Rock Springs Capital Management LP Sells 697,500 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Rock Springs Capital Management LP lowered its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS - Free Report) by 60.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 450,000 shares of the medical research company's stock after selling 697,500 shares during the quarter. Rock Springs Capital Management LP owned about 0.24% of Exact Sciences worth $25,286,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC raised its stake in shares of Exact Sciences by 172.2% in the 3rd quarter. Tidal Investments LLC now owns 34,275 shares of the medical research company's stock valued at $2,335,000 after acquiring an additional 21,683 shares in the last quarter. Synovus Financial Corp acquired a new position in Exact Sciences in the 3rd quarter valued at $490,000. American Trust acquired a new position in Exact Sciences during the 3rd quarter worth $229,000. GAMMA Investing LLC lifted its position in Exact Sciences by 29.1% during the 4th quarter. GAMMA Investing LLC now owns 3,674 shares of the medical research company's stock worth $206,000 after acquiring an additional 828 shares during the last quarter. Finally, Modus Advisors LLC bought a new stake in Exact Sciences during the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 88.82% of the company's stock.

Exact Sciences Price Performance

Shares of EXAS stock traded down $0.14 during trading hours on Friday, reaching $45.46. 1,093,684 shares of the company were exchanged, compared to its average volume of 2,606,390. Exact Sciences Co. has a fifty-two week low of $39.97 and a fifty-two week high of $72.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.15 and a quick ratio of 1.93. The stock's fifty day moving average is $45.34 and its two-hundred day moving average is $54.22. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -8.16 and a beta of 1.14.

Exact Sciences (NASDAQ:EXAS - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.23. The firm had revenue of $713.42 million for the quarter, compared to analyst estimates of $701.45 million. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. Sell-side analysts forecast that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on EXAS shares. Benchmark restated a "buy" rating and set a $65.00 target price on shares of Exact Sciences in a research note on Monday, January 13th. Guggenheim reiterated a "buy" rating and set a $60.00 target price on shares of Exact Sciences in a research note on Friday, April 11th. Royal Bank of Canada started coverage on shares of Exact Sciences in a report on Thursday, March 13th. They set a "sector perform" rating and a $52.00 price objective on the stock. Mizuho assumed coverage on Exact Sciences in a research note on Thursday, April 10th. They set an "outperform" rating and a $60.00 price target on the stock. Finally, Scotiabank upped their target price on Exact Sciences from $70.00 to $73.00 and gave the company a "sector outperform" rating in a research note on Monday, February 24th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.25.

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.