advisors LLC Boosts Holdings in Exact Sciences Corporation $EXAS

Key Points

• Pallas Capital Advisors LLC increased its stake in Exact Sciences Corporation by 57.9% during the second quarter, now holding a total of 13,434 shares valued at approximately $714,000.
• Several institutional investors, like Larson Financial Group LLC and National Pension Service, have significantly increased their positions in Exact Sciences, contributing to institutional ownership of 88.82% of the company’s stock.
• Exact Sciences recently posted earnings that exceeded expectations, reporting $0.22 earnings per share and revenue of $811.09 million, marking a 16.0% year-over-year increase.

Pallas Capital Advisors LLC grew its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 57.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,434 shares of the medical research company's stock after acquiring an additional 4,925 shares during the period. Pallas Capital Advisors LLC's holdings in Exact Sciences were worth $714,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of EXAS. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Exact Sciences by 120.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,128,958 shares of the medical research company's stock valued at $135,453,000 after acquiring an additional 1,707,287 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Exact Sciences by 107.7% in the 4th quarter. Mackenzie Financial Corp now owns 2,919,325 shares of the medical research company's stock valued at $164,037,000 after buying an additional 1,513,873 shares during the period. Nuveen LLC purchased a new stake in shares of Exact Sciences in the 1st quarter valued at approximately $45,334,000. Price T Rowe Associates Inc. MD grew its stake in shares of Exact Sciences by 11.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,403,872 shares of the medical research company's stock valued at $277,225,000 after buying an additional 643,631 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Exact Sciences by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company's stock valued at $763,535,000 after buying an additional 617,384 shares during the period. Hedge funds and other institutional investors own 88.82% of the company's stock.

Exact Sciences Stock Down 1.0%

Shares of EXAS traded down $0.56 during midday trading on Tuesday, reaching $53.01. The stock had a trading volume of 160,610 shares, compared to its average volume of 2,779,382. Exact Sciences Corporation has a 1-year low of $38.81 and a 1-year high of $72.83. The company's fifty day simple moving average is $48.83 and its two-hundred day simple moving average is $49.54. The company has a market cap of $10.03 billion, a price-to-earnings ratio of -9.77, a PEG ratio of 4.92 and a beta of 1.05. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56.

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 analysts' consensus estimates of ($0.02) by $0.24. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The business had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. During the same period last year, the business earned ($0.09) EPS. The company's revenue was up 16.0% on a year-over-year basis. Equities research analysts expect that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EXAS. UBS Group dropped their price target on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. BTIG Research dropped their price target on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Cowen restated a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Exact Sciences has a consensus rating of "Moderate Buy" and an average target price of $68.05.

Insider Activity at Exact Sciences

In related news, Director James Edward Doyle sold 1,485 shares of the 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 transaction, the director directly owned 59,962 shares of the company's stock, valued at $2,519,603.24. This trade represents a 2.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

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.