Short Interest in EXACT Sciences Co. (EXAS) Drops By 9.0%
EXACT Sciences Co. (NASDAQ:EXAS) was the target of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 27,657,649 shares, a decline of 9.0% from the April 28th total of 30,407,001 shares. Approximately 25.4% of the company’s stock are sold short. Based on an average daily trading volume, of 4,910,228 shares, the days-to-cover ratio is presently 5.6 days.
Several analysts recently commented on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $35.00 price target on shares of EXACT Sciences in a research report on Tuesday, May 16th. Vetr upgraded shares of EXACT Sciences from a “buy” rating to a “strong-buy” rating and set a $36.13 price target for the company in a research report on Tuesday, May 16th. Benchmark Co. upgraded shares of EXACT Sciences from a “hold” rating to a “buy” rating and upped their price target for the company from $17.00 to $27.00 in a research report on Tuesday, February 21st. Cowen and Company upped their price target on shares of EXACT Sciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, May 15th. Finally, Zacks Investment Research downgraded shares of EXACT Sciences from a “buy” rating to a “hold” rating in a research report on Friday, February 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $27.41.
EXACT Sciences (NASDAQ:EXAS) opened at 33.32 on Friday. The stock’s 50 day moving average is $29.17 and its 200-day moving average is $20.92. The firm’s market capitalization is $3.70 billion. EXACT Sciences has a 1-year low of $6.39 and a 1-year high of $36.14.
EXACT Sciences (NASDAQ:EXAS) last posted its earnings results on Thursday, April 27th. The medical research company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.09. The company had revenue of $48.36 million for the quarter, compared to analysts’ expectations of $37.38 million. EXACT Sciences had a negative return on equity of 55.44% and a negative net margin of 216.45%. The firm’s quarterly revenue was up 225.9% compared to the same quarter last year. During the same period last year, the business posted ($0.49) earnings per share. Equities research analysts forecast that EXACT Sciences will post ($1.35) EPS for the current year.
In related news, COO Maneesh Arora sold 5,574 shares of the company’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $21.16, for a total value of $117,945.84. Following the completion of the sale, the chief operating officer now owns 556,339 shares in the company, valued at approximately $11,772,133.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP D Scott Coward sold 1,543 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $23.74, for a total transaction of $36,630.82. Following the completion of the sale, the senior vice president now owns 55,478 shares of the company’s stock, valued at approximately $1,317,047.72. The disclosure for this sale can be found here. Insiders have sold a total of 47,987 shares of company stock valued at $1,028,453 in the last 90 days. Insiders own 5.60% of the company’s stock.
Large investors have recently bought and sold shares of the stock. FIL Ltd boosted its stake in EXACT Sciences by 397.3% in the fourth quarter. FIL Ltd now owns 660,686 shares of the medical research company’s stock worth $8,827,000 after buying an additional 527,826 shares during the last quarter. Columbia Wanger Asset Management LLC boosted its stake in shares of EXACT Sciences by 54.7% in the fourth quarter. Columbia Wanger Asset Management LLC now owns 864,133 shares of the medical research company’s stock worth $11,545,000 after buying an additional 305,699 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of EXACT Sciences during the fourth quarter worth $192,000. State Street Corp boosted its stake in shares of EXACT Sciences by 11.7% in the fourth quarter. State Street Corp now owns 5,554,992 shares of the medical research company’s stock worth $74,211,000 after buying an additional 582,802 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its stake in shares of EXACT Sciences by 94.2% in the fourth quarter. Artemis Investment Management LLP now owns 164,870 shares of the medical research company’s stock worth $2,203,000 after buying an additional 79,985 shares in the last quarter. Institutional investors own 86.54% of the company’s stock.
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EXACT Sciences Company Profile
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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