Patten & Patten Inc. TN Has $1.63 Million Stock Position in Exact Sciences Corporation $EXAS

Key Points

• Patten & Patten Inc. increased its stake in Exact Sciences Corporation by 28.0%, owning 30,723 shares valued at approximately $1.63 million after acquiring an additional 6,725 shares in the second quarter.
• Recent trading activities saw insider James Edward Doyle sell 2,000 shares at $60.00 per share, reducing his ownership by 3.34%.
• Exact Sciences reported a 16.0% year-over-year revenue growth in its latest quarter, with earnings per share of $0.22, surpassing analyst expectations.

Patten & Patten Inc. TN grew its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 28.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,723 shares of the medical research company's stock after buying an additional 6,725 shares during the quarter. Patten & Patten Inc. TN's holdings in Exact Sciences were worth $1,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in EXAS. Larson Financial Group LLC grew its holdings in shares of Exact Sciences by 2,804.8% during the first quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock valued at $26,000 after buying an additional 589 shares during the last quarter. National Pension Service grew its holdings in shares of Exact Sciences by 75.1% during the first quarter. National Pension Service now owns 681 shares of the medical research company's stock valued at $29,000 after buying an additional 292 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Exact Sciences during the first quarter valued at about $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Exact Sciences during the first quarter worth about $34,000. Finally, Banque Cantonale Vaudoise purchased a new position in Exact Sciences during the first quarter worth about $34,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director James Edward Doyle sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the director owned 57,962 shares of the company's stock, valued at $3,477,720. The trade was a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.20% of the stock is currently owned by company insiders.

Exact Sciences Stock Performance

Shares of EXAS stock opened at $61.29 on Friday. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of -11.29, a P/E/G ratio of 5.59 and a beta of 1.24. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.56 and a current ratio of 2.89. Exact Sciences Corporation has a 52 week low of $38.81 and a 52 week high of $72.83. The firm's 50-day simple moving average is $51.83 and its two-hundred day simple moving average is $50.95.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, topping 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%. The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Exact Sciences in a report on Wednesday, October 8th. Cowen restated a "buy" rating on shares of Exact Sciences in a report on Thursday, August 7th. BTIG Research cut their price target on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Royal Bank Of Canada cut their price target 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. Finally, Wall Street Zen upgraded shares of Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.19.

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.