Fred Alger Management LLC Purchases Shares of 30,536 Exact Sciences Co. (NASDAQ:EXAS)

Fred Alger Management LLC acquired a new stake in shares of Exact Sciences Co. (NASDAQ:EXAS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 30,536 shares of the medical research company’s stock, valued at approximately $2,080,000.

A number of other institutional investors have also recently made changes to their positions in EXAS. Chicago Partners Investment Group LLC lifted its position in Exact Sciences by 1.7% during the third quarter. Chicago Partners Investment Group LLC now owns 9,261 shares of the medical research company’s stock valued at $651,000 after purchasing an additional 158 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Exact Sciences by 2.7% in the 2nd quarter. Amalgamated Bank now owns 10,937 shares of the medical research company’s stock valued at $462,000 after acquiring an additional 284 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Exact Sciences by 92.4% in the first 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 in the last quarter. Huntington National Bank increased its stake in Exact Sciences by 838.1% during the third quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock worth $27,000 after acquiring an additional 352 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in Exact Sciences by 6.2% during the second quarter. CIBC Asset Management Inc now owns 6,118 shares of the medical research company’s stock valued at $258,000 after purchasing an additional 356 shares during the period. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Trading Up 0.6 %

NASDAQ EXAS opened at $62.08 on Monday. The company’s 50-day simple moving average is $63.85 and its two-hundred day simple moving average is $56.03. Exact Sciences Co. has a one year low of $40.62 and a one year high of $79.62. The company has a market capitalization of $11.49 billion, a price-to-earnings ratio of -53.06 and a beta of 1.27. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12.

Exact Sciences (NASDAQ:EXAS) last posted its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The company had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. Equities analysts forecast that Exact Sciences Co. will post -1.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on EXAS shares. Sanford C. Bernstein boosted their target price on Exact Sciences from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. William Blair restated an “outperform” rating on shares of Exact Sciences in a report on Thursday, November 21st. Citigroup dropped their price target on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Wells Fargo & Company began coverage on shares of Exact Sciences in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 price objective on the stock. Finally, BTIG Research boosted their target price on Exact Sciences from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $75.29.

Insider Activity at Exact Sciences

In other news, CEO Kevin T. Conroy acquired 19,500 shares of Exact Sciences stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average price of $51.35 per share, for a total transaction of $1,001,325.00. Following the purchase, the chief executive officer now directly owns 1,074,191 shares in the company, valued at $55,159,707.85. The trade was a 1.85 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 12,758 shares of the company’s stock, valued at approximately $893,060. This trade represents a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is owned by corporate insiders.

Exact Sciences Company 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.