Vident Advisory LLC Sells 7,937 Shares of Exact Sciences Corporation $EXAS

Key Points

• Vident Advisory LLC has reduced its stake in Exact Sciences Corporation by 35.4%, now holding 14,510 shares worth approximately $628,000.
• Analysts have lowered price targets for Exact Sciences, with Piper Sandler setting a new target of $60.00 while maintaining an "overweight" rating.
• Exact Sciences reported a 16% year-over-year increase in revenue, totaling $811.09 million for the last quarter, exceeding analysts' estimates.

Vident Advisory LLC cut its stake in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 35.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,510 shares of the medical research company's stock after selling 7,937 shares during the quarter. Vident Advisory LLC's holdings in Exact Sciences were worth $628,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC raised its position in 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 purchasing an additional 589 shares in the last quarter. National Pension Service lifted its position in Exact Sciences by 75.1% in the 1st quarter. National Pension Service now owns 681 shares of the medical research company's stock valued at $29,000 after acquiring an additional 292 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Exact Sciences in the 1st quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Exact Sciences in the 1st quarter worth $34,000. Finally, Banque Cantonale Vaudoise bought a new position in shares of Exact Sciences during the 1st quarter valued at about $34,000. 88.82% of the stock is owned by institutional investors.

Insider Transactions at Exact Sciences

In other news, Director James Edward Doyle sold 1,485 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $42.02, for a total transaction of $62,399.70. Following the completion of the transaction, the director owned 59,962 shares in the company, valued at approximately $2,519,603.24. This trade represents a 2.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Katherine S. Zanotti sold 3,207 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $53.20, for a total transaction of $170,612.40. Following the completion of the transaction, the director owned 72,759 shares of the company's stock, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company's stock.

Exact Sciences Trading Up 2.2%

Shares of NASDAQ EXAS traded up $1.23 during midday trading on Thursday, reaching $56.00. 2,440,534 shares of the stock were exchanged, compared to its average volume of 2,920,602. Exact Sciences Corporation has a 52-week low of $38.81 and a 52-week high of $72.83. The stock has a 50 day moving average price of $48.84 and a 200-day moving average price of $49.26. The company has a market capitalization of $10.60 billion, a P/E ratio of -10.31, a P/E/G ratio of 5.60 and a beta of 1.05. The company has a current ratio of 2.89, a quick ratio of 2.56 and a debt-to-equity ratio of 0.94.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $811.09 million during 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 business's revenue was up 16.0% on a year-over-year basis. During the same period last year, the business earned ($0.09) EPS. Equities research analysts expect that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

EXAS has been the topic of a number of research reports. Wall Street Zen raised shares of Exact Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. BTIG Research decreased their target price on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Piper Sandler cut their price objective on shares of Exact Sciences from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Zacks Research cut shares of Exact Sciences from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Finally, UBS Group decreased their target price on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $68.05.

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.