Piper Sandler Has Lowered Expectations for Exact Sciences (NASDAQ:EXAS) Stock Price

Key Points

• Piper Sandler has reduced its price target for Exact Sciences from $70.00 to $60.00, indicating a potential upside of 46.38% from the current stock price.
• Other analysts have also lowered their targets, with Barclays and UBS cutting theirs to $55.00 and $53.00 respectively, while Robert W. Baird raised its target from $69.00 to $72.00.
• Exact Sciences' stock has experienced a 5.0% decline, trading at approximately $40.99, and has a twelve-month high of $72.83.

Exact Sciences (NASDAQ:EXAS - Get Free Report) had its price objective cut by research analysts at Piper Sandler from $70.00 to $60.00 in a report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the medical research company's stock. Piper Sandler's price target suggests a potential upside of 46.38% from the stock's current price.

Other research analysts have also issued research reports about the company. Barclays dropped their target price on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday. UBS Group dropped their target price on Exact Sciences from $61.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday. Robert W. Baird lifted their price target on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Royal Bank Of Canada reiterated a "sector perform" rating and set a $46.00 price target (down from $54.00) on shares of Exact Sciences in a report on Thursday. Finally, Wall Street Zen upgraded Exact Sciences from a "hold" rating to a "buy" rating in a report on Saturday. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Exact Sciences has a consensus rating of "Moderate Buy" and an average target price of $68.14.

Exact Sciences Stock Down 5.0%

EXAS stock opened at $40.99 on Monday. Exact Sciences has a twelve month low of $38.81 and a twelve month high of $72.83. 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 stock's 50 day moving average is $51.55 and its 200-day moving average is $50.00. The firm has a market capitalization of $7.76 billion, a PE ratio of -7.55, a P/E/G ratio of 4.74 and a beta of 0.93.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last posted its 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. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%. The company had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. During the same quarter last year, the company earned ($0.09) earnings per share. The company's revenue for the quarter was up 16.0% on a year-over-year basis. Sell-side analysts expect that Exact Sciences will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Exact Sciences

In other news, Director Katherine S. Zanotti sold 3,207 shares of Exact Sciences stock in a transaction 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 completion of the transaction, the director directly owned 72,759 shares in the company, valued at approximately $3,870,778.80. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Exact Sciences

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Exact Sciences by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,637,674 shares of the medical research company's stock valued at $763,535,000 after purchasing an additional 617,384 shares in the last quarter. Capital World Investors grew its position in shares of Exact Sciences by 10.7% in the fourth quarter. Capital World Investors now owns 17,537,617 shares of the medical research company's stock valued at $985,439,000 after purchasing an additional 1,696,321 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Exact Sciences by 11.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,403,872 shares of the medical research company's stock worth $277,225,000 after buying an additional 643,631 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Exact Sciences by 25.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,269,823 shares of the medical research company's stock worth $239,922,000 after buying an additional 876,985 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Exact Sciences by 12.4% during the first quarter. Mackenzie Financial Corp now owns 3,281,639 shares of the medical research company's stock worth $142,062,000 after buying an additional 362,314 shares in the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.