Exact Sciences (NASDAQ:EXAS) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Exact Sciences (NASDAQ:EXAS) in a research note issued to investors on Tuesday morning, Benzinga reports. The firm issued an overweight rating and a $75.00 price target on the medical research company’s stock.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group decreased their price target on Exact Sciences from $90.00 to $85.00 and set a buy rating on the stock in a report on Thursday, May 9th. Citigroup decreased their price target on Exact Sciences from $100.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 9th. Evercore ISI decreased their price target on Exact Sciences from $80.00 to $72.00 and set an outperform rating on the stock in a report on Tuesday, July 2nd. Benchmark decreased their price target on Exact Sciences from $91.00 to $67.00 and set a buy rating on the stock in a report on Thursday, August 1st. Finally, Scotiabank started coverage on Exact Sciences in a report on Thursday, June 27th. They issued a sector outperform rating and a $70.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $78.50.

Exact Sciences Price Performance

Shares of EXAS stock opened at $59.89 on Tuesday. The stock’s fifty day moving average is $50.16 and its 200-day moving average is $55.31. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 2.17. The stock has a market capitalization of $11.05 billion, a PE ratio of -45.37 and a beta of 1.22. Exact Sciences has a 52 week low of $40.62 and a 52 week high of $85.71.

Exact Sciences (NASDAQ:EXAS) last announced its earnings results on Wednesday, July 31st. The medical research company reported ($0.09) EPS 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 analysts’ expectations of $690.02 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.45) earnings per share. Equities research analysts expect that Exact Sciences will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Exact Sciences

A number of hedge funds have recently modified their holdings of EXAS. Capital World Investors raised its position in shares of Exact Sciences by 74.4% during the first 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 period. William Blair Investment Management LLC acquired a new stake in shares of Exact Sciences during the second quarter worth about $163,896,000. Norges Bank bought a new position in shares of Exact Sciences during the fourth quarter worth about $120,308,000. Champlain Investment Partners LLC grew its holdings in shares of Exact Sciences by 175.3% during the first quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after buying an additional 1,438,010 shares in the last quarter. Finally, Sculptor Capital LP bought a new position in shares of Exact Sciences during the second quarter worth about $32,819,000. Institutional investors and hedge funds own 88.82% of the company’s stock.

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.