Zevenbergen Capital Investments LLC Sells 208,093 Shares of Exact Sciences Corporation (NASDAQ:EXAS)

Key Points

• Zevenbergen Capital Investments LLC sold 208,093 shares of Exact Sciences Corporation, reducing its position by 15.1% during the first quarter, now holding approximately 1.2% of the company's stock.
• A total of 88.82% of Exact Sciences' stock is owned by institutional investors, indicating strong interest from larger financial entities.
• Analysts have mixed ratings on Exact Sciences, with the consensus target price at $68.62, as several firms lowered their target prices while others maintained or increased their buy ratings.

Zevenbergen Capital Investments LLC lessened its position in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,167,964 shares of the medical research company's stock after selling 208,093 shares during the period. Exact Sciences accounts for 1.2% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 23rd biggest position. Zevenbergen Capital Investments LLC owned approximately 0.62% of Exact Sciences worth $50,561,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in Exact Sciences in the 1st quarter worth $538,000. JFG Wealth Management LLC grew its holdings in Exact Sciences by 12.3% in the 1st quarter. JFG Wealth Management LLC now owns 5,101 shares of the medical research company's stock worth $221,000 after acquiring an additional 557 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Exact Sciences by 40.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 769,250 shares of the medical research company's stock worth $33,301,000 after acquiring an additional 219,988 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Exact Sciences by 0.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 139,562 shares of the medical research company's stock valued at $6,042,000 after purchasing an additional 562 shares in the last quarter. Finally, Gagnon Securities LLC boosted its stake in shares of Exact Sciences by 9.9% during the 1st quarter. Gagnon Securities LLC now owns 270,664 shares of the medical research company's stock valued at $11,717,000 after purchasing an additional 24,460 shares in the last quarter. Institutional investors own 88.82% of the company's stock.

Insider Buying and Selling at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $53.20, for a total transaction 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. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on EXAS shares. UBS Group cut their target price on shares of Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday. Cowen reaffirmed a "buy" rating on shares of Exact Sciences in a research note on Thursday. Evercore ISI cut their target price on shares of Exact Sciences from $68.00 to $64.00 and set an "outperform" rating on the stock in a research note on Friday. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $46.00 target price (down previously from $54.00) on shares of Exact Sciences in a research note on Thursday. Finally, Robert W. Baird lifted their target price on shares of Exact Sciences from $69.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Exact Sciences presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.62.

Exact Sciences Stock Down 5.0%

EXAS opened at $40.99 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average price of $51.55 and a 200-day moving average price of $50.03. Exact Sciences Corporation has a twelve month low of $38.81 and a twelve month high of $72.83. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of -7.55, a PEG ratio of 8.75 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 for the quarter, beating the consensus estimate of ($0.02) by $0.24. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The firm had revenue of $811.09 million during the quarter, compared to analysts' expectations of $774.43 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The firm's quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

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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