Exact Sciences (NASDAQ:EXAS) Announces Quarterly Earnings Results, Misses Estimates By $0.29 EPS

Exact Sciences (NASDAQ:EXAS) released its earnings results on Friday. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.29), FiscalAI reports. Exact Sciences had a positive return on equity of 1.67% and a negative net margin of 32.01%.The firm had revenue of $878.38 million for the quarter, compared to analyst estimates of $860.59 million. During the same period in the prior year, the firm earned ($0.06) EPS. The firm’s revenue was up 23.1% on a year-over-year basis.

Exact Sciences Stock Performance

EXAS opened at $103.24 on Friday. The stock’s 50 day simple moving average is $102.10 and its 200-day simple moving average is $75.76. The company has a current ratio of 2.72, a quick ratio of 2.44 and a debt-to-equity ratio of 0.93. The stock has a market cap of $19.70 billion, a PE ratio of -93.85, a P/E/G ratio of 2.44 and a beta of 1.42. Exact Sciences has a 1 year low of $38.81 and a 1 year high of $103.54.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EXAS shares. Wolfe Research cut Exact Sciences from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 20th. Wall Street Zen downgraded Exact Sciences from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Robert W. Baird set a $105.00 price target on Exact Sciences in a report on Thursday, November 20th. Jefferies Financial Group downgraded shares of Exact Sciences from a “buy” rating to a “hold” rating and raised their price objective for the stock from $90.00 to $105.00 in a research note on Monday, November 24th. Finally, Guggenheim lowered shares of Exact Sciences from a “buy” rating to a “neutral” rating in a research report on Thursday, November 20th. Two equities research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $89.56.

Insiders Place Their Bets

In other news, EVP Jacob A. Orville sold 5,000 shares of the stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $75.00, for a total value of $375,000.00. Following the completion of the transaction, the executive vice president owned 23,237 shares in the company, valued at approximately $1,742,775. This represents a 17.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by corporate insiders.

Institutional Trading of Exact Sciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXAS. Norges Bank acquired a new stake in Exact Sciences during the fourth quarter valued at approximately $348,425,000. Massachusetts Financial Services Co. MA bought a new position in shares of Exact Sciences during the 2nd quarter worth approximately $157,805,000. Ameriprise Financial Inc. lifted its position in shares of Exact Sciences by 105.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,493,085 shares of the medical research company’s stock worth $245,802,000 after buying an additional 2,310,139 shares during the period. ARK Investment Management LLC boosted its stake in Exact Sciences by 6,072,588.9% in the 3rd quarter. ARK Investment Management LLC now owns 2,186,168 shares of the medical research company’s stock valued at $119,605,000 after buying an additional 2,186,132 shares in the last quarter. Finally, Holocene Advisors LP grew its position in Exact Sciences by 189.5% in the second quarter. Holocene Advisors LP now owns 2,145,181 shares of the medical research company’s stock valued at $113,995,000 after acquiring an additional 1,404,086 shares during the period. Institutional investors own 88.82% of the company’s stock.

About Exact Sciences

Exact Sciences Corporation is a molecular diagnostics company headquartered in Madison, Wisconsin, dedicated to the early detection and prevention of cancer. The company’s flagship product, Cologuard®, is a noninvasive, stool-based DNA screening test for colorectal cancer that was developed in collaboration with the Mayo Clinic. By combining DNA mutation analysis with hemoglobin detection, Cologuard aims to improve screening adherence and identify cancers and precancerous lesions in average-risk adults.

Since its founding in 1995, Exact Sciences has expanded its portfolio through strategic acquisitions and internal research and development.