ClariVest Asset Management LLC Boosts Stock Position in Exact Sciences Co. (NASDAQ:EXAS)

ClariVest Asset Management LLC increased its stake in shares of Exact Sciences Co. (NASDAQ:EXAS) by 32.4% in the first quarter, HoldingsChannel reports. The firm owned 25,313 shares of the medical research company’s stock after buying an additional 6,192 shares during the quarter. ClariVest Asset Management LLC’s holdings in Exact Sciences were worth $1,748,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC grew its holdings in Exact Sciences by 459.5% in the 4th quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock valued at $31,000 after buying an additional 340 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in Exact Sciences by 65.6% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock valued at $31,000 after buying an additional 179 shares during the period. Able Wealth Management LLC purchased a new stake in Exact Sciences in the 4th quarter valued at about $45,000. Fortitude Family Office LLC purchased a new stake in Exact Sciences in the 1st quarter valued at about $55,000. Finally, National Bank of Canada FI lifted its stake in shares of Exact Sciences by 30.9% in the 4th quarter. National Bank of Canada FI now owns 848 shares of the medical research company’s stock valued at $63,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Kevin T. Conroy sold 1,155 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total value of $69,473.25. Following the completion of the sale, the chief executive officer now directly owns 1,156,191 shares in the company, valued at approximately $69,544,888.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,498 shares of company stock worth $90,105 in the last three months. 1.36% of the stock is owned by insiders.

Exact Sciences Price Performance

EXAS stock traded up $1.52 during midday trading on Friday, hitting $46.36. 2,378,212 shares of the company’s stock were exchanged, compared to its average volume of 2,931,999. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.64 and a quick ratio of 1.45. Exact Sciences Co. has a 12-month low of $40.62 and a 12-month high of $100.77. The firm has a 50 day moving average price of $47.11 and a 200-day moving average price of $58.43.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.50). Exact Sciences had a negative return on equity of 7.12% and a negative net margin of 9.48%. The company had revenue of $637.52 million for the quarter, compared to the consensus estimate of $624.95 million. Analysts expect that Exact Sciences Co. will post -1.15 EPS for the current year.

Wall Street Analyst Weigh In

EXAS has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on Exact Sciences in a research note on Monday, June 3rd. They issued a “buy” rating and a $75.00 price objective on the stock. Canaccord Genuity Group reduced their price objective on Exact Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Citigroup reduced their price objective on Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Evercore ISI reduced their price objective on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. Finally, Scotiabank initiated coverage on Exact Sciences in a research note on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Exact Sciences presently has an average rating of “Moderate Buy” and an average target price of $86.80.

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.