M&T Bank Corp Reduces Holdings in Exact Sciences Corporation (NASDAQ:EXAS)

M&T Bank Corp cut its holdings in Exact Sciences Corporation (NASDAQ:EXAS) by 12.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,995 shares of the medical research company’s stock after selling 968 shares during the quarter. M&T Bank Corp’s holdings in Exact Sciences were worth $303,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in EXAS. Bank Pictet & Cie Europe AG increased its holdings in shares of Exact Sciences by 1.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 129,024 shares of the medical research company’s stock valued at $7,250,000 after acquiring an additional 1,547 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Exact Sciences in the fourth quarter valued at approximately $1,604,000. Raymond James Financial Inc. purchased a new stake in Exact Sciences in the 4th quarter worth approximately $9,611,000. AlphaQuest LLC boosted its position in Exact Sciences by 22,825.0% in the 4th quarter. AlphaQuest LLC now owns 917 shares of the medical research company’s stock worth $52,000 after purchasing an additional 913 shares in the last quarter. Finally, Thrivent Financial for Lutherans purchased a new stake in Exact Sciences in the 4th quarter worth approximately $6,774,000. 88.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on EXAS shares. Mizuho assumed coverage on Exact Sciences in a research note on Thursday, April 10th. They issued an “outperform” rating and a $60.00 price objective for the company. Guggenheim reaffirmed a “buy” rating and set a $60.00 price target on shares of Exact Sciences in a research report on Friday, April 11th. Robert W. Baird lifted their price target on Exact Sciences from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Royal Bank Of Canada boosted their target price on Exact Sciences from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research report on Friday, May 2nd. Finally, Evercore ISI increased their target price on Exact Sciences from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $52.21 on Friday. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of -9.48, a PEG ratio of 11.46 and a beta of 0.95. Exact Sciences Corporation has a twelve month low of $39.97 and a twelve month high of $72.83. The stock has a fifty day simple moving average of $54.35 and a 200 day simple moving average of $50.96. The company has a quick ratio of 2.38, a current ratio of 2.73 and a debt-to-equity ratio of 0.97.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings results on Thursday, May 1st. The medical research company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.16. The business had revenue of $706.79 million for the quarter, compared to analysts’ expectations of $688.58 million. Exact Sciences had a negative net margin of 36.06% and a negative return on equity of 3.75%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.60) EPS. Sell-side analysts expect that Exact Sciences Corporation will post -0.58 EPS for the current year.

Insider Transactions at Exact Sciences

In other Exact Sciences news, Director Katherine S. Zanotti sold 3,207 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $53.20, for a total transaction of $170,612.40. Following the completion of the sale, the director directly owned 72,759 shares in the company, valued at $3,870,778.80. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.

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.