The Manufacturers Life Insurance Company Decreases Position in Exact Sciences Co. (NASDAQ:EXAS)

The Manufacturers Life Insurance Company lowered its position in shares of Exact Sciences Co. (NASDAQ:EXAS) by 2.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,665 shares of the medical research company’s stock after selling 2,788 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Exact Sciences worth $4,253,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in Exact Sciences in the 2nd quarter valued at $29,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Exact Sciences by 65.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock worth $31,000 after buying an additional 179 shares in the last quarter. Able Wealth Management LLC acquired a new position in Exact Sciences during the fourth quarter worth about $45,000. EverSource Wealth Advisors LLC grew its stake in Exact Sciences by 92.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock valued at $49,000 after acquiring an additional 340 shares in the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in Exact Sciences in the 1st quarter valued at about $55,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on EXAS shares. Raymond James restated a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. Stifel Nicolaus reduced their price target on Exact Sciences from $100.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. BTIG Research lowered their price target on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Canaccord Genuity Group restated a “buy” rating and set a $75.00 price objective on shares of Exact Sciences in a research report on Friday, September 13th. Finally, The Goldman Sachs Group decreased their target price on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Exact Sciences presently has an average rating of “Moderate Buy” and an average price target of $78.38.

Insiders Place Their Bets

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the transaction, the executive vice president now owns 13,687 shares of the company’s stock, valued at $958,090. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.36% of the stock is owned by company insiders.

Exact Sciences Trading Up 1.3 %

EXAS opened at $69.25 on Tuesday. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73. The firm has a market cap of $12.78 billion, a P/E ratio of -52.46 and a beta of 1.27. Exact Sciences Co. has a 52 week low of $40.62 and a 52 week high of $79.62. The business has a fifty day simple moving average of $61.77 and a 200-day simple moving average of $56.41.

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, beating the consensus estimate of ($0.37) by $0.28. The company had revenue of $699.26 million during the quarter, compared to the consensus estimate of $690.02 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. Exact Sciences’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.45) EPS. On average, equities analysts expect that Exact Sciences Co. will post -0.87 earnings per share 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.