Short Interest in Exact Sciences Co. (NASDAQ:EXAS) Expands By 50.4%

Exact Sciences Co. (NASDAQ:EXAS) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 14,210,000 shares, an increase of 50.4% from the June 15th total of 9,450,000 shares. Based on an average daily trading volume, of 3,010,000 shares, the days-to-cover ratio is currently 4.7 days.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EXAS. Scotiabank began coverage on Exact Sciences in a report on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Evercore ISI lowered their price objective on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Citigroup lowered their price objective on Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Jefferies Financial Group initiated coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They set a “buy” rating and a $75.00 price target for the company. Finally, Canaccord Genuity Group reduced their price target on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $86.80.

Exact Sciences Trading Up 3.0 %

EXAS traded up $1.41 during trading on Monday, hitting $47.77. The company’s stock had a trading volume of 546,674 shares, compared to its average volume of 2,631,178. Exact Sciences has a twelve month low of $40.62 and a twelve month high of $100.77. The firm’s 50 day moving average price is $47.11 and its 200-day moving average price is $58.31. The stock has a market cap of $8.81 billion, a PE ratio of -35.12 and a beta of 1.22. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.64 and a quick ratio of 1.45.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) earnings per share (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 during the quarter, compared to analysts’ expectations of $624.95 million. On average, analysts expect that Exact Sciences will post -1.15 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Kevin T. Conroy sold 1,155 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total transaction of $69,473.25. Following the transaction, 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 SEC, which is accessible through this link. Insiders have sold a total of 1,498 shares of company stock valued at $90,105 over the last quarter. 1.36% of the stock is currently owned by insiders.

Institutional Trading of Exact Sciences

Several institutional investors have recently made changes to their positions in EXAS. Wolff Wiese Magana LLC boosted its position in Exact Sciences by 459.5% during the 4th quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock worth $31,000 after purchasing an additional 340 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in Exact Sciences by 65.6% in the 1st 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 in the 4th quarter worth $45,000. EverSource Wealth Advisors LLC lifted 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 buying an additional 340 shares in the last quarter. Finally, Fortitude Family Office LLC acquired a new position in Exact Sciences in the 1st quarter worth $55,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Company 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.