EXACT Sciences Co. (EXAS) Short Interest Up 26.1% in January

EXACT Sciences Co. (NASDAQ:EXAS) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 12,219,909 shares, an increase of 26.1% from the January 12th total of 9,688,211 shares. Based on an average daily volume of 4,257,669 shares, the days-to-cover ratio is presently 2.9 days. Approximately 10.4% of the shares of the company are sold short.

A number of research firms have recently commented on EXAS. BidaskClub raised shares of EXACT Sciences from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Leerink Swann set a $67.00 target price on shares of EXACT Sciences and gave the stock a “buy” rating in a research report on Friday. Benchmark reaffirmed a “buy” rating and set a $60.00 target price (up previously from $50.00) on shares of EXACT Sciences in a research report on Tuesday, October 31st. Goldman Sachs Group started coverage on shares of EXACT Sciences in a research report on Monday, January 29th. They set a “neutral” rating and a $51.00 target price on the stock. Finally, Bank of America boosted their target price on shares of EXACT Sciences from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. EXACT Sciences currently has an average rating of “Buy” and a consensus target price of $52.84.

EXACT Sciences (NASDAQ:EXAS) traded up $1.34 on Friday, reaching $45.90. 2,981,107 shares of the company’s stock were exchanged, compared to its average volume of 3,475,568. EXACT Sciences has a 1 year low of $18.30 and a 1 year high of $63.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 10.34 and a quick ratio of 9.98. The firm has a market capitalization of $5,320.00, a P/E ratio of -39.91 and a beta of 0.58.

In other news, insider Kevin T. Conroy sold 125,402 shares of EXACT Sciences stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $52.79, for a total value of $6,619,971.58. Following the transaction, the insider now owns 955,454 shares of the company’s stock, valued at $50,438,416.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kevin T. Conroy sold 110,439 shares of EXACT Sciences stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $50.49, for a total transaction of $5,576,065.11. Following the completion of the transaction, the insider now directly owns 940,491 shares in the company, valued at approximately $47,485,390.59. The disclosure for this sale can be found here. In the last three months, insiders sold 662,694 shares of company stock worth $35,934,015. Insiders own 4.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of EXAS. New York State Common Retirement Fund boosted its stake in EXACT Sciences by 8.9% during the second quarter. New York State Common Retirement Fund now owns 156,741 shares of the medical research company’s stock worth $5,544,000 after buying an additional 12,821 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of EXACT Sciences in the 2nd quarter valued at $217,000. FMR LLC boosted its stake in shares of EXACT Sciences by 32.7% in the 2nd quarter. FMR LLC now owns 2,318,269 shares of the medical research company’s stock valued at $81,997,000 after purchasing an additional 571,796 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of EXACT Sciences by 5.9% in the 2nd quarter. California Public Employees Retirement System now owns 185,100 shares of the medical research company’s stock valued at $6,547,000 after purchasing an additional 10,300 shares in the last quarter. Finally, Advisor Group Inc. boosted its stake in shares of EXACT Sciences by 0.8% in the 2nd quarter. Advisor Group Inc. now owns 7,866 shares of the medical research company’s stock valued at $270,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 82.32% of the company’s stock.

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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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