Readystate Asset Management LP Sells 8,993,596 Shares of Exact Sciences Corporation (NASDAQ:EXAS)

Readystate Asset Management LP decreased its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 99.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,404 shares of the medical research company's stock after selling 8,993,596 shares during the period. Readystate Asset Management LP's holdings in Exact Sciences were worth $277,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Private Advisor Group LLC lifted its position in Exact Sciences by 39.2% during the first quarter. Private Advisor Group LLC now owns 31,742 shares of the medical research company's stock valued at $1,374,000 after purchasing an additional 8,946 shares during the period. Grandfield & Dodd LLC raised its position in Exact Sciences by 3.5% in the first quarter. Grandfield & Dodd LLC now owns 112,760 shares of the medical research company's stock worth $4,881,000 after acquiring an additional 3,799 shares during the period. Larson Financial Group LLC raised its position in Exact Sciences by 2,804.8% in the first quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after acquiring an additional 589 shares during the period. CWM LLC raised its position in Exact Sciences by 41.2% in the first quarter. CWM LLC now owns 21,316 shares of the medical research company's stock worth $923,000 after acquiring an additional 6,217 shares during the period. Finally, High Note Wealth LLC raised its position in Exact Sciences by 225.5% in the first quarter. High Note Wealth LLC now owns 10,710 shares of the medical research company's stock worth $464,000 after acquiring an additional 7,420 shares during the period. Institutional investors own 88.82% of the company's stock.

Insider Activity at Exact Sciences

In other Exact Sciences 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 value of $170,612.40. Following the completion of the transaction, the director directly owned 72,759 shares of the company's stock, valued at $3,870,778.80. This trade represents a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on EXAS shares. Mizuho started coverage on shares of Exact Sciences in a research report on Thursday, April 10th. They issued an "outperform" rating and a $60.00 price target on the stock. Guggenheim reiterated a "buy" rating and issued a $60.00 price target on shares of Exact Sciences in a research report on Friday, April 11th. Barclays decreased their price target on shares of Exact Sciences from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 24th. Royal Bank Of Canada increased their price target on shares of Exact Sciences from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. Finally, Evercore ISI increased their price target on shares of Exact Sciences from $66.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.50.

Exact Sciences Price Performance

EXAS traded down $0.28 during trading on Friday, hitting $48.49. 1,240,554 shares of the company traded hands, compared to its average volume of 2,527,816. The company has a market cap of $9.15 billion, a PE ratio of -8.80, a P/E/G ratio of 10.41 and a beta of 0.95. The stock's 50-day simple moving average is $53.71 and its two-hundred day simple moving average is $50.63. Exact Sciences Corporation has a 1 year low of $39.97 and a 1 year high of $72.83. The company has a current ratio of 2.73, a quick ratio of 2.38 and a debt-to-equity ratio of 0.97.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The medical research company reported ($0.21) EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $706.79 million during the quarter, compared to analysts' expectations of $688.58 million. During the same period last year, the company posted ($0.60) EPS. The business's revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

About Exact Sciences

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.