ArrowMark Colorado Holdings LLC Takes Position in Exact Sciences Co. (NASDAQ:EXAS)

ArrowMark Colorado Holdings LLC bought a new stake in Exact Sciences Co. (NASDAQ:EXAS) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 419,959 shares of the medical research company’s stock, valued at approximately $28,608,000. ArrowMark Colorado Holdings LLC owned 0.23% of Exact Sciences at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Huntington National Bank raised its position in shares of Exact Sciences by 838.1% in 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 period. Itau Unibanco Holding S.A. purchased a new position in shares of Exact Sciences in the 2nd quarter valued at about $29,000. RPg Family Wealth Advisory LLC acquired a new position in Exact Sciences in the 3rd quarter worth about $34,000. Capital Performance Advisors LLP purchased a new position in Exact Sciences during the third quarter worth approximately $35,000. Finally, Vestor Capital LLC acquired a new stake in Exact Sciences in the third quarter valued at approximately $46,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Exact Sciences

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the sale, the executive vice president now owns 12,758 shares of the company’s stock, valued at $893,060. The trade was a 6.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin T. Conroy purchased 19,500 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were purchased at an average price of $51.35 per share, for a total transaction of $1,001,325.00. Following the completion of the purchase, the chief executive officer now directly owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. This represents a 1.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

EXAS has been the topic of a number of recent analyst reports. Evercore ISI decreased their target price on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Wells Fargo & Company initiated coverage on shares of Exact Sciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 price objective on the stock. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a research note on Thursday, September 26th. 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 note on Wednesday, November 6th. Finally, Robert W. Baird cut their price objective on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Exact Sciences has an average rating of “Moderate Buy” and a consensus price target of $75.29.

Exact Sciences Stock Performance

Exact Sciences stock opened at $62.08 on Monday. The firm has a 50 day simple moving average of $63.85 and a 200-day simple moving average of $56.03. The stock has a market cap 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 current ratio of 2.12 and a quick ratio of 1.93. Exact Sciences Co. has a 1-year low of $40.62 and a 1-year high of $79.62.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, analysts expect that Exact Sciences Co. will post -1.13 EPS for the current year.

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.