Exact Sciences (NASDAQ:EXAS) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Exact Sciences (NASDAQ:EXAS) announced its earnings results on Tuesday. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01), Briefing.com reports. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The firm had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Exact Sciences updated its FY 2024 guidance to EPS.

Exact Sciences Stock Performance

EXAS opened at $54.20 on Thursday. Exact Sciences has a 12-month low of $40.62 and a 12-month high of $79.62. The firm has a market capitalization of $10.01 billion, a P/E ratio of -57.00 and a beta of 1.27. The stock’s 50 day moving average price is $67.14 and its two-hundred day moving average price is $56.65. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73.

Insiders Place Their Bets

In related news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the transaction, the executive vice president now directly owns 12,758 shares of the company’s stock, valued at $893,060. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Citigroup lowered their price objective on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday. Craig Hallum decreased their price target on shares of Exact Sciences from $82.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday. Stifel Nicolaus cut their price objective on Exact Sciences from $82.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday. Raymond James restated a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. Finally, BTIG Research reduced their target price on Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.06.

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.