Bank of America Cuts Exact Sciences (NASDAQ:EXAS) Price Target to $72.00

Exact Sciences (NASDAQ:EXAS) had its price objective reduced by Bank of America from $75.00 to $72.00 in a research note issued to investors on Friday,Benzinga reports. Bank of America currently has a buy rating on the medical research company’s stock.

Several other analysts also recently commented on EXAS. TD Cowen increased their price objective on Exact Sciences from $82.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Jefferies Financial Group upped their price target on Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. William Blair restated an “outperform” rating on shares of Exact Sciences in a research note on Thursday, November 21st. Canaccord Genuity Group cut their price objective on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, BTIG Research boosted their target price on Exact Sciences from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Exact Sciences has a consensus rating of “Moderate Buy” and an average target price of $72.94.

Exact Sciences Stock Down 2.0 %

Shares of NASDAQ:EXAS opened at $61.25 on Friday. The business has a fifty day simple moving average of $62.73 and a 200 day simple moving average of $56.87. Exact Sciences has a 12-month low of $40.62 and a 12-month high of $79.62. The firm has a market cap of $11.34 billion, a P/E ratio of -52.35 and a beta of 1.24. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The firm had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Analysts predict that Exact Sciences will post -1.13 earnings per share for the current year.

Insider Transactions at Exact Sciences

In related news, EVP Brian Baranick sold 929 shares of the firm’s stock in a transaction dated 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 directly owns 12,758 shares of the company’s stock, valued at $893,060. This trade represents a 6.79 % decrease in their ownership of the stock. The transaction 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 Exact Sciences stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $51.35 per share, for a total transaction 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 $55,159,707.85. This trade 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.

Hedge Funds Weigh In On Exact Sciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Huntington National Bank increased its stake in Exact Sciences by 838.1% during the 3rd quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 352 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Exact Sciences during the second quarter valued at approximately $29,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Exact Sciences during the third quarter valued at approximately $34,000. Capital Performance Advisors LLP purchased a new position in Exact Sciences in the 3rd quarter worth approximately $35,000. Finally, Vestor Capital LLC bought a new position in Exact Sciences in the 3rd quarter valued at approximately $46,000. 88.82% of the stock is currently owned by institutional investors.

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.