Iron Triangle Partners LP Makes New $27.24 Million Investment in Exact Sciences Co. (NASDAQ:EXAS)

Iron Triangle Partners LP bought a new stake in Exact Sciences Co. (NASDAQ:EXAS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 399,871 shares of the medical research company’s stock, valued at approximately $27,239,000. Exact Sciences accounts for approximately 3.8% of Iron Triangle Partners LP’s investment portfolio, making the stock its 12th largest position. Iron Triangle Partners LP owned about 0.22% of Exact Sciences as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in EXAS. Huntington National Bank grew its stake in shares of Exact Sciences by 838.1% in the 3rd quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock valued at $27,000 after buying an additional 352 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Exact Sciences in the second quarter worth approximately $29,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Exact Sciences during the 3rd quarter worth $34,000. Capital Performance Advisors LLP bought a new position in shares of Exact Sciences during the 3rd quarter valued at $35,000. Finally, Vestor Capital LLC acquired a new stake in shares of Exact Sciences in the 3rd quarter valued at $46,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Trading Down 0.6 %

NASDAQ:EXAS opened at $61.69 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93. Exact Sciences Co. has a 12-month low of $40.62 and a 12-month high of $79.62. The firm has a 50-day moving average price of $63.85 and a 200 day moving average price of $56.05.

Exact Sciences (NASDAQ:EXAS) last issued its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The company had revenue of $708.66 million during the quarter, compared to analyst estimates of $716.80 million. Exact Sciences’s revenue was up 12.8% on a year-over-year basis. Equities research analysts predict that Exact Sciences Co. will post -1.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on EXAS shares. The Goldman Sachs Group cut their target price on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Citigroup reduced their target price on Exact Sciences from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Evercore ISI lowered their target price on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Jefferies Financial Group boosted their target price on shares of Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Craig Hallum lowered their price target on Exact Sciences from $82.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.29.

Insider Buying and Selling at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the sale, the executive vice president now directly owns 12,758 shares in the company, valued at approximately $893,060. This trade represents a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kevin T. Conroy purchased 19,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $51.35 per share, with a total value of $1,001,325.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. The trade was a 1.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.36% of the company’s stock.

Exact Sciences Company Profile

Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. It also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Covid-19 testing services.