Exact Sciences (NASDAQ:EXAS) Shares Gap Down Following Weak Earnings

Shares of Exact Sciences Co. (NASDAQ:EXAS) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $71.51, but opened at $55.70. Exact Sciences shares last traded at $51.14, with a volume of 4,851,214 shares.

The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The firm had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. The company’s revenue was up 12.8% on a year-over-year basis.

Analysts Set New Price Targets

Several research firms recently commented on EXAS. Piper Sandler increased their price target on Exact Sciences from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, September 12th. Craig Hallum cut their price target on Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday. Robert W. Baird cut their price target on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating for the company in a report on Wednesday. The Goldman Sachs Group cut their price target on Exact Sciences from $88.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Benchmark lowered their price objective on Exact Sciences from $67.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.69.

Insider Buying and Selling

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares of the company’s stock, valued at approximately $893,060. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Exact Sciences

A number of institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Exact Sciences by 16.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 89,196 shares of the medical research company’s stock valued at $6,160,000 after purchasing an additional 12,349 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Exact Sciences by 5.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company’s stock worth $14,361,000 after buying an additional 10,356 shares during the last quarter. Profund Advisors LLC grew its stake in Exact Sciences by 239.8% in the 2nd quarter. Profund Advisors LLC now owns 78,589 shares of the medical research company’s stock valued at $3,320,000 after buying an additional 55,459 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Exact Sciences during the second quarter valued at about $163,896,000. Finally, Grandfield & Dodd LLC boosted its stake in Exact Sciences by 142.5% during the 1st quarter. Grandfield & Dodd LLC now owns 55,224 shares of the medical research company’s stock valued at $3,814,000 after purchasing an additional 32,453 shares during the period. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Price Performance

The company has a current ratio of 2.17, a quick ratio of 1.98 and a debt-to-equity ratio of 0.73. The company has a market cap of $9.53 billion, a price-to-earnings ratio of -55.88 and a beta of 1.27. The company has a fifty day moving average price of $67.27 and a two-hundred day moving average price of $56.67.

About Exact Sciences

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.