OppenheimerFunds Inc. Trims Position in EXACT Sciences Co. (EXAS)
OppenheimerFunds Inc. decreased its position in shares of EXACT Sciences Co. (NASDAQ:EXAS) by 18.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,524,398 shares of the medical research company’s stock after selling 1,045,709 shares during the period. OppenheimerFunds Inc. owned 3.68% of EXACT Sciences worth $357,065,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cornerstone Wealth Management LLC acquired a new stake in shares of EXACT Sciences in the second quarter worth about $182,000. Chicago Partners Investment Group LLC lifted its position in shares of EXACT Sciences by 47.6% in the third quarter. Chicago Partners Investment Group LLC now owns 3,100 shares of the medical research company’s stock worth $191,000 after buying an additional 1,000 shares during the last quarter. Fulton Bank N.A. acquired a new stake in shares of EXACT Sciences in the third quarter worth about $208,000. Alps Advisors Inc. acquired a new stake in shares of EXACT Sciences in the second quarter worth about $210,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of EXACT Sciences in the third quarter worth about $220,000. 92.25% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Graham Peter Lidgard sold 58,000 shares of the business’s stock in a transaction dated Monday, October 8th. The stock was sold at an average price of $69.36, for a total transaction of $4,022,880.00. Following the transaction, the insider now directly owns 204,684 shares in the company, valued at $14,196,882.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Katherine S. Zanotti sold 7,667 shares of the business’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $69.00, for a total value of $529,023.00. Following the transaction, the director now owns 102,786 shares in the company, valued at $7,092,234. The disclosure for this sale can be found here. Insiders sold 386,968 shares of company stock worth $27,418,499 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.
EXACT Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Tuesday, October 30th. The medical research company reported ($0.37) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.05. The business had revenue of $118.29 million for the quarter, compared to analyst estimates of $109.33 million. EXACT Sciences had a negative return on equity of 20.18% and a negative net margin of 35.83%. The firm’s revenue for the quarter was up 63.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) earnings per share. Analysts anticipate that EXACT Sciences Co. will post -1.5 EPS for the current year.
A number of brokerages have weighed in on EXAS. Zacks Investment Research cut EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. UBS Group set a $100.00 price target on EXACT Sciences and gave the stock a “buy” rating in a research report on Thursday, November 29th. Benchmark reaffirmed a “hold” rating on shares of EXACT Sciences in a research report on Wednesday, September 5th. BidaskClub raised EXACT Sciences from a “hold” rating to a “buy” rating in a research report on Wednesday, September 26th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $65.00 price target (up previously from $62.00) on shares of EXACT Sciences in a research report on Monday, August 13th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. EXACT Sciences presently has an average rating of “Buy” and an average price target of $84.08.
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EXACT Sciences Company Profile
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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