Canaccord Genuity Group Reaffirms Buy Rating for Exact Sciences (NASDAQ:EXAS)

Canaccord Genuity Group reaffirmed their buy rating on shares of Exact Sciences (NASDAQ:EXAS) in a report published on Friday morning, Benzinga reports. They currently have a $75.00 target price on the medical research company’s stock.

Other research analysts have also issued research reports about the company. Evercore ISI reduced their price target on Exact Sciences from $80.00 to $72.00 and set an outperform rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company initiated coverage on shares of Exact Sciences in a research report on Tuesday, August 27th. They set an overweight rating and a $75.00 price target on the stock. Scotiabank began coverage on Exact Sciences in a research report on Thursday, June 27th. They issued a sector outperform rating and a $70.00 price objective for the company. BTIG Research reduced their target price 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. Finally, The Goldman Sachs Group cut their price objective on Exact Sciences from $88.00 to $75.00 and set a buy rating for the company in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $78.14.

Exact Sciences Price Performance

Exact Sciences stock opened at $69.48 on Friday. The firm has a market capitalization of $12.84 billion, a price-to-earnings ratio of -52.64 and a beta of 1.26. Exact Sciences has a 52-week low of $40.62 and a 52-week high of $79.62. The company has a fifty day simple moving average of $55.37 and a 200-day simple moving average of $55.52. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73.

Exact Sciences (NASDAQ:EXAS) last released its earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.28. The business had revenue of $699.26 million for the quarter, compared to analyst estimates of $690.02 million. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the company posted ($0.45) EPS. On average, equities analysts anticipate that Exact Sciences will post -0.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Exact Sciences

A number of hedge funds have recently added to or reduced their stakes in EXAS. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Exact Sciences by 16.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 89,196 shares of the medical research company’s stock worth $6,160,000 after purchasing an additional 12,349 shares during the period. Thompson Investment Management Inc. increased its position in shares of Exact Sciences by 13.1% during the first quarter. Thompson Investment Management Inc. now owns 160,584 shares of the medical research company’s stock worth $11,090,000 after purchasing an additional 18,595 shares in the last quarter. Vanguard Group Inc. increased its position in Exact Sciences by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 17,559,751 shares of the medical research company’s stock worth $1,299,070,000 after buying an additional 115,058 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of Exact Sciences by 4.7% during the fourth quarter. Oppenheimer & Co. Inc. now owns 22,687 shares of the medical research company’s stock worth $1,678,000 after acquiring an additional 1,020 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Exact Sciences by 5.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 207,364 shares of the medical research company’s stock valued at $14,361,000 after purchasing an additional 10,356 shares during the period. 88.82% of the stock is currently owned by institutional investors and hedge funds.

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.