EXACT Sciences (EXAS) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of EXACT Sciences (NASDAQ:EXAS) from a sell rating to a hold rating in a research note released on Tuesday.
According to Zacks, “EXACT Sciences Corporation uses applied genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer. Certain of its technologies have been licensed to Laboratory Corporation of America Holdings for a stool-based DNA screening assay for colorectal cancer in the average-risk population. Colorectal cancer, which is the most deadly cancer among non-smokers, is generally curable if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than twenty years, the rate of early detection of colorectal cancer remains low, and deaths from colorectal cancer remain high. EXACT Sciences believes its genomics-based technologies would help to enable detection of colorectal cancer so that more people can be effectively treated. “
Other equities research analysts have also issued reports about the stock. Canaccord Genuity upped their price target on shares of EXACT Sciences from $70.00 to $75.00 and gave the company a buy rating in a report on Friday, June 15th. BidaskClub lowered shares of EXACT Sciences from a strong-buy rating to a buy rating in a report on Tuesday, June 26th. BTIG Research reaffirmed a buy rating on shares of EXACT Sciences in a report on Tuesday, June 5th. Bank of America upped their price target on shares of EXACT Sciences from $67.00 to $75.00 and gave the company a buy rating in a report on Monday, July 23rd. Finally, Craig Hallum lowered their price target on shares of EXACT Sciences from $60.00 to $54.00 and set a buy rating on the stock in a report on Thursday, August 2nd. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. EXACT Sciences presently has an average rating of Buy and an average target price of $73.00.
EXACT Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Wednesday, August 1st. The medical research company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.03. EXACT Sciences had a negative net margin of 35.24% and a negative return on equity of 20.10%. The company had revenue of $102.89 million for the quarter, compared to analyst estimates of $104.40 million. During the same period in the prior year, the company earned ($0.27) earnings per share. The firm’s revenue was up 78.5% on a year-over-year basis. sell-side analysts anticipate that EXACT Sciences will post -1.33 earnings per share for the current year.
In other news, SVP D Scott Coward sold 2,135 shares of the stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $59.10, for a total transaction of $126,178.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas D. Carey sold 3,427 shares of the stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $58.86, for a total transaction of $201,713.22. Following the sale, the director now directly owns 48,983 shares in the company, valued at $2,883,139.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,546 shares of company stock worth $846,987. Corporate insiders own 3.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of EXAS. Quantbot Technologies LP purchased a new position in EXACT Sciences in the 1st quarter valued at about $135,000. Bronfman E.L. Rothschild L.P. lifted its stake in EXACT Sciences by 160.8% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 3,464 shares of the medical research company’s stock valued at $140,000 after buying an additional 2,136 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new position in EXACT Sciences in the 2nd quarter valued at about $182,000. Sandy Spring Bank lifted its stake in EXACT Sciences by 50.2% in the 1st quarter. Sandy Spring Bank now owns 4,672 shares of the medical research company’s stock valued at $188,000 after buying an additional 1,562 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan purchased a new position in EXACT Sciences in the 1st quarter valued at about $202,000. 82.83% of the stock is currently owned by institutional investors and hedge funds.
About EXACT Sciences
Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.
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