Zacks Investment Research Lowers Exact Sciences Corporation (NASDAQ:EXAS) to Hold
Zacks Investment Research lowered shares of Exact Sciences Corporation (NASDAQ:EXAS) from a buy rating to a hold rating in a report released on Friday.
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. “
Several other analysts have also weighed in on the stock. Vetr lowered shares of Exact Sciences Corporation from a buy rating to a hold rating and set a $38.66 target price for the company. in a research note on Thursday. Canaccord Genuity reiterated a buy rating and set a $45.00 target price (up previously from $42.00) on shares of Exact Sciences Corporation in a research note on Wednesday, July 26th. Bank of America Corporation reiterated a buy rating on shares of Exact Sciences Corporation in a research note on Wednesday, July 26th. Roth Capital boosted their target price on shares of Exact Sciences Corporation from $40.00 to $46.00 and gave the company a buy rating in a research note on Wednesday, July 26th. Finally, Craig Hallum reiterated a buy rating and set a $46.00 target price (up previously from $41.00) on shares of Exact Sciences Corporation in a research note on Wednesday, July 26th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Exact Sciences Corporation has a consensus rating of Buy and a consensus price target of $40.51.
Shares of Exact Sciences Corporation (NASDAQ:EXAS) traded up 1.1117% on Friday, reaching $39.1201. 266,576 shares of the company’s stock traded hands. The company has a 50 day moving average of $36.51 and a 200-day moving average of $27.90. Exact Sciences Corporation has a 52 week low of $13.05 and a 52 week high of $42.18. The stock’s market capitalization is $4.66 billion.
Exact Sciences Corporation (NASDAQ:EXAS) last released its earnings results on Tuesday, July 25th. The medical research company reported ($0.27) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $57.65 million during the quarter, compared to analyst estimates of $47.73 million. Equities research analysts forecast that Exact Sciences Corporation will post ($1.18) earnings per share for the current year.
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In related news, SVP D Scott Coward sold 1,987 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.21, for a total value of $69,962.27. Following the completion of the sale, the senior vice president now owns 57,603 shares of the company’s stock, valued at $2,028,201.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeffrey Thomas Elliott sold 5,846 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $39.41, for a total transaction of $230,390.86. Following the completion of the sale, the chief financial officer now directly owns 19,861 shares of the company’s stock, valued at approximately $782,722.01. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Fortaleza Asset Management Inc. bought a new stake in Exact Sciences Corporation during the second quarter valued at $106,000. Financial Architects Inc increased its stake in shares of Exact Sciences Corporation by 90.0% in the second quarter. Financial Architects Inc now owns 4,295 shares of the medical research company’s stock worth $152,000 after buying an additional 2,035 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of Exact Sciences Corporation during the second quarter worth $216,000. Aperio Group LLC acquired a new stake in shares of Exact Sciences Corporation during the second quarter worth $252,000. Finally, Legato Capital Management LLC acquired a new stake in shares of Exact Sciences Corporation during the second quarter worth $254,000. 84.86% of the stock is owned by institutional investors and hedge funds.
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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