Exact Sciences Corporation (EXAS) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Exact Sciences Corporation (NASDAQ:EXAS) posted its quarterly earnings results on Monday. The medical research company reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.07, Briefing.com reports. The business had revenue of $72.60 million during the quarter, compared to analyst estimates of $65.03 million. Exact Sciences Corporation had a negative net margin of 83.08% and a negative return on equity of 36.36%. The company’s revenue was up 158.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.36) earnings per share.
Shares of Exact Sciences Corporation (EXAS) traded down 2.07% during midday trading on Monday, hitting $50.10. 2,946,094 shares of the stock traded hands. The company’s 50 day moving average price is $46.51 and its 200-day moving average price is $37.94. Exact Sciences Corporation has a 12-month low of $13.05 and a 12-month high of $51.70. The stock’s market cap is $5.97 billion.
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In other news, SVP D Scott Coward sold 29,115 shares of Exact Sciences Corporation stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $47.16, for a total transaction of $1,373,063.40. Following the transaction, the senior vice president now owns 64,991 shares in the company, valued at approximately $3,064,975.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas D. Carey purchased 2,500 shares of Exact Sciences Corporation stock in a transaction dated Thursday, August 17th. The shares were bought at an average price of $37.71 per share, for a total transaction of $94,275.00. Following the acquisition, the director now owns 60,858 shares in the company, valued at $2,294,955.18. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 231,598 shares of company stock worth $10,182,030. Insiders own 4.00% of the company’s stock.
A number of equities analysts have weighed in on EXAS shares. Leerink Swann set a $45.00 price target on shares of Exact Sciences Corporation and gave the stock a “buy” rating in a research report on Thursday, August 24th. Robert W. Baird reissued a “buy” rating and issued a $49.00 target price on shares of Exact Sciences Corporation in a report on Friday, October 6th. Bank of America Corporation set a $56.00 target price on shares of Exact Sciences Corporation and gave the stock a “buy” rating in a report on Thursday, October 19th. Zacks Investment Research raised shares of Exact Sciences Corporation from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Tuesday, September 26th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $60.00 target price (up previously from $45.00) on shares of Exact Sciences Corporation in a report on Tuesday, October 3rd. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.91.
Exact Sciences Corporation 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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