Exact Sciences (NASDAQ:EXAS) Trading 8.1% Higher After Strong Earnings

Exact Sciences Corporation (NASDAQ:EXAS)’s stock price traded up 8.1% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $72.45 and last traded at $72.3850. 2,178,524 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 2,710,781 shares. The stock had previously closed at $66.98.

The medical research company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.11. The business had revenue of $850.74 million during the quarter, compared to analyst estimates of $810.42 million. Exact Sciences had a negative return on equity of 1.75% and a negative net margin of 34.19%.The business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.21) earnings per share. Exact Sciences has set its FY 2025 guidance at EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company set a $68.00 price target on Exact Sciences in a research report on Wednesday, October 1st. Robert W. Baird increased their price objective on Exact Sciences from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Tuesday. Zacks Research upgraded Exact Sciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Exact Sciences in a research report on Wednesday, October 8th. Finally, Cowen reiterated a “buy” rating on shares of Exact Sciences in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.90.

Insider Activity at Exact Sciences

In other news, Director James Edward Doyle sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $60.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director directly owned 57,962 shares in the company, valued at $3,477,720. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of EXAS. Massachusetts Financial Services Co. MA purchased a new position in shares of Exact Sciences during the second quarter worth $157,805,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Exact Sciences by 120.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,128,958 shares of the medical research company’s stock worth $135,453,000 after buying an additional 1,707,287 shares during the period. Holocene Advisors LP boosted its position in shares of Exact Sciences by 189.5% during the second quarter. Holocene Advisors LP now owns 2,145,181 shares of the medical research company’s stock worth $113,995,000 after buying an additional 1,404,086 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Exact Sciences by 643.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,286,595 shares of the medical research company’s stock worth $70,390,000 after buying an additional 1,113,459 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Exact Sciences during the first quarter worth $45,334,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Stock Performance

The firm has a market capitalization of $13.17 billion, a PE ratio of -12.82, a price-to-earnings-growth ratio of 5.56 and a beta of 1.24. The company has a quick ratio of 2.56, a current ratio of 2.89 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average price of $56.85 and a 200 day moving average price of $53.02.

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.