Exact Sciences Corporation $EXAS Stock Position Lessened by Envestnet Portfolio Solutions Inc.
Envestnet Portfolio Solutions Inc. reduced its stake in Exact Sciences Corporation (NASDAQ:EXAS) by 80.6% in Q2, now holding 14,155 shares valued at $752,000. Other institutional investors have also adjusted their positions, with Larson Financial Group increasing its holdings by 2,804.8%. Recent analyst ratings show a consensus target price of $69.19 for EXAS, which opened at $62.73. The company reported a quarterly EPS of $0.22, exceeding estimates, with revenue of $811.09 million, a 16% year-over-year increase.
Envestnet Portfolio Solutions Inc. cut its holdings in Exact Sciences Corporation (NASDAQ:EXAS - Free Report) by 80.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,155 shares of the medical research company's stock after selling 58,727 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Exact Sciences were worth $752,000 as of its most recent SEC filing.
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Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC increased its holdings in shares of Exact Sciences by 2,804.8% in the 1st quarter. Larson Financial Group LLC now owns 610 shares of the medical research company's stock valued at $26,000 after purchasing an additional 589 shares during the period. National Pension Service lifted its holdings in Exact Sciences by 75.1% in the 1st quarter. National Pension Service now owns 681 shares of the medical research company's stock worth $29,000 after purchasing an additional 292 shares during the last quarter. SVB Wealth LLC acquired a new position in Exact Sciences during the 1st quarter worth $30,000. Banque Cantonale Vaudoise acquired a new stake in Exact Sciences in the 1st quarter valued at approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Exact Sciences in the 1st quarter worth $34,000. Institutional investors and hedge funds own 88.82% of the company's stock.
Insider Activity at Exact Sciences
In related news, Director James Edward Doyle sold 2,000 shares of Exact Sciences stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the director owned 57,962 shares of the company's stock, valued at approximately $3,477,720. The trade was a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
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EXAS has been the topic of a number of recent research reports. BTIG Research reduced their target price on shares of Exact Sciences from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Piper Sandler boosted their price target on shares of Exact Sciences from $60.00 to $70.00 and gave the company an "overweight" rating in a research report on Wednesday, October 8th. Craig Hallum raised their price objective on shares of Exact Sciences from $65.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, September 11th. Cowen reiterated a "buy" rating on shares of Exact Sciences in a research note on Thursday, August 7th. Finally, Barclays increased their price target on Exact Sciences from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $69.19.
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Exact Sciences Stock Performance
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EXAS stock opened at $62.73 on Tuesday. The firm has a market cap of $11.88 billion, a PE ratio of -11.55, a P/E/G ratio of 5.43 and a beta of 1.24. The company has a current ratio of 2.89, a quick ratio of 2.56 and a debt-to-equity ratio of 0.94. The business's 50-day moving average price is $52.67 and its two-hundred day moving average price is $51.31. Exact Sciences Corporation has a 1-year low of $38.81 and a 1-year high of $72.83.
Exact Sciences (NASDAQ:EXAS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The medical research company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.24. The business had revenue of $811.09 million for the quarter, compared to analyst estimates of $774.43 million. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The firm's quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted ($0.09) earnings per share. As a group, research analysts forecast that Exact Sciences Corporation will post -0.58 earnings per share for the current year.
Exact Sciences Profile
(Free Report)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.
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