Exact Sciences Corporation (NASDAQ:EXAS) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 8,794,649 shares, a decrease of 17.9% from the October 13th total of 10,716,019 shares. Based on an average trading volume of 1,980,367 shares, the short-interest ratio is presently 4.4 days. Approximately 7.5% of the company’s stock are sold short.
Several analysts recently weighed in on the company. Leerink Swann restated an “outperform” rating and issued a $50.00 price target (up previously from $45.00) on shares of Exact Sciences Corporation in a research note on Thursday, September 21st. Canaccord Genuity reiterated a “buy” rating and set a $60.00 target price (up from $45.00) on shares of Exact Sciences Corporation in a research note on Tuesday, October 3rd. BidaskClub upgraded Exact Sciences Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 25th. BTIG Research reiterated a “buy” rating and set a $45.00 target price (up from $35.00) on shares of Exact Sciences Corporation in a research note on Monday, July 17th. Finally, Zacks Investment Research upgraded Exact Sciences Corporation from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Tuesday, September 26th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $49.71.
In related news, SVP D Scott Coward sold 29,115 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $47.16, for a total value of $1,373,063.40. Following the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas D. Carey purchased 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was bought at an average price of $37.71 per share, for a total transaction of $94,275.00. Following the purchase, the director now directly owns 60,858 shares in the company, valued at $2,294,955.18. The disclosure for this purchase can be found here. Insiders sold a total of 277,373 shares of company stock valued at $12,635,570 in the last three months. Corporate insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXAS. Fortaleza Asset Management Inc. purchased a new position in Exact Sciences Corporation in the second quarter worth about $106,000. Krilogy Financial LLC grew its position in Exact Sciences Corporation by 1,460.0% in the second quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock worth $138,000 after acquiring an additional 3,650 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Exact Sciences Corporation by 17.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,072 shares of the medical research company’s stock worth $144,000 after acquiring an additional 600 shares in the last quarter. Financial Architects Inc boosted its position in shares of Exact Sciences Corporation by 90.0% during the second quarter. Financial Architects Inc now owns 4,295 shares of the medical research company’s stock valued at $152,000 after buying an additional 2,035 shares during the period. Finally, Johnson Financial Group Inc. boosted its position in shares of Exact Sciences Corporation by 25.9% during the second quarter. Johnson Financial Group Inc. now owns 4,862 shares of the medical research company’s stock valued at $172,000 after buying an additional 1,000 shares during the period. Institutional investors own 85.36% of the company’s stock.
Exact Sciences Corporation (EXAS) opened at $60.37 on Friday. The company has a current ratio of 10.34, a quick ratio of 9.98 and a debt-to-equity ratio of 0.01. Exact Sciences Corporation has a 12-month low of $13.05 and a 12-month high of $63.60.
Exact Sciences Corporation (NASDAQ:EXAS) last released its quarterly earnings results on Monday, October 30th. The medical research company reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.07. The company had revenue of $72.60 million during the quarter, compared to analyst estimates of $65.03 million. Exact Sciences Corporation had a negative return on equity of 30.32% and a negative net margin of 60.71%. The firm’s revenue was up 158.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.36) earnings per share. equities research analysts anticipate that Exact Sciences Corporation will post -1.14 earnings per share for the current fiscal year.
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About Exact Sciences Corporation
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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