Exact Sciences Corp. (EXAS) Cut to Hold at Zacks Investment Research
Exact Sciences Corp. (NASDAQ:EXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
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. “
Other research analysts have also issued research reports about the company. BTIG Research reaffirmed a “buy” rating and set a $9.00 price target on shares of Exact Sciences Corp. in a research report on Wednesday, June 15th. Craig Hallum reaffirmed a “buy” rating on shares of Exact Sciences Corp. in a research report on Wednesday, June 22nd. Canaccord Genuity reaffirmed a “buy” rating on shares of Exact Sciences Corp. in a research report on Tuesday, July 26th. Jefferies Group reaffirmed a “buy” rating and set a $13.00 price target on shares of Exact Sciences Corp. in a research report on Wednesday, June 15th. Finally, William Blair reaffirmed a “buy” rating on shares of Exact Sciences Corp. in a research report on Wednesday, June 15th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $16.73.
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Shares of Exact Sciences Corp. (NASDAQ:EXAS) traded up 2.85% on Monday, hitting $19.83. The company had a trading volume of 1,218,176 shares. The company’s market capitalization is $1.95 billion. The firm has a 50-day moving average price of $19.38 and a 200 day moving average price of $12.49. Exact Sciences Corp. has a 12-month low of $4.67 and a 12-month high of $22.80.
Exact Sciences Corp. (NASDAQ:EXAS) last announced its earnings results on Tuesday, July 26th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.55) by $0.09. Exact Sciences Corp. had a negative return on equity of 57.16% and a negative net margin of 277.74%. The business had revenue of $21.20 million for the quarter, compared to analyst estimates of $18.54 million. During the same quarter last year, the firm earned ($0.44) EPS. Exact Sciences Corp.’s revenue for the quarter was up 161.7% compared to the same quarter last year. Equities analysts expect that Exact Sciences Corp. will post ($1.78) EPS for the current year.
In other news, insider Graham Peter Lidgard sold 7,383 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $14.82, for a total transaction of $109,416.06. Following the completion of the sale, the insider now directly owns 227,592 shares in the company, valued at approximately $3,372,913.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lionel Sterling bought 5,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The shares were bought at an average price of $18.10 per share, with a total value of $90,500.00. Following the completion of the transaction, the director now owns 121,247 shares in the company, valued at approximately $2,194,570.70. The disclosure for this purchase can be found here. Insiders own 5.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in EXAS. Pegasus Partners boosted its position in Exact Sciences Corp. by 105.5% in the fourth quarter. Pegasus Partners now owns 53,555 shares of the company’s stock worth $494,000 after buying an additional 27,500 shares during the period. J. Goldman & Company acquired a new position in Exact Sciences Corp. during the third quarter worth approximately $1,868,000. Creative Planning boosted its position in Exact Sciences Corp. by 1,091.9% in the fourth quarter. Creative Planning now owns 32,180 shares of the company’s stock worth $297,000 after buying an additional 29,480 shares during the period. Skylands Capital boosted its position in Exact Sciences Corp. by 21.3% in the fourth quarter. Skylands Capital now owns 423,800 shares of the company’s stock worth $3,912,000 after buying an additional 74,450 shares during the period. Finally, Eagle Asset Management acquired a new position in Exact Sciences Corp. during the third quarter worth approximately $39,880,000. Hedge funds and other institutional investors own 86.91% of the company’s stock.
Exact Sciences Corp. Company Profile
Exact Sciences Corporation is a molecular diagnostics company focused on the early detection and prevention of some forms of cancer. The Company’s product pipeline includes Lung Cancer Nodules, Pancreatic Cancer Screening, Esophageal Cancer Screening, Lung Cancer Pipeline, Pancreatic Cancer Pipeline and Esophageal Cancer Pipeline.
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