First Light Asset Management LLC Makes New Investment in Exact Sciences Co. (NASDAQ:EXAS)

First Light Asset Management LLC purchased a new stake in shares of Exact Sciences Co. (NASDAQ:EXAS) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 125,386 shares of the medical research company’s stock, valued at approximately $5,298,000. First Light Asset Management LLC owned about 0.07% of Exact Sciences as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in EXAS. Itau Unibanco Holding S.A. purchased a new stake in Exact Sciences in the second quarter worth approximately $29,000. Benjamin F. Edwards & Company Inc. grew its position in Exact Sciences by 65.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock valued at $31,000 after buying an additional 179 shares during the period. Able Wealth Management LLC bought a new stake in shares of Exact Sciences during the 4th quarter valued at $45,000. EverSource Wealth Advisors LLC raised its holdings in Exact Sciences by 92.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock worth $49,000 after purchasing an additional 340 shares during the period. Finally, Fortitude Family Office LLC purchased a new position in Exact Sciences during the first quarter valued at $55,000. 88.82% of the stock is currently owned by institutional investors.

Exact Sciences Stock Down 0.6 %

Shares of NASDAQ EXAS opened at $69.64 on Tuesday. The company has a current ratio of 2.17, a quick ratio of 1.98 and a debt-to-equity ratio of 0.73. Exact Sciences Co. has a 12-month low of $40.62 and a 12-month high of $79.62. The firm’s 50-day moving average price is $57.78 and its 200-day moving average price is $55.89. The stock has a market capitalization of $12.85 billion, a price-to-earnings ratio of -52.76 and a beta of 1.26.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.28. The business had revenue of $699.26 million for 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%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.45) earnings per share. On average, equities research analysts anticipate that Exact Sciences Co. will post -0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Brian Baranick sold 929 shares of the stock in a transaction 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 sale, the executive vice president now owns 13,687 shares of the company’s stock, valued at $958,090. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EXAS. Benchmark reduced their target price on shares of Exact Sciences from $91.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Jefferies Financial Group started coverage on Exact Sciences in a research report on Monday, June 3rd. They set a “buy” rating and a $75.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and issued a $75.00 price target on shares of Exact Sciences in a research note on Friday, September 13th. The Goldman Sachs Group reduced their price objective on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, Evercore ISI dropped their target price on shares of Exact Sciences from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.14.

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.