Marco Investment Management LLC Cuts Stake in Exact Sciences Co. (NASDAQ:EXAS)

Marco Investment Management LLC cut its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS) by 11.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,354 shares of the medical research company’s stock after selling 8,775 shares during the quarter. Marco Investment Management LLC’s holdings in Exact Sciences were worth $4,861,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. UniSuper Management Pty Ltd boosted its holdings in Exact Sciences by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,600 shares of the medical research company’s stock valued at $180,000 after purchasing an additional 1,300 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Exact Sciences during the first quarter worth about $67,000. Advisors Asset Management Inc. grew its position in shares of Exact Sciences by 25.9% during the first quarter. Advisors Asset Management Inc. now owns 36,779 shares of the medical research company’s stock worth $2,540,000 after buying an additional 7,574 shares in the last quarter. BOKF NA increased its stake in shares of Exact Sciences by 28.2% during the first quarter. BOKF NA now owns 22,338 shares of the medical research company’s stock worth $1,573,000 after buying an additional 4,909 shares during the period. Finally, BlueCrest Capital Management Ltd acquired a new stake in Exact Sciences in the first quarter valued at approximately $1,637,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on EXAS shares. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. Citigroup dropped their target price on Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group lifted their price target on Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group dropped their price objective on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group decreased their target price on Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $74.47.

Insider Transactions at Exact Sciences

In other news, CEO Kevin T. Conroy acquired 19,500 shares of Exact Sciences stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average price of $51.35 per share, for a total transaction of $1,001,325.00. Following the completion of the transaction, the chief executive officer now directly owns 1,074,191 shares in the company, valued at approximately $55,159,707.85. This trade represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now owns 13,687 shares in the company, valued at $958,090. The trade was a 6.36 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $52.91 on Friday. The business’s 50-day moving average price is $64.79 and its 200 day moving average price is $55.87. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The firm has a market cap of $9.79 billion, a P/E ratio of -45.22 and a beta of 1.27. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last announced its earnings results on Tuesday, November 5th. 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 7.95% and a negative return on equity of 6.17%. The company had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. The company’s quarterly revenue was up 12.8% on a year-over-year basis. On average, equities research analysts expect that Exact Sciences Co. will post -1.08 earnings per share for the current year.

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.