Exact Sciences (NASDAQ:EXAS) Stock Price Up 7.7%

Exact Sciences Co. (NASDAQ:EXAS)’s stock price was up 7.7% on Wednesday . The stock traded as high as $63.84 and last traded at $62.86. Approximately 1,416,989 shares changed hands during trading, a decline of 45% from the average daily volume of 2,596,118 shares. The stock had previously closed at $58.38.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wells Fargo & Company began coverage on Exact Sciences in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Jefferies Financial Group initiated coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They set a “buy” rating and a $75.00 price target on the stock. The Goldman Sachs Group cut their price objective on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Piper Sandler raised their target price on shares of Exact Sciences from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $78.86.

Exact Sciences Price Performance

The firm has a 50 day simple moving average of $54.47 and a two-hundred day simple moving average of $55.40. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.98 and a current ratio of 2.17.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Wednesday, July 31st. The medical research company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.28. The company had revenue of $699.26 million during the quarter, compared to analysts’ expectations of $690.02 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. Exact Sciences’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.45) EPS. As a group, analysts predict that Exact Sciences Co. will post -0.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Exact Sciences

Hedge funds have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. lifted its stake 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 purchasing an additional 179 shares during the last quarter. Able Wealth Management LLC bought a new position in shares of Exact Sciences in the 4th quarter valued at $45,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Exact Sciences during the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC grew its position in Exact Sciences by 92.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock worth $49,000 after acquiring an additional 340 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in Exact Sciences during the 1st quarter worth $55,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.

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.