Short Interest in Exact Sciences Corp. (EXAS) Rises By 6.4%
Exact Sciences Corp. (NASDAQ:EXAS) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 24,589,079 shares, a growth of 6.4% from the September 15th total of 23,101,842 shares. Based on an average trading volume of 2,800,290 shares, the days-to-cover ratio is currently 8.8 days. Approximately 23.3% of the shares of the company are short sold.
A number of brokerages have issued reports on EXAS. Zacks Investment Research lowered Exact Sciences Corp. from a “buy” rating to a “hold” rating in a research report on Monday. Jefferies Group upped their price objective on Exact Sciences Corp. from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 4th. Craig Hallum set a $26.00 price objective on Exact Sciences Corp. and gave the company a “buy” rating in a report on Sunday, September 4th. Goldman Sachs Group Inc. upped their price objective on Exact Sciences Corp. from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, August 15th. Finally, Roth Capital restated a “hold” rating and issued a $15.00 price objective (up previously from $11.00) on shares of Exact Sciences Corp. in a report on Monday, August 1st. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $16.73.
In other Exact Sciences Corp. news, Director Lionel Sterling purchased 5,000 shares of Exact Sciences Corp. stock in a transaction on Thursday, September 1st. The stock was bought at an average price of $18.10 per share, for a total transaction of $90,500.00. Following the transaction, the director now owns 121,247 shares of the company’s stock, valued at approximately $2,194,570.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Maneesh Arora sold 7,359 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $14.82, for a total value of $109,060.38. Following the transaction, the chief operating officer now owns 538,736 shares of the company’s stock, valued at approximately $7,984,067.52. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.
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A number of hedge funds and other institutional investors have recently made changes to their positions in EXAS. State Board of Administration of Florida Retirement System increased its position in shares of Exact Sciences Corp. by 0.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 77,280 shares of the company’s stock valued at $947,000 after buying an additional 457 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Exact Sciences Corp. by 2.8% in the first quarter. UBS Asset Management Americas Inc. now owns 1,186,519 shares of the company’s stock valued at $7,997,000 after buying an additional 32,579 shares in the last quarter. Strs Ohio increased its position in shares of Exact Sciences Corp. by 393.6% in the second quarter. Strs Ohio now owns 650,000 shares of the company’s stock valued at $7,962,000 after buying an additional 518,318 shares in the last quarter. Elk Creek Partners LLC purchased a new position in shares of Exact Sciences Corp. during the second quarter valued at approximately $14,390,000. Finally, Smith Asset Management Group LP purchased a new position in shares of Exact Sciences Corp. during the second quarter valued at approximately $237,000. Institutional investors and hedge funds own 86.91% of the company’s stock.
Exact Sciences Corp. (NASDAQ:EXAS) opened at 18.54 on Friday. The company’s market capitalization is $1.82 billion. Exact Sciences Corp. has a 12-month low of $4.67 and a 12-month high of $22.80. The firm’s 50-day moving average price is $19.24 and its 200 day moving average price is $12.81.
Exact Sciences Corp. (NASDAQ:EXAS) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.46) EPS for the quarter, beating the 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 earned $21.20 million during the quarter, compared to the consensus estimate of $18.54 million. During the same period in the previous year, the business earned ($0.44) earnings per share. The company’s revenue was up 161.7% on a year-over-year basis. On average, analysts expect that Exact Sciences Corp. will post ($1.78) earnings per share for the current year.
About Exact Sciences Corp.
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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