Gabelli Funds LLC Lowers Position in Exact Sciences Co. (NASDAQ:EXAS)

Gabelli Funds LLC trimmed its position in shares of Exact Sciences Co. (NASDAQ:EXAS) by 16.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,650 shares of the medical research company’s stock after selling 2,140 shares during the quarter. Gabelli Funds LLC’s holdings in Exact Sciences were worth $598,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in EXAS. Geode Capital Management LLC increased its holdings in Exact Sciences by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,122,798 shares of the medical research company’s stock valued at $175,165,000 after buying an additional 16,828 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Exact Sciences by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,330,939 shares of the medical research company’s stock valued at $74,785,000 after purchasing an additional 38,849 shares in the last quarter. Groupama Asset Managment raised its holdings in Exact Sciences by 0.3% in the 4th quarter. Groupama Asset Managment now owns 1,209,146 shares of the medical research company’s stock worth $67,942,000 after purchasing an additional 4,194 shares during the period. Norges Bank purchased a new position in Exact Sciences during the fourth quarter worth approximately $50,625,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Exact Sciences by 63.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,262 shares of the medical research company’s stock valued at $30,863,000 after purchasing an additional 213,557 shares during the period. 88.82% of the stock is currently owned by institutional investors and hedge funds.

Exact Sciences Stock Down 1.6 %

Shares of EXAS opened at $41.58 on Friday. The company’s 50-day moving average price is $45.87 and its 200 day moving average price is $54.95. Exact Sciences Co. has a 12-month low of $39.97 and a 12-month high of $72.83. The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. The firm has a market cap of $7.72 billion, a P/E ratio of -7.46 and a beta of 1.14.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.23. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. The firm had revenue of $713.42 million for the quarter, compared to analyst estimates of $701.45 million. On average, sell-side analysts forecast that Exact Sciences Co. will post -0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on EXAS shares. Piper Sandler decreased their target price on Exact Sciences from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Royal Bank of Canada started coverage on shares of Exact Sciences in a research report on Thursday, March 13th. They issued a “sector perform” rating and a $52.00 target price on the stock. Scotiabank upped their price target on shares of Exact Sciences from $70.00 to $73.00 and gave the stock a “sector outperform” rating in a research report on Monday, February 24th. Mizuho started coverage on shares of Exact Sciences in a research note on Thursday, April 10th. They issued an “outperform” rating and a $60.00 price target on the stock. Finally, Barclays cut their price objective on Exact Sciences from $65.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Exact Sciences presently has an average rating of “Moderate Buy” and a consensus target price of $69.25.

Exact Sciences 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.