PDT Partners LLC Invests $3.05 Million in Exact Sciences Co. (NASDAQ:EXAS)

PDT Partners LLC purchased a new position in Exact Sciences Co. (NASDAQ:EXAS) during the 3rd quarter, HoldingsChannel reports. The fund purchased 44,810 shares of the medical research company’s stock, valued at approximately $3,052,000.

A number of other institutional investors have also added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new position in Exact Sciences in the second quarter valued at $163,896,000. Champlain Investment Partners LLC increased its stake in Exact Sciences by 10.9% in the third quarter. Champlain Investment Partners LLC now owns 2,494,480 shares of the medical research company’s stock valued at $169,924,000 after acquiring an additional 245,980 shares during the last quarter. Armistice Capital LLC increased its stake in Exact Sciences by 91.6% in the second quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock valued at $59,154,000 after acquiring an additional 669,438 shares during the last quarter. Principal Financial Group Inc. increased its stake in Exact Sciences by 19.0% in the second quarter. Principal Financial Group Inc. now owns 1,303,887 shares of the medical research company’s stock valued at $55,089,000 after acquiring an additional 208,641 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Exact Sciences by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,292,090 shares of the medical research company’s stock valued at $88,017,000 after acquiring an additional 45,015 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

Exact Sciences Stock Performance

Shares of EXAS opened at $62.08 on Friday. 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 one year low of $40.62 and a one year high of $79.62. The company has a 50-day simple moving average of $64.01 and a two-hundred day simple moving average of $55.97. The firm has a market capitalization of $11.49 billion, a PE ratio of -53.06 and a beta of 1.27.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data 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). Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The company had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. The business’s revenue was up 12.8% compared to the same quarter last year. On average, analysts anticipate that Exact Sciences Co. will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Brian Baranick sold 929 shares of the business’s 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 sale, the executive vice president now directly owns 12,758 shares of the company’s stock, valued at $893,060. The trade was a 6.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kevin T. Conroy purchased 19,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was bought at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. 1.36% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EXAS. Raymond James reaffirmed a “market perform” rating on shares of Exact Sciences in a research note on Thursday, September 26th. Sanford C. Bernstein raised their price objective on Exact Sciences from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group reduced their price objective on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler reduced their price objective on Exact Sciences from $85.00 to $75.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Finally, BTIG Research raised their price objective on Exact Sciences from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Exact Sciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.29.

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.