Exact Sciences Corporation’s (EXAS) Buy Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of Exact Sciences Corporation (NASDAQ:EXAS) in a research report report published on Tuesday morning. Canaccord Genuity currently has a $60.00 target price on the medical research company’s stock, up from their prior target price of $45.00.
Several other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Exact Sciences Corporation from a buy rating to a hold rating in a report on Friday, August 4th. Vetr lowered Exact Sciences Corporation from a buy rating to a hold rating and set a $37.46 target price for the company. in a report on Wednesday, June 28th. Leerink Swann restated an outperform rating and set a $50.00 target price (up previously from $45.00) on shares of Exact Sciences Corporation in a report on Thursday, September 21st. Lake Street Capital increased their target price on Exact Sciences Corporation from $30.00 to $41.00 and gave the company a hold rating in a research report on Wednesday, July 26th. Finally, Bank of America Corporation reaffirmed a buy rating on shares of Exact Sciences Corporation in a research report on Wednesday, July 26th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Exact Sciences Corporation has a consensus rating of Buy and an average target price of $43.11.
Shares of Exact Sciences Corporation (NASDAQ:EXAS) traded down 3.28% during mid-day trading on Tuesday, hitting $47.51. The stock had a trading volume of 1,147,454 shares. The company’s 50 day moving average is $42.56 and its 200-day moving average is $34.76. Exact Sciences Corporation has a 52-week low of $13.05 and a 52-week high of $50.65. The stock’s market cap is $5.66 billion.
Exact Sciences Corporation (NASDAQ:EXAS) last posted its earnings results on Tuesday, July 25th. The medical research company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.10. Exact Sciences Corporation had a negative net margin of 83.08% and a negative return on equity of 36.36%. The business had revenue of $57.65 million for the quarter, compared to the consensus estimate of $47.73 million. On average, equities research analysts anticipate that Exact Sciences Corporation will post ($1.18) earnings per share for the current fiscal year.
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In related news, insider Graham Peter Lidgard sold 45,775 shares of Exact Sciences Corporation stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $41.49, for a total value of $1,899,204.75. Following the completion of the sale, the insider now directly owns 288,952 shares in the company, valued at approximately $11,988,618.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP D Scott Coward sold 29,115 shares of Exact Sciences Corporation stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $47.16, for a total transaction of $1,373,063.40. Following the completion of the sale, the senior vice president now owns 64,991 shares of the company’s stock, valued at $3,064,975.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 237,444 shares of company stock worth $10,412,421. Corporate insiders own 4.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Lord Abbett & CO. LLC increased its stake in Exact Sciences Corporation by 59.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,356,706 shares of the medical research company’s stock valued at $83,357,000 after purchasing an additional 875,527 shares in the last quarter. Krilogy Financial LLC raised its holdings in shares of Exact Sciences Corporation by 1,460.0% in the second quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock worth $138,000 after buying an additional 3,650 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Exact Sciences Corporation by 5.6% in the second quarter. Ameritas Investment Partners Inc. now owns 9,640 shares of the medical research company’s stock worth $341,000 after buying an additional 511 shares during the last quarter. Albion Financial Group UT purchased a new position in shares of Exact Sciences Corporation in the second quarter worth $211,000. Finally, Wafra Investment Advisory Group Inc. NY acquired a new stake in shares of Exact Sciences Corporation during the second quarter worth $4,863,000. Institutional investors and hedge funds own 85.23% of the company’s stock.
About Exact Sciences Corporation
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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