EXACT Sciences (EXAS) Stock Price Down 8.1%

EXACT Sciences Co. (NASDAQ:EXAS) was down 8.1% during mid-day trading on Wednesday . The company traded as low as $75.78 and last traded at $75.94. Approximately 2,058,037 shares changed hands during mid-day trading, an increase of 47% from the average daily volume of 1,400,555 shares. The stock had previously closed at $82.66.

A number of equities research analysts have issued reports on EXAS shares. UBS Group started coverage on shares of EXACT Sciences in a research report on Tuesday, October 9th. They issued a “buy” rating and a $100.00 target price for the company. Canaccord Genuity increased their target price on shares of EXACT Sciences from $72.00 to $87.00 and gave the stock a “buy” rating in a research report on Wednesday, September 12th. BidaskClub downgraded shares of EXACT Sciences from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. BTIG Research increased their target price on shares of EXACT Sciences to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research upgraded shares of EXACT Sciences from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $84.08.

The stock has a market capitalization of $9.58 billion, a PE ratio of -76.71 and a beta of 1.20. The company has a current ratio of 12.08, a quick ratio of 11.72 and a debt-to-equity ratio of 0.94.

EXACT Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Tuesday, October 30th. The medical research company reported ($0.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.05. The business had revenue of $118.29 million for the quarter, compared to the consensus estimate of $109.33 million. EXACT Sciences had a negative net margin of 35.83% and a negative return on equity of 20.18%. EXACT Sciences’s revenue for the quarter was up 63.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) EPS. On average, sell-side analysts expect that EXACT Sciences Co. will post -1.5 earnings per share for the current year.

In other news, insider Kevin T. Conroy sold 163,514 shares of the firm’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $69.00, for a total transaction of $11,282,466.00. Following the transaction, the insider now owns 886,011 shares in the company, valued at approximately $61,134,759. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Graham Peter Lidgard sold 79,673 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $71.73, for a total transaction of $5,714,944.29. Following the transaction, the insider now owns 124,528 shares in the company, valued at approximately $8,932,393.44. The disclosure for this sale can be found here. Insiders have sold a total of 386,968 shares of company stock worth $27,418,499 in the last 90 days. 3.20% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC bought a new position in shares of EXACT Sciences during the 2nd quarter valued at $182,000. Chicago Partners Investment Group LLC raised its holdings in shares of EXACT Sciences by 47.6% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 3,100 shares of the medical research company’s stock valued at $191,000 after purchasing an additional 1,000 shares in the last quarter. First Republic Investment Management Inc. bought a new position in shares of EXACT Sciences during the 3rd quarter valued at $204,000. Fulton Bank N.A. bought a new position in shares of EXACT Sciences during the 3rd quarter valued at $208,000. Finally, Alps Advisors Inc. bought a new position in shares of EXACT Sciences during the 2nd quarter valued at $210,000. Institutional investors and hedge funds own 92.25% of the company’s stock.

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About EXACT Sciences (NASDAQ:EXAS)

Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.

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