Exact Sciences Co. (NASDAQ:EXAS) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Exact Sciences Co. (NASDAQ:EXAS) by 42.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,142,776 shares of the medical research company’s stock after selling 830,816 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Exact Sciences were worth $48,282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in EXAS. Brookstone Capital Management boosted its holdings in shares of Exact Sciences by 128.5% in the 2nd quarter. Brookstone Capital Management now owns 12,806 shares of the medical research company’s stock valued at $541,000 after acquiring an additional 7,201 shares during the last quarter. Blue Trust Inc. increased its holdings in Exact Sciences by 6,516.3% in the second quarter. Blue Trust Inc. now owns 3,242 shares of the medical research company’s stock valued at $137,000 after buying an additional 3,193 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Exact Sciences by 179.8% in the second quarter. Assenagon Asset Management S.A. now owns 21,299 shares of the medical research company’s stock worth $900,000 after acquiring an additional 13,688 shares during the period. Quantum Private Wealth LLC raised its position in shares of Exact Sciences by 4.8% in the second quarter. Quantum Private Wealth LLC now owns 62,974 shares of the medical research company’s stock worth $2,661,000 after acquiring an additional 2,905 shares during the period. Finally, Yarbrough Capital LLC purchased a new stake in shares of Exact Sciences during the 2nd quarter worth about $277,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EXAS. Canaccord Genuity Group reduced their price target on Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, May 9th. BTIG Research lowered their price target on Exact Sciences from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Jefferies Financial Group started coverage on shares of Exact Sciences in a research report on Monday, June 3rd. They issued a “buy” rating and a $75.00 target price for the company. Scotiabank initiated coverage on shares of Exact Sciences in a research note on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Finally, Evercore ISI dropped their price objective on shares of Exact Sciences from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $78.77.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $58.75 on Monday. Exact Sciences Co. has a 1-year low of $40.62 and a 1-year high of $85.71. The stock has a 50-day moving average of $47.74 and a two-hundred day moving average of $55.46. The company has a market cap of $10.84 billion, a P/E ratio of -44.51 and a beta of 1.22. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.17 and a quick ratio of 1.45.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.28. The company 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%. Exact Sciences’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.45) EPS. As a group, analysts anticipate that Exact Sciences Co. will post -1.17 EPS for the current year.

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.