Brokers Offer Predictions for Exact Sciences FY2024 Earnings

Exact Sciences Co. (NASDAQ:EXAS) – Equities researchers at William Blair lowered their FY2024 earnings estimates for Exact Sciences in a report issued on Thursday, November 21st. William Blair analyst A. Brackmann now forecasts that the medical research company will post earnings per share of ($1.07) for the year, down from their prior forecast of ($0.81). William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Exact Sciences’ current full-year earnings is ($1.08) per share. William Blair also issued estimates for Exact Sciences’ Q4 2024 earnings at ($0.28) EPS, Q1 2025 earnings at ($0.40) EPS, Q2 2025 earnings at ($0.06) EPS, Q3 2025 earnings at $0.12 EPS, Q4 2025 earnings at $0.15 EPS and FY2025 earnings at ($0.19) EPS.

Exact Sciences (NASDAQ:EXAS) last released its earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $708.66 million for the quarter, compared to analyst estimates of $716.80 million. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year.

EXAS has been the topic of several other reports. TD Cowen dropped their target price on shares of Exact Sciences from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a research note on Thursday, September 26th. Evercore ISI decreased their target price on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Benchmark lowered their price target on Exact Sciences from $67.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group reduced their price objective on Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.47.

Exact Sciences Price Performance

Shares of NASDAQ:EXAS opened at $52.91 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. The company has a market capitalization of $9.79 billion, a PE ratio of -45.22 and a beta of 1.27. The stock has a fifty day moving average of $64.79 and a 200-day moving average of $55.84. Exact Sciences has a one year low of $40.62 and a one year high of $79.62.

Institutional Investors Weigh In On Exact Sciences

Several large investors have recently made changes to their positions in EXAS. Geode Capital Management LLC grew its position in Exact Sciences by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,105,970 shares of the medical research company’s stock worth $211,104,000 after acquiring an additional 7,873 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Exact Sciences by 43.5% during the third quarter. M&T Bank Corp now owns 9,256 shares of the medical research company’s stock worth $630,000 after purchasing an additional 2,806 shares during the last quarter. Groupama Asset Managment acquired a new stake in shares of Exact Sciences in the third quarter valued at $821,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Exact Sciences by 12.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 51,437 shares of the medical research company’s stock valued at $3,504,000 after buying an additional 5,664 shares during the last quarter. Finally, Pier Capital LLC acquired a new position in Exact Sciences during the 3rd quarter worth about $5,520,000. Institutional investors own 88.82% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the sale, the executive vice president now directly owns 13,687 shares in the company, valued at approximately $958,090. The trade was a 6.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin T. Conroy purchased 19,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $51.35 per share, with a total value of $1,001,325.00. Following the transaction, the chief executive officer now directly owns 1,074,191 shares of the company’s stock, valued at approximately $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. 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.