EXACT Sciences (EXAS) Rating Increased to Hold at Zacks Investment Research

EXACT Sciences (NASDAQ:EXAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

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. “

EXAS has been the subject of several other research reports. Canaccord Genuity boosted their price target on EXACT Sciences from $87.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 14th. William Blair reissued an “outperform” rating on shares of EXACT Sciences in a report on Monday, January 7th. Robert W. Baird boosted their price target on EXACT Sciences from $90.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday, February 21st. BTIG Research boosted their price target on EXACT Sciences to $110.00 and gave the company a “positive” rating in a report on Friday, February 22nd. Finally, Goldman Sachs Group raised EXACT Sciences from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $120.00 in a report on Tuesday, February 26th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. EXACT Sciences has a consensus rating of “Buy” and a consensus target price of $99.64.

Shares of EXAS opened at $94.90 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 8.99 and a quick ratio of 8.70. EXACT Sciences has a one year low of $44.40 and a one year high of $97.27. The firm has a market capitalization of $11.79 billion, a P/E ratio of -69.78 and a beta of 1.83.

EXACT Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Thursday, February 21st. The medical research company reported ($0.44) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $0.05. EXACT Sciences had a negative return on equity of 23.58% and a negative net margin of 38.54%. The business had revenue of $142.98 million during the quarter, compared to analyst estimates of $143.00 million. During the same quarter in the previous year, the company posted ($0.18) earnings per share. EXACT Sciences’s revenue for the quarter was up 63.6% on a year-over-year basis. Equities research analysts predict that EXACT Sciences will post -1.98 EPS for the current fiscal year.

In other news, insider Kevin T. Conroy sold 304,397 shares of the business’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $81.27, for a total value of $24,738,344.19. Following the transaction, the insider now directly owns 1,190,408 shares in the company, valued at $96,744,458.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Thomas Elliott sold 90,909 shares of the business’s stock in a transaction dated Thursday, January 24th. The shares were sold at an average price of $78.90, for a total value of $7,172,720.10. Following the completion of the transaction, the chief financial officer now owns 124,120 shares in the company, valued at $9,793,068. The disclosure for this sale can be found here. Insiders sold 455,507 shares of company stock worth $37,454,557 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. First Hawaiian Bank lifted its position in shares of EXACT Sciences by 160.0% in the first quarter. First Hawaiian Bank now owns 325 shares of the medical research company’s stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of EXACT Sciences in the fourth quarter valued at about $38,000. CWM LLC lifted its position in shares of EXACT Sciences by 777.1% in the fourth quarter. CWM LLC now owns 614 shares of the medical research company’s stock valued at $39,000 after acquiring an additional 544 shares in the last quarter. Hanson McClain Inc. lifted its position in shares of EXACT Sciences by 377.5% in the fourth quarter. Hanson McClain Inc. now owns 955 shares of the medical research company’s stock valued at $60,000 after acquiring an additional 755 shares in the last quarter. Finally, Tortoise Investment Management LLC purchased a new position in shares of EXACT Sciences in the fourth quarter valued at about $62,000. Institutional investors and hedge funds own 89.84% of the company’s stock.

EXACT Sciences Company Profile

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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