Gateway Investment Advisers LLC Trims Stock Position in Exact Sciences Co. (NASDAQ:EXAS)

Gateway Investment Advisers LLC trimmed its stake in Exact Sciences Co. (NASDAQ:EXAS) by 18.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 14,432 shares of the medical research company’s stock after selling 3,217 shares during the period. Gateway Investment Advisers LLC’s holdings in Exact Sciences were worth $983,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors grew its holdings in 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 acquiring an additional 5,557,168 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Exact Sciences in the 2nd quarter valued at about $163,896,000. Champlain Investment Partners LLC grew its stake in 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 acquiring an additional 1,438,010 shares during the last quarter. Sculptor Capital LP purchased a new stake in shares of Exact Sciences during the second quarter worth about $32,819,000. Finally, Samlyn Capital LLC purchased a new stake in Exact Sciences in the second quarter valued at approximately $30,426,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Price Performance

Shares of NASDAQ EXAS opened at $70.96 on Monday. Exact Sciences Co. has a twelve month low of $40.62 and a twelve month high of $79.62. 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 market capitalization of $13.09 billion, a price-to-earnings ratio of -53.76 and a beta of 1.27. The firm has a 50-day moving average of $63.16 and a two-hundred day moving average of $56.55.

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, beating analysts’ consensus estimates of ($0.37) by $0.28. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The company had revenue of $699.26 million during the quarter, compared to the consensus estimate of $690.02 million. During the same period in the prior year, the company earned ($0.45) EPS. Exact Sciences’s revenue was up 12.4% on a year-over-year basis. As a group, analysts expect that Exact Sciences Co. will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Exact Sciences

In other Exact Sciences news, EVP Brian Baranick sold 929 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 12,758 shares of the company’s stock, valued at approximately $893,060. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

EXAS has been the topic of a number of recent research reports. Piper Sandler lifted their price target on shares of Exact Sciences from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, September 12th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $75.00 price target on shares of Exact Sciences in a report on Friday, September 13th. Scotiabank began coverage on shares of Exact Sciences in a research note on Thursday, June 27th. They set a “sector outperform” rating and a $70.00 target price for the company. Benchmark lowered their price target 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. Finally, Wells Fargo & Company began coverage on shares of Exact Sciences in a research report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 price target for the company. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.38.

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.