Sit Investment Associates Inc. Sells 7,755 Shares of Exact Sciences Corporation $EXAS

Key Points

• Sit Investment Associates Inc. has reduced its stake in Exact Sciences Corporation by 11.7%, selling 7,755 shares and bringing their total to 58,770 shares valued at approximately $2.54 million.
• According to recent analyst reports, the average target price for Exact Sciences stock is $67.43, with the majority of analysts rating it as a "Moderate Buy."
• Exact Sciences reported $811.09 million in revenue for the last quarter, surpassing analyst expectations and demonstrating a 16% year-over-year growth.

Sit Investment Associates Inc. cut its holdings in shares of Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,770 shares of the medical research company's stock after selling 7,755 shares during the period. Sit Investment Associates Inc.'s holdings in Exact Sciences were worth $2,544,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Exact Sciences during the first quarter valued at $34,000. Cerity Partners LLC lifted its holdings in Exact Sciences by 24.0% in the first quarter. Cerity Partners LLC now owns 33,598 shares of the medical research company's stock valued at $1,454,000 after acquiring an additional 6,508 shares during the period. Teacher Retirement System of Texas bought a new position in Exact Sciences in the first quarter valued at about $1,171,000. GAMMA Investing LLC lifted its holdings in Exact Sciences by 15.5% in the first quarter. GAMMA Investing LLC now owns 4,243 shares of the medical research company's stock valued at $184,000 after acquiring an additional 569 shares during the period. Finally, Merit Financial Group LLC lifted its holdings in Exact Sciences by 110.0% in the first quarter. Merit Financial Group LLC now owns 8,799 shares of the medical research company's stock valued at $381,000 after acquiring an additional 4,609 shares during the period. 88.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EXAS has been the topic of several recent research reports. Evercore ISI decreased their price objective 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. Piper Sandler decreased their price objective on Exact Sciences from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Royal Bank Of Canada decreased their price objective on Exact Sciences from $54.00 to $46.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. Robert W. Baird raised their price objective on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Exact Sciences from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $67.43.

Exact Sciences Price Performance

NASDAQ:EXAS traded up $0.8660 during trading hours on Wednesday, reaching $46.5460. The stock had a trading volume of 2,095,777 shares, compared to its average volume of 2,792,094. 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 company has a 50 day moving average price of $50.01 and a two-hundred day moving average price of $49.48. The stock has a market capitalization of $8.81 billion, a PE ratio of -8.58, a PEG ratio of 4.61 and a beta of 0.93.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.24. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%.The business had revenue of $811.09 million for the quarter, compared to the consensus estimate of $774.43 million. During the same quarter in the previous year, the company posted ($0.09) EPS. The company's revenue was up 16.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $53.20, for a total value of $170,612.40. Following the sale, the director owned 72,759 shares of the company's stock, valued at $3,870,778.80. The trade was a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James Edward Doyle sold 1,485 shares of Exact Sciences stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $42.02, for a total value of $62,399.70. Following the completion of the sale, the director directly owned 59,962 shares in the company, valued at approximately $2,519,603.24. The trade was a 2.42% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.20% of the company's stock.

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.