Los Angeles Capital Management LLC Acquires New Position in Exact Sciences Co. (NASDAQ:EXAS)

Los Angeles Capital Management LLC bought a new position in Exact Sciences Co. (NASDAQ:EXAS) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 62,062 shares of the medical research company’s stock, valued at approximately $4,228,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EXAS. Itau Unibanco Holding S.A. purchased a new position in shares of Exact Sciences during the 2nd quarter valued at about $29,000. Capital Performance Advisors LLP purchased a new position in Exact Sciences during the third quarter valued at approximately $35,000. Vestor Capital LLC purchased a new stake in shares of Exact Sciences in the third quarter worth $46,000. V Square Quantitative Management LLC bought a new stake in shares of Exact Sciences during the 3rd quarter valued at $47,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Exact Sciences by 92.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock valued at $49,000 after buying an additional 340 shares in the last quarter. Institutional investors own 88.82% of the company’s stock.

Insider Activity

In related news, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares of the company’s stock, valued at $893,060. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.36% of the company’s stock.

Exact Sciences Price Performance

EXAS opened at $50.16 on Wednesday. The company has a quick ratio of 1.98, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $66.35 and a 200 day moving average of $56.34. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62. The stock has a market cap of $9.28 billion, a P/E ratio of -42.87 and a beta of 1.27.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The company had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The firm’s revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Exact Sciences Co. will post -1.02 EPS for the current year.

Wall Street Analysts Forecast Growth

EXAS has been the topic of a number of recent analyst reports. Sanford C. Bernstein raised their price target on Exact Sciences from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group lowered their price target on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Citigroup cut their price objective on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Robert W. Baird lowered their target price on shares of Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group cut their target price on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $74.47.

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.