Sofinnova Investments Inc. Has $7.68 Million Position in Exact Sciences Co. (NASDAQ:EXAS)

Sofinnova Investments Inc. lessened its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS) by 20.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 181,828 shares of the medical research company’s stock after selling 47,653 shares during the quarter. Sofinnova Investments Inc.’s holdings in Exact Sciences were worth $7,682,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its stake in shares of Exact Sciences by 65.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock worth $31,000 after acquiring an additional 179 shares during the last quarter. Able Wealth Management LLC acquired a new stake in Exact Sciences in the 4th quarter worth $45,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 340 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Exact Sciences during the first quarter valued at about $55,000. Finally, GAMMA Investing LLC lifted its stake in shares of Exact Sciences by 48.4% in the second quarter. GAMMA Investing LLC now owns 1,362 shares of the medical research company’s stock valued at $58,000 after buying an additional 444 shares during the period. Institutional investors own 88.82% of the company’s stock.

Wall Street Analysts Forecast Growth

EXAS has been the topic of several research reports. Stifel Nicolaus lowered their price target on Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. BTIG Research lowered their price objective on Exact Sciences from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Piper Sandler lifted their price target on shares of Exact Sciences from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, September 12th. Evercore ISI lowered their price target on shares of Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Finally, Benchmark reduced their price objective on shares of Exact Sciences from $91.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Exact Sciences currently has an average rating of “Moderate Buy” and a consensus target price of $78.14.

Exact Sciences Stock Up 6.0 %

NASDAQ EXAS opened at $69.48 on Tuesday. The stock’s 50 day simple moving average is $55.37 and its 200 day simple moving average is $55.52. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The firm has a market cap of $12.82 billion, a PE ratio of -52.64 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.17 and a quick ratio of 1.98.

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

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.