Royal Bank Of Canada Has Lowered Expectations for Exact Sciences (NASDAQ:EXAS) Stock Price

Key Points

• Royal Bank of Canada has reduced its price target for Exact Sciences from $54.00 to $46.00, indicating a potential upside of 10% from the current stock price.
• Despite the downgrade, analysts are divided; Guggenheim maintains a "buy" rating with a $60.00 price objective, while other analysts have various targets ranging from $55.00 to $72.00.
• Exact Sciences showed positive quarterly earnings, with revenues of $811.09 million, exceeding analyst estimates and marking a 16% increase year-over-year.

Exact Sciences (NASDAQ:EXAS - Get Free Report) had its price objective decreased by analysts at Royal Bank Of Canada from $54.00 to $46.00 in a research report issued on Thursday, MarketBeat.com reports. The brokerage presently has a "sector perform" rating on the medical research company's stock. Royal Bank Of Canada's target price suggests a potential upside of 12.22% from the stock's current price.

Other equities analysts also recently issued reports about the company. Guggenheim reissued a "buy" rating and set a $60.00 target price on shares of Exact Sciences in a research note on Friday, April 11th. Evercore ISI increased their target price on Exact Sciences from $66.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Barclays cut their target price on Exact Sciences from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday. Robert W. Baird increased their target price on Exact Sciences from $69.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Mizuho initiated coverage on Exact Sciences in a report on Thursday, April 10th. They issued an "outperform" rating and a $60.00 price target on the stock. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $68.62.

Exact Sciences Stock Down 5.0%

EXAS opened at $40.99 on Thursday. The business has a 50 day moving average price of $51.55 and a two-hundred day moving average price of $50.07. 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 company has a market cap of $7.76 billion, a PE ratio of -7.55, a P/E/G ratio of 9.22 and a beta of 0.93. Exact Sciences has a 52 week low of $38.81 and a 52 week high of $72.83.

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

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $53.20, for a total transaction of $170,612.40. Following the transaction, the director owned 72,759 shares of the company's stock, valued at $3,870,778.80. This represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. True Wealth Design LLC raised its position in shares of Exact Sciences by 951.8% in the 2nd quarter. True Wealth Design LLC now owns 589 shares of the medical research company's stock worth $31,000 after buying an additional 533 shares during the period. Larson Financial Group LLC raised its position in shares of Exact Sciences by 2,804.8% in the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock worth $26,000 after buying an additional 589 shares during the period. Bessemer Group Inc. raised its position in shares of Exact Sciences by 1,980.6% in the 2nd quarter. Bessemer Group Inc. now owns 645 shares of the medical research company's stock worth $34,000 after buying an additional 614 shares during the period. National Pension Service raised its position in shares of Exact Sciences by 75.1% in the 1st quarter. National Pension Service now owns 681 shares of the medical research company's stock worth $29,000 after buying an additional 292 shares during the period. Finally, SVB Wealth LLC purchased a new position in shares of Exact Sciences in the 1st quarter worth $30,000. Hedge funds and other institutional investors own 88.82% of the company's stock.

About Exact Sciences

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.