Zacks Investment Research Lowers Exact Sciences Corp. (EXAS) to Hold
Exact Sciences Corp. (NASDAQ:EXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
A number of other research analysts have also issued reports on the stock. Jefferies Group upped their price target on shares of Exact Sciences Corp. from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 4th. Craig Hallum set a $26.00 price target on shares of Exact Sciences Corp. and gave the company a “buy” rating in a research note on Sunday, September 4th. Goldman Sachs Group Inc. upped their price target on shares of Exact Sciences Corp. from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, August 15th. Roth Capital restated a “hold” rating and set a $15.00 price target (up previously from $11.00) on shares of Exact Sciences Corp. in a research note on Monday, August 1st. Finally, Robert W. Baird restated an “outperform” rating and set a $18.00 price target on shares of Exact Sciences Corp. in a research note on Sunday, July 31st. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Exact Sciences Corp. currently has an average rating of “Hold” and a consensus target price of $16.73.
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Exact Sciences Corp. (NASDAQ:EXAS) traded up 2.85% on Monday, hitting $19.83. 1,218,176 shares of the company were exchanged. Exact Sciences Corp. has a 52 week low of $4.67 and a 52 week high of $22.80. The company’s market capitalization is $1.95 billion. The firm’s 50 day moving average is $19.38 and its 200 day moving average is $12.49.
Exact Sciences Corp. (NASDAQ:EXAS) last issued its quarterly 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 net margin of 277.74% and a negative return on equity of 57.16%. The business had revenue of $21.20 million for the quarter, compared to analyst estimates of $18.54 million. During the same quarter in the prior year, the business posted ($0.44) EPS. Exact Sciences Corp.’s revenue for the quarter was up 161.7% compared to the same quarter last year. On average, equities research analysts forecast that Exact Sciences Corp. will post ($1.78) earnings per share for the current fiscal year.
In related news, insider Graham Peter Lidgard sold 7,383 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $14.82, for a total transaction of $109,416.06. Following the sale, the insider now owns 227,592 shares in the company, valued at $3,372,913.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Maneesh Arora sold 7,359 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $14.82, for a total transaction of $109,060.38. Following the sale, the chief operating officer now owns 538,736 shares in the company, valued at approximately $7,984,067.52. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in Exact Sciences Corp. by 127.4% in the third quarter. BNP Paribas Arbitrage SA now owns 8,892 shares of the company’s stock valued at $165,000 after buying an additional 4,982 shares in the last quarter. Royal Bank of Canada raised its stake in Exact Sciences Corp. by 37.9% in the second quarter. Royal Bank of Canada now owns 29,410 shares of the company’s stock valued at $360,000 after buying an additional 8,076 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Exact Sciences Corp. by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 322,874 shares of the company’s stock valued at $3,956,000 after buying an additional 21,193 shares in the last quarter. Stifel Financial Corp raised its stake in Exact Sciences Corp. by 52.0% in the second quarter. Stifel Financial Corp now owns 20,515 shares of the company’s stock valued at $252,000 after buying an additional 7,015 shares in the last quarter. Finally, Amalgamated Bank raised its stake in Exact Sciences Corp. by 1.5% in the second quarter. Amalgamated Bank now owns 10,229 shares of the company’s stock valued at $213,000 after buying an additional 148 shares in the last quarter. 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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