EXACT Sciences (EXAS) Rating Lowered to Hold at Zacks Investment Research
EXACT Sciences (NASDAQ:EXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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 analysts have also recently issued reports on the stock. Benchmark set a $65.00 price objective on shares of EXACT Sciences and gave the stock a “buy” rating in a research note on Wednesday. William Blair reissued a “buy” rating on shares of EXACT Sciences in a research note on Wednesday, January 10th. Bank of America set a $67.00 price objective on shares of EXACT Sciences and gave the stock a “buy” rating in a research note on Monday, January 8th. BidaskClub raised shares of EXACT Sciences from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, Leerink Swann reissued an “outperform” rating and issued a $67.00 price objective (up from $63.00) on shares of EXACT Sciences in a research note on Monday, November 13th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $51.64.
EXACT Sciences (NASDAQ:EXAS) last announced its earnings results on Monday, October 30th. The medical research company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.07. The business had revenue of $72.60 million during the quarter, compared to analysts’ expectations of $65.03 million. EXACT Sciences had a negative net margin of 60.71% and a negative return on equity of 30.32%. The firm’s revenue was up 158.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.36) earnings per share. sell-side analysts predict that EXACT Sciences will post -1.09 earnings per share for the current year.
In related news, insider Kevin T. Conroy sold 134,057 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $59.50, for a total transaction of $7,976,391.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin T. Conroy sold 137,805 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $59.14, for a total transaction of $8,149,787.70. Following the transaction, the chief executive officer now directly owns 967,867 shares of the company’s stock, valued at $57,239,654.38. The disclosure for this sale can be found here. Insiders have sold 735,835 shares of company stock valued at $40,961,278 over the last ninety days. 4.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Crow Point Partners LLC bought a new position in EXACT Sciences during the fourth quarter valued at $145,000. Fortaleza Asset Management Inc. bought a new position in EXACT Sciences during the second quarter valued at $106,000. Oppenheimer Asset Management Inc. lifted its position in EXACT Sciences by 2,925.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 3,177 shares of the medical research company’s stock valued at $150,000 after purchasing an additional 3,072 shares during the last quarter. SG Americas Securities LLC bought a new position in EXACT Sciences during the third quarter valued at $183,000. Finally, Krilogy Financial LLC lifted its position in EXACT Sciences by 1,460.0% during the second quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 3,650 shares during the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.
About EXACT Sciences
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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