DNB Asset Management AS Increases Stock Holdings in Exact Sciences Co. (NASDAQ:EXAS)

DNB Asset Management AS lifted its position in Exact Sciences Co. (NASDAQ:EXAS) by 47.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 239,883 shares of the medical research company’s stock after purchasing an additional 76,847 shares during the quarter. DNB Asset Management AS’s holdings in Exact Sciences were worth $10,135,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Raymond James & Associates boosted its stake in Exact Sciences by 5.8% during the fourth quarter. Raymond James & Associates now owns 62,925 shares of the medical research company’s stock worth $4,655,000 after buying an additional 3,430 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Exact Sciences by 36.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 8,778 shares of the medical research company’s stock worth $649,000 after purchasing an additional 2,358 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Exact Sciences by 0.9% during the fourth quarter. Arizona State Retirement System now owns 49,655 shares of the medical research company’s stock worth $3,673,000 after purchasing an additional 442 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Exact Sciences during the fourth quarter worth about $138,690,000. Finally, Fulton Bank N.A. lifted its position in shares of Exact Sciences by 7.4% during the fourth quarter. Fulton Bank N.A. now owns 5,731 shares of the medical research company’s stock worth $424,000 after purchasing an additional 396 shares in the last quarter. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Stock Performance

Shares of EXAS traded up $0.19 during mid-day trading on Tuesday, reaching $55.96. 2,549,796 shares of the company’s stock were exchanged, compared to its average volume of 2,731,515. The business’s fifty day simple moving average is $45.49 and its 200-day simple moving average is $55.97. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $87.11. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.17 and a quick ratio of 1.45. The stock has a market capitalization of $10.34 billion, a PE ratio of -42.81 and a beta of 1.22.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.28. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The firm had revenue of $699.26 million for the quarter, compared to analyst estimates of $690.02 million. During the same period last year, the firm posted ($0.45) EPS. Exact Sciences’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Exact Sciences Co. will post -1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EXAS. Citigroup reduced their price target on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Stifel Nicolaus reduced their target price on shares of Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. BTIG Research reduced their target price on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Scotiabank began coverage on shares of Exact Sciences in a report on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Finally, Canaccord Genuity Group reduced their target price on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.77.

Exact Sciences 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.