Exact Sciences Corporation (NASDAQ:EXAS) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 8,794,649 shares, a drop of 17.9% from the October 13th total of 10,716,019 shares. Approximately 7.5% of the shares of the stock are sold short. Based on an average daily volume of 1,980,367 shares, the days-to-cover ratio is currently 4.4 days.
In related news, Director Thomas D. Carey purchased 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average price of $37.71 per share, with a total value of $94,275.00. Following the completion of the acquisition, the director now owns 60,858 shares in the company, valued at $2,294,955.18. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Graham Peter Lidgard sold 45,775 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $41.49, for a total value of $1,899,204.75. Following the completion of the sale, the insider now directly owns 288,952 shares of the company’s stock, valued at approximately $11,988,618.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 415,178 shares of company stock valued at $20,785,358. Insiders own 4.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in EXAS. BlackRock Inc. boosted its holdings in Exact Sciences Corporation by 45,816.0% in the first quarter. BlackRock Inc. now owns 6,804,297 shares of the medical research company’s stock valued at $160,718,000 after purchasing an additional 6,789,478 shares during the period. Fred Alger Management Inc. purchased a new position in Exact Sciences Corporation in the second quarter valued at $84,177,000. Lord Abbett & CO. LLC boosted its holdings in Exact Sciences Corporation by 59.1% in the second quarter. Lord Abbett & CO. LLC now owns 2,356,706 shares of the medical research company’s stock valued at $83,357,000 after purchasing an additional 875,527 shares during the period. Victory Capital Management Inc. purchased a new position in Exact Sciences Corporation in the second quarter valued at $29,450,000. Finally, Vanguard Group Inc. boosted its holdings in Exact Sciences Corporation by 8.0% in the second quarter. Vanguard Group Inc. now owns 9,459,679 shares of the medical research company’s stock valued at $334,589,000 after purchasing an additional 700,051 shares during the period. Hedge funds and other institutional investors own 85.65% of the company’s stock.
EXAS has been the subject of several recent research reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $42.00 price target (up previously from $38.00) on shares of Exact Sciences Corporation in a report on Thursday, July 20th. Vetr raised Exact Sciences Corporation from a “sell” rating to a “hold” rating and set a $36.55 target price for the company in a research note on Tuesday, July 25th. Lake Street Capital raised their target price on Exact Sciences Corporation from $30.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Craig Hallum reissued a “buy” rating and set a $46.00 target price (up previously from $41.00) on shares of Exact Sciences Corporation in a research note on Wednesday, July 26th. Finally, Roth Capital raised their target price on Exact Sciences Corporation from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $49.98.
Shares of Exact Sciences Corporation (EXAS) opened at $58.33 on Wednesday. Exact Sciences Corporation has a one year low of $13.05 and a one year high of $63.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.98 and a current ratio of 10.34.
Exact Sciences Corporation (NASDAQ:EXAS) last issued its quarterly earnings data on Monday, October 30th. The medical research company reported ($0.23) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.07. Exact Sciences Corporation had a negative return on equity of 30.32% and a negative net margin of 60.71%. The business had revenue of $72.60 million during the quarter, compared to analysts’ expectations of $65.03 million. During the same period in the previous year, the firm posted ($0.36) earnings per share. The company’s revenue was up 158.4% on a year-over-year basis. equities research analysts predict that Exact Sciences Corporation will post -1.14 EPS for the current fiscal year.
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About Exact Sciences Corporation
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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