Exact Sciences (NASDAQ:EXAS) Shares Gap Up – Should You Buy?

Exact Sciences Co. (NASDAQ:EXAS)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $55.14, but opened at $60.30. Exact Sciences shares last traded at $59.31, with a volume of 519,111 shares trading hands.

Analyst Ratings Changes

EXAS has been the topic of several analyst reports. Canaccord Genuity Group cut their price target on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Citigroup dropped their target price on Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reduced their price target on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. TD Cowen lowered their price target on Exact Sciences from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company assumed coverage on Exact Sciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 price objective for the company. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.47.

Exact Sciences Price Performance

The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of -50.69 and a beta of 1.27. The company’s 50-day simple moving average is $64.51 and its 200-day simple moving average is $55.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The firm had revenue of $708.66 million during the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The business’s revenue was up 12.8% on a year-over-year basis. Research analysts forecast that Exact Sciences Co. will post -1.13 earnings per share for the current fiscal year.

Insider Activity at Exact Sciences

In related news, CEO Kevin T. Conroy purchased 19,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the completion of the purchase, the chief executive officer now owns 1,074,191 shares in the company, valued at approximately $55,159,707.85. This represents a 1.85 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction on Wednesday, September 18th. 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 13,687 shares in the company, valued at approximately $958,090. This trade represents a 6.36 % decrease in their position. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exact Sciences

A number of large investors have recently bought and sold shares of the company. WCM Investment Management LLC boosted its position in shares of Exact Sciences by 1,153.2% during the 3rd quarter. WCM Investment Management LLC now owns 187,807 shares of the medical research company’s stock worth $12,388,000 after acquiring an additional 172,821 shares in the last quarter. Simplify Asset Management Inc. boosted its holdings in shares of Exact Sciences by 67.5% in the 3rd quarter. Simplify Asset Management Inc. now owns 29,277 shares of the medical research company’s stock valued at $1,994,000 after purchasing an additional 11,800 shares in the last quarter. Profund Advisors LLC boosted its holdings in shares of Exact Sciences by 239.8% in the 2nd quarter. Profund Advisors LLC now owns 78,589 shares of the medical research company’s stock valued at $3,320,000 after purchasing an additional 55,459 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Exact Sciences by 59.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 335,705 shares of the medical research company’s stock valued at $22,868,000 after purchasing an additional 125,192 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of Exact Sciences during the 2nd quarter worth $163,896,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Exact Sciences Company Profile

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.