Primecap Management Co. CA Decreases Stake in Exact Sciences Co. (NASDAQ:EXAS)

Primecap Management Co. CA lowered its stake in Exact Sciences Co. (NASDAQ:EXAS) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 479,300 shares of the medical research company’s stock after selling 17,000 shares during the period. Primecap Management Co. CA’s holdings in Exact Sciences were worth $26,932,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thompson Investment Management Inc. raised its holdings in shares of Exact Sciences by 17.8% in the fourth quarter. Thompson Investment Management Inc. now owns 241,774 shares of the medical research company’s stock worth $13,585,000 after buying an additional 36,505 shares during the last quarter. Zacks Investment Management purchased a new position in shares of Exact Sciences in the third quarter worth $2,083,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Exact Sciences by 59.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 335,705 shares of the medical research company’s stock worth $22,868,000 after buying an additional 125,192 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Exact Sciences by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,292,090 shares of the medical research company’s stock worth $88,017,000 after buying an additional 45,015 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Exact Sciences by 35.3% in the fourth quarter. Harbor Capital Advisors Inc. now owns 95,827 shares of the medical research company’s stock worth $5,385,000 after buying an additional 24,992 shares during the last quarter. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Stock Performance

EXAS opened at $45.70 on Thursday. The company has a quick ratio of 1.93, a current ratio of 2.15 and a debt-to-equity ratio of 0.97. The company has a market cap of $8.49 billion, a price-to-earnings ratio of -8.20 and a beta of 1.25. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62. The firm’s fifty day simple moving average is $51.02 and its two-hundred day simple moving average is $58.49.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings results on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.23. The firm had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. Equities analysts anticipate that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. BTIG Research increased their price objective on shares of Exact Sciences from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Scotiabank increased their price objective on shares of Exact Sciences from $70.00 to $73.00 and gave the stock a “sector outperform” rating in a research note on Monday, February 24th. William Blair reiterated an “outperform” rating on shares of Exact Sciences in a research note on Thursday, February 20th. TD Cowen increased their price objective on shares of Exact Sciences from $82.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Barclays cut their price objective on shares of Exact Sciences from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $70.83.

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.