William Blair Comments on Exact Sciences Co.’s Q2 2022 Earnings (NASDAQ:EXAS)

Exact Sciences Co. (NASDAQ:EXASGet Rating) – Research analysts at William Blair lifted their Q2 2022 earnings per share (EPS) estimates for Exact Sciences in a report released on Wednesday, April 27th. William Blair analyst B. Weinstein now forecasts that the medical research company will earn ($0.91) per share for the quarter, up from their previous estimate of ($1.03). William Blair also issued estimates for Exact Sciences’ Q3 2022 earnings at ($1.01) EPS, Q4 2022 earnings at ($0.98) EPS, FY2022 earnings at ($3.80) EPS, Q1 2023 earnings at ($0.82) EPS, Q3 2023 earnings at ($0.72) EPS, Q4 2023 earnings at ($0.61) EPS and FY2023 earnings at ($2.98) EPS.

Exact Sciences (NASDAQ:EXASGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The medical research company reported ($1.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.12) by $0.08. Exact Sciences had a negative net margin of 40.26% and a negative return on equity of 21.82%. During the same quarter in the previous year, the company earned ($0.18) EPS.

A number of other brokerages also recently commented on EXAS. Raymond James reduced their target price on shares of Exact Sciences from $90.00 to $80.00 in a report on Wednesday, April 27th. Citigroup lowered their price objective on Exact Sciences from $80.00 to $65.00 in a research report on Wednesday, April 27th. Wells Fargo & Company lowered their price objective on Exact Sciences from $95.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 23rd. SVB Leerink decreased their price objective on Exact Sciences from $140.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, February 23rd. Finally, Robert W. Baird decreased their price objective on Exact Sciences from $100.00 to $90.00 in a report on Wednesday, April 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $113.00.

EXAS stock opened at $55.05 on Monday. Exact Sciences has a twelve month low of $54.79 and a twelve month high of $133.99. The firm’s fifty day simple moving average is $67.89 and its two-hundred day simple moving average is $77.53. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of -12.74 and a beta of 1.14. The company has a quick ratio of 2.56, a current ratio of 2.53 and a debt-to-equity ratio of 0.67.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its position in Exact Sciences by 15.1% in the 4th quarter. ARK Investment Management LLC now owns 13,496,014 shares of the medical research company’s stock valued at $1,050,395,000 after acquiring an additional 1,767,385 shares during the period. Norges Bank acquired a new position in shares of Exact Sciences during the 4th quarter valued at $112,740,000. Nikko Asset Management Americas Inc. increased its position in shares of Exact Sciences by 29.0% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 5,418,800 shares of the medical research company’s stock valued at $412,750,000 after purchasing an additional 1,218,384 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Exact Sciences by 25.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,883,180 shares of the medical research company’s stock valued at $457,888,000 after purchasing an additional 1,203,450 shares during the period. Finally, Spyglass Capital Management LLC increased its position in shares of Exact Sciences by 36.6% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,256,003 shares of the medical research company’s stock valued at $215,335,000 after purchasing an additional 604,182 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

In related news, SVP Sarah Condella sold 1,124 shares of the firm’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $69.05, for a total value of $77,612.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey Thomas Elliott sold 1,839 shares of the firm’s stock in a transaction that occurred on Tuesday, February 15th. The stock was sold at an average price of $79.55, for a total value of $146,292.45. The disclosure for this sale can be found here. Insiders sold 58,636 shares of company stock valued at $4,443,252 over the last quarter. Insiders own 1.40% of the company’s stock.

About Exact Sciences (Get Rating)

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, a gene expression tests for breast, prostate, and colon cancers; Oncotype Test, a tissue test delivering tumor profiling to aid therapy selection for patients with advanced, metastatic, refractory, or recurrent cancer; Oncotype DX AR-V7 Nucleus Detect Test, a liquid-based test for advanced stage prostate cancer; Oncomap ExTra, that provides a complete biological picture of certain refractory, rare, or aggressive cancers; and Covid-19 testing services.

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Earnings History and Estimates for Exact Sciences (NASDAQ:EXAS)

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