M&T Bank Corp Increases Stock Holdings in Exact Sciences Co. (NASDAQ:EXAS)

M&T Bank Corp boosted its holdings in Exact Sciences Co. (NASDAQ:EXAS) by 43.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,256 shares of the medical research company’s stock after purchasing an additional 2,806 shares during the quarter. M&T Bank Corp’s holdings in Exact Sciences were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC grew its stake in shares of Exact Sciences by 6.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 38,222 shares of the medical research company’s stock valued at $1,615,000 after buying an additional 2,413 shares during the period. Assenagon Asset Management S.A. increased its stake in Exact Sciences by 179.8% during the second quarter. Assenagon Asset Management S.A. now owns 21,299 shares of the medical research company’s stock worth $900,000 after acquiring an additional 13,688 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Exact Sciences by 6,516.3% in the 2nd quarter. Blue Trust Inc. now owns 3,242 shares of the medical research company’s stock worth $137,000 after purchasing an additional 3,193 shares during the period. Brookstone Capital Management lifted its stake in shares of Exact Sciences by 128.5% in the 2nd quarter. Brookstone Capital Management now owns 12,806 shares of the medical research company’s stock valued at $541,000 after purchasing an additional 7,201 shares in the last quarter. Finally, Goldstein Advisors LLC grew its holdings in shares of Exact Sciences by 11.7% during the 2nd quarter. Goldstein Advisors LLC now owns 6,436 shares of the medical research company’s stock worth $272,000 after purchasing an additional 676 shares during the period. 88.82% of the stock is owned by institutional investors and hedge funds.

Exact Sciences Price Performance

Shares of EXAS stock opened at $60.37 on Wednesday. The firm has a market cap of $11.17 billion, a P/E ratio of -51.60 and a beta of 1.24. The firm has a fifty day moving average of $62.40 and a two-hundred day moving average of $57.08. 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 Co. has a 1-year low of $40.62 and a 1-year high of $79.62.

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

Analyst Ratings Changes

EXAS has been the topic of a number of recent research reports. Wells Fargo & Company began coverage on shares of Exact Sciences in a research report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 price target on the stock. Benchmark reduced their target price on shares of Exact Sciences from $67.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. William Blair reiterated an “outperform” rating on shares of Exact Sciences in a report on Thursday, November 21st. Robert W. Baird reduced their price objective on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Finally, BTIG Research upped their target price on Exact Sciences from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.94.

Insider Activity at Exact Sciences

In other Exact Sciences news, CEO Kevin T. Conroy acquired 19,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average price 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 directly owns 1,074,191 shares in the company, valued at $55,159,707.85. The trade was a 1.85 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the transaction, the executive vice president now owns 12,758 shares of the company’s stock, valued at approximately $893,060. The trade was a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

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.