Sumitomo Mitsui Trust Group Inc. Decreases Stake in Exact Sciences Corporation $EXAS

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Exact Sciences Corporation (NASDAQ:EXAS) by 69.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 173,136 shares of the medical research company’s stock after selling 394,370 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.09% of Exact Sciences worth $9,200,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Stephens Investment Management Group LLC bought a new position in shares of Exact Sciences during the 2nd quarter valued at approximately $28,169,000. DekaBank Deutsche Girozentrale grew its position in shares of Exact Sciences by 0.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 58,333 shares of the medical research company’s stock valued at $3,127,000 after acquiring an additional 217 shares during the period. Madison Wealth Partners Inc bought a new position in shares of Exact Sciences during the 2nd quarter valued at approximately $227,000. Chicago Partners Investment Group LLC grew its position in shares of Exact Sciences by 14.8% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 11,070 shares of the medical research company’s stock valued at $536,000 after acquiring an additional 1,429 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Exact Sciences during the 2nd quarter valued at approximately $1,855,000. 88.82% of the stock is owned by institutional investors.

Exact Sciences Stock Performance

NASDAQ EXAS opened at $62.74 on Thursday. Exact Sciences Corporation has a 1 year low of $38.81 and a 1 year high of $72.83. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.89 and a quick ratio of 2.56. The stock has a market capitalization of $11.88 billion, a PE ratio of -11.55, a P/E/G ratio of 5.61 and a beta of 1.24. The company’s 50 day simple moving average is $55.28 and its two-hundred day simple moving average is $52.30.

Exact Sciences (NASDAQ:EXAS) last posted its earnings results on Wednesday, August 6th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.24. Exact Sciences had a negative net margin of 34.19% and a negative return on equity of 1.75%. The business had revenue of $811.09 million for the quarter, compared to analysts’ expectations of $774.43 million. During the same period in the prior year, the company posted ($0.09) EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. Analysts predict that Exact Sciences Corporation will post -0.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen raised shares of Exact Sciences from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. BTIG Research raised their price objective on shares of Exact Sciences from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Wells Fargo & Company set a $68.00 price objective on shares of Exact Sciences in a report on Wednesday, October 1st. Barclays raised their price objective on shares of Exact Sciences from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Finally, Royal Bank Of Canada cut their price objective on shares of Exact Sciences from $54.00 to $46.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.90.

Insider Transactions at Exact Sciences

In other Exact Sciences news, Director James Edward Doyle sold 2,000 shares of the stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $60.00, for a total value of $120,000.00. Following the sale, the director directly owned 57,962 shares in the company, valued at $3,477,720. This represents a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Exact Sciences 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.