GAMMA Investing LLC Grows Stake in Exact Sciences Co. (NASDAQ:EXAS)

GAMMA Investing LLC grew its position in Exact Sciences Co. (NASDAQ:EXAS) by 109.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,846 shares of the medical research company’s stock after buying an additional 1,484 shares during the quarter. GAMMA Investing LLC’s holdings in Exact Sciences were worth $194,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Exact Sciences by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,740,092 shares of the medical research company’s stock worth $1,225,131,000 after acquiring an additional 180,341 shares during the period. Capital World Investors lifted its stake in shares of Exact Sciences by 74.4% during the 1st quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock worth $899,528,000 after purchasing an additional 5,557,168 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Exact Sciences during the second quarter valued at about $163,896,000. Champlain Investment Partners LLC boosted its holdings in shares of Exact Sciences by 175.3% in the 1st quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock valued at $155,954,000 after buying an additional 1,438,010 shares in the last quarter. Finally, Armistice Capital LLC grew its position in shares of Exact Sciences by 91.6% in the 2nd quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock worth $59,154,000 after buying an additional 669,438 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

Exact Sciences Stock Performance

Shares of NASDAQ EXAS opened at $70.96 on Friday. The company has a current ratio of 2.17, a quick ratio of 1.98 and a debt-to-equity ratio of 0.73. The company has a 50 day simple moving average of $63.16 and a two-hundred day simple moving average of $56.68. Exact Sciences Co. has a 12 month low of $40.62 and a 12 month high of $79.62. The stock has a market cap of $13.11 billion, a price-to-earnings ratio of -73.92 and a beta of 1.27.

Exact Sciences (NASDAQ:EXAS) last announced 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%. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.45) EPS. As a group, analysts predict that Exact Sciences Co. will post -0.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the transaction, the executive vice president now directly owns 12,758 shares of the company’s stock, valued at $893,060. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on EXAS. Benchmark decreased their target price on shares of Exact Sciences from $91.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $75.00 price objective on shares of Exact Sciences in a research report on Friday, September 13th. Piper Sandler upped their target price on Exact Sciences from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, September 12th. Wells Fargo & Company assumed coverage on Exact Sciences in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 price target for the company. Finally, Evercore ISI boosted their price target on Exact Sciences from $72.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Exact Sciences has a consensus rating of “Moderate Buy” and an average target price of $78.38.

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.