ARK Investment Management LLC Buys 2,186,132 Shares of Exact Sciences Corporation $EXAS

ARK Investment Management LLC lifted its position in Exact Sciences Corporation (NASDAQ:EXAS) by 6,072,588.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,186,168 shares of the medical research company’s stock after purchasing an additional 2,186,132 shares during the quarter. ARK Investment Management LLC’s holdings in Exact Sciences were worth $119,605,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA acquired a new position in Exact Sciences in the second quarter valued at about $157,805,000. Holocene Advisors LP raised its stake in shares of Exact Sciences by 189.5% in the second quarter. Holocene Advisors LP now owns 2,145,181 shares of the medical research company’s stock valued at $113,995,000 after acquiring an additional 1,404,086 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Exact Sciences by 643.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,286,595 shares of the medical research company’s stock worth $70,390,000 after acquiring an additional 1,113,459 shares in the last quarter. Norges Bank acquired a new position in shares of Exact Sciences in the 2nd quarter worth approximately $48,372,000. Finally, AQR Capital Management LLC grew its position in Exact Sciences by 73.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,753,283 shares of the medical research company’s stock worth $93,169,000 after acquiring an additional 741,517 shares during the last quarter. 88.82% of the stock is owned by institutional investors.

Exact Sciences Stock Up 0.1%

NASDAQ:EXAS opened at $103.50 on Thursday. Exact Sciences Corporation has a 1 year low of $38.81 and a 1 year high of $103.67. The company has a current ratio of 2.43, a quick ratio of 2.17 and a debt-to-equity ratio of 0.97. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of -94.09, a PEG ratio of 2.35 and a beta of 1.41. The stock has a 50-day moving average price of $102.58 and a two-hundred day moving average price of $81.06.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Friday, February 13th. The medical research company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.29). Exact Sciences had a negative net margin of 6.40% and a positive return on equity of 0.53%. During the same period in the prior year, the business earned ($0.06) earnings per share. The firm’s revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts expect that Exact Sciences Corporation will post -0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EXAS has been the topic of a number of recent analyst reports. Wolfe Research lowered Exact Sciences from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 20th. Canaccord Genuity Group downgraded shares of Exact Sciences from a “buy” rating to a “hold” rating and upped their price target for the stock from $85.00 to $105.00 in a research report on Tuesday, November 25th. Robert W. Baird set a $105.00 price objective on shares of Exact Sciences in a report on Thursday, November 20th. Stifel Nicolaus restated a “hold” rating and issued a $105.00 price objective (up from $80.00) on shares of Exact Sciences in a research report on Friday, November 28th. Finally, Evercore set a $105.00 target price on shares of Exact Sciences and gave the stock an “in-line” rating in a research report on Monday, January 5th. Twenty-one equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $92.13.

About Exact Sciences

Exact Sciences Corporation is a molecular diagnostics company headquartered in Madison, Wisconsin, dedicated to the early detection and prevention of cancer. The company’s flagship product, Cologuard®, is a noninvasive, stool-based DNA screening test for colorectal cancer that was developed in collaboration with the Mayo Clinic. By combining DNA mutation analysis with hemoglobin detection, Cologuard aims to improve screening adherence and identify cancers and precancerous lesions in average-risk adults.

Since its founding in 1995, Exact Sciences has expanded its portfolio through strategic acquisitions and internal research and development.