Pallas Capital Advisors LLC Makes New Investment in Exact Sciences Co. (NASDAQ:EXAS)

Pallas Capital Advisors LLC bought a new stake in Exact Sciences Co. (NASDAQ:EXAS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,509 shares of the medical research company's stock, valued at approximately $368,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Exact Sciences by 74.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,760,241 shares of the medical research company's stock valued at $323,669,000 after buying an additional 2,462,165 shares during the period. Capital World Investors boosted its position in Exact Sciences by 10.7% during the fourth quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock valued at $985,439,000 after buying an additional 1,696,321 shares during the period. Mackenzie Financial Corp boosted its position in Exact Sciences by 107.7% during the fourth 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. Norges Bank purchased a new stake in Exact Sciences during the fourth quarter valued at about $50,625,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in Exact Sciences by 25.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock valued at $239,922,000 after buying an additional 876,985 shares during the period. Institutional investors own 88.82% of the company's stock.

Wall Street Analyst Weigh In

EXAS has been the subject of several analyst reports. Piper Sandler cut their price target on shares of Exact Sciences from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Guggenheim restated a "buy" rating and set a $60.00 price target on shares of Exact Sciences in a research report on Friday, April 11th. Robert W. Baird upped their price target 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. William Blair restated an "outperform" rating on shares of Exact Sciences in a research report on Thursday, February 20th. Finally, Bank of America dropped their target price on shares of Exact Sciences from $72.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Exact Sciences has a consensus rating of "Moderate Buy" and an average price target of $70.90.

Insider Activity at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction on 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 now owns 72,759 shares in the company, valued at $3,870,778.80. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by insiders.

Exact Sciences Stock Down 0.4%

Shares of EXAS traded down $0.22 on Monday, hitting $53.30. 2,819,782 shares of the stock traded hands, compared to its average volume of 2,601,318. The company has a market capitalization of $10.05 billion, a PE ratio of -9.57 and a beta of 0.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.93 and a current ratio of 2.15. The business has a 50 day simple moving average of $51.25 and a 200 day simple moving average of $51.98. Exact Sciences Co. has a one year low of $39.97 and a one year high of $72.83.

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. 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 net margin of 37.29% and a negative return on equity of 5.29%. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.60) earnings per share. As a group, equities analysts forecast that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

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.