Exact Sciences Corporation (EXAS) Rating Lowered to Hold at Zacks Investment Research
Exact Sciences Corporation (NASDAQ:EXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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 brokerages also recently issued reports on EXAS. Canaccord Genuity raised shares of Exact Sciences Corporation to a “buy” rating and set a $60.00 price target on the stock in a report on Tuesday. Vetr downgraded shares of Exact Sciences Corporation from a “hold” rating to a “sell” rating and set a $34.70 price target on the stock. in a report on Wednesday, July 12th. Leerink Swann set a $45.00 price target on shares of Exact Sciences Corporation and gave the company a “buy” rating in a report on Thursday, August 24th. Roth Capital raised their price target on shares of Exact Sciences Corporation from $40.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, Robert W. Baird raised their price target on shares of Exact Sciences Corporation from $49.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Exact Sciences Corporation currently has an average rating of “Buy” and a consensus target price of $49.71.
Exact Sciences Corporation (NASDAQ:EXAS) last announced its quarterly earnings results on Monday, October 30th. The medical research company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.07. The firm had revenue of $72.60 million for the quarter, compared to the consensus estimate of $65.03 million. Exact Sciences Corporation had a negative net margin of 60.71% and a negative return on equity of 30.32%. The business’s quarterly revenue was up 158.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.36) EPS.
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In other Exact Sciences Corporation news, insider Graham Peter Lidgard sold 75,683 shares of Exact Sciences Corporation stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $40.81, for a total transaction of $3,088,623.23. Following the transaction, the insider now owns 308,377 shares of the company’s stock, valued at $12,584,865.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas D. Carey purchased 2,500 shares of the stock in a transaction on Thursday, August 17th. The shares were purchased at an average cost of $37.71 per share, for a total transaction of $94,275.00. Following the acquisition, the director now directly owns 60,858 shares of the company’s stock, valued at $2,294,955.18. The disclosure for this purchase can be found here. Insiders have sold 231,598 shares of company stock worth $10,182,030 in the last ninety days. Insiders own 4.00% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Exact Sciences Corporation by 8.0% during the second quarter. Vanguard Group Inc. now owns 9,459,679 shares of the medical research company’s stock valued at $334,589,000 after purchasing an additional 700,051 shares in the last quarter. BlackRock Inc. lifted its holdings in Exact Sciences Corporation by 1.2% during the second quarter. BlackRock Inc. now owns 6,884,886 shares of the medical research company’s stock valued at $243,518,000 after purchasing an additional 80,589 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in Exact Sciences Corporation by 19.0% during the fourth quarter. William Blair Investment Management LLC now owns 5,891,327 shares of the medical research company’s stock valued at $78,708,000 after purchasing an additional 939,270 shares in the last quarter. State Street Corp lifted its holdings in Exact Sciences Corporation by 11.7% during the fourth quarter. State Street Corp now owns 5,554,992 shares of the medical research company’s stock valued at $74,211,000 after purchasing an additional 582,802 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Exact Sciences Corporation by 98.1% during the first quarter. JPMorgan Chase & Co. now owns 4,985,657 shares of the medical research company’s stock valued at $117,761,000 after purchasing an additional 2,468,376 shares in the last quarter. 85.12% of the stock is currently owned by institutional investors and hedge funds.
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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