Vontobel Holding Ltd. Reduces Stake in Exact Sciences Corporation $EXAS

Key Points

• Vontobel Holding Ltd. significantly reduced its stake in Exact Sciences Corporation by 76.6% during the second quarter, leaving them with 8,800 shares valued at approximately $468,000.
• Despite Vontobel's sell-off, other institutional investors like Gagnon Securities LLC and QRG Capital Management Inc. increased their holdings in Exact Sciences, indicating continued interest in the stock.
• Barclays raised its target price for Exact Sciences from $55.00 to $65.00 while maintaining an "overweight" rating, reflecting analyst optimism about the company's future performance.

Vontobel Holding Ltd. reduced its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 76.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,800 shares of the medical research company's stock after selling 28,762 shares during the period. Vontobel Holding Ltd.'s holdings in Exact Sciences were worth $468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Gagnon Securities LLC boosted its stake in shares of Exact Sciences by 3.0% in the 2nd quarter. Gagnon Securities LLC now owns 278,789 shares of the medical research company's stock worth $14,815,000 after buying an additional 8,125 shares during the last quarter. Slow Capital Inc. boosted its stake in shares of Exact Sciences by 1.7% in the 2nd quarter. Slow Capital Inc. now owns 80,255 shares of the medical research company's stock worth $4,265,000 after buying an additional 1,308 shares during the last quarter. RMG Wealth Management LLC purchased a new position in shares of Exact Sciences in the 2nd quarter worth $223,000. 111 Capital purchased a new position in shares of Exact Sciences in the 2nd quarter worth $580,000. Finally, QRG Capital Management Inc. boosted its stake in shares of Exact Sciences by 18.1% in the 2nd quarter. QRG Capital Management Inc. now owns 51,458 shares of the medical research company's stock worth $2,734,000 after buying an additional 7,869 shares during the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Exact Sciences news, Director James Edward Doyle sold 2,000 shares of the firm's stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $60.00, for a total transaction of $120,000.00. Following the sale, the director directly owned 57,962 shares of the company's stock, valued at $3,477,720. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Exact Sciences Price Performance

NASDAQ:EXAS opened at $60.56 on Wednesday. The company has a quick ratio of 2.56, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. The business's 50-day simple moving average is $51.20 and its two-hundred day simple moving average is $50.76. The stock has a market cap of $11.47 billion, a PE ratio of -11.15, a P/E/G ratio of 5.48 and a beta of 1.24. Exact Sciences Corporation has a 52 week low of $38.81 and a 52 week high of $72.83.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Barclays lifted their target price on Exact Sciences from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, October 2nd. Craig Hallum lifted their target price on Exact Sciences from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, September 11th. Cowen reiterated a "buy" rating on shares of Exact Sciences in a research report on Thursday, August 7th. Evercore ISI lifted their target price on Exact Sciences from $64.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, October 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Exact Sciences in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Exact Sciences 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.

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