Brookstone Capital Management Acquires New Stake in Exact Sciences Co. (NASDAQ:EXAS)

Brookstone Capital Management bought a new stake in Exact Sciences Co. (NASDAQ:EXAS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,605 shares of the medical research company’s stock, valued at approximately $387,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asahi Life Asset Management CO. LTD. boosted its position in Exact Sciences by 4.2% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 4,390 shares of the medical research company’s stock worth $325,000 after purchasing an additional 175 shares during the period. National Bank of Canada FI grew its stake in shares of Exact Sciences by 30.9% in the fourth quarter. National Bank of Canada FI now owns 848 shares of the medical research company’s stock valued at $63,000 after buying an additional 200 shares in the last quarter. Sanders Morris Harris LLC raised its holdings in shares of Exact Sciences by 4.2% during the 1st quarter. Sanders Morris Harris LLC now owns 5,000 shares of the medical research company’s stock valued at $345,000 after buying an additional 200 shares during the period. Nisa Investment Advisors LLC lifted its position in Exact Sciences by 0.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 37,200 shares of the medical research company’s stock worth $2,752,000 after acquiring an additional 205 shares in the last quarter. Finally, Wahed Invest LLC boosted its holdings in Exact Sciences by 8.0% in the 4th quarter. Wahed Invest LLC now owns 3,047 shares of the medical research company’s stock worth $225,000 after acquiring an additional 227 shares during the period. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Stock Performance

EXAS stock opened at $42.43 on Tuesday. Exact Sciences Co. has a 1 year low of $40.62 and a 1 year high of $100.77. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of -32.14 and a beta of 1.22. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.45 and a current ratio of 1.64. The stock’s fifty day moving average is $50.01 and its two-hundred day moving average is $59.98.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings results on Wednesday, May 8th. The medical research company reported ($0.50) EPS for the quarter, meeting the consensus estimate of ($0.50). Exact Sciences had a negative net margin of 9.48% and a negative return on equity of 7.12%. The company had revenue of $637.52 million for the quarter, compared to analyst estimates of $624.95 million. On average, research analysts predict that Exact Sciences Co. will post -1.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on EXAS shares. Citigroup reduced their target price on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. BTIG Research decreased their price objective on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Scotiabank began coverage on Exact Sciences in a research report on Thursday, June 27th. They set a “sector outperform” rating and a $70.00 target price on the stock. Jefferies Financial Group initiated coverage on Exact Sciences in a research note on Monday, June 3rd. They set a “buy” rating and a $75.00 target price for the company. Finally, Canaccord Genuity Group reduced their price objective on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.86.

Insider Activity

In related news, CEO Kevin T. Conroy sold 1,155 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $60.15, for a total value of $69,473.25. Following the completion of the sale, the chief executive officer now owns 1,156,191 shares of the company’s stock, valued at $69,544,888.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 1,498 shares of company stock valued at $90,105. Company insiders own 1.36% of the company’s stock.

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.