Belpointe Asset Management LLC Cuts Holdings in Exact Sciences Corporation $EXAS

Belpointe Asset Management LLC lowered its stake in Exact Sciences Corporation (NASDAQ:EXAS) by 9.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,990 shares of the medical research company’s stock after selling 4,954 shares during the period. Belpointe Asset Management LLC’s holdings in Exact Sciences were worth $2,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its holdings in Exact Sciences by 31.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,909,501 shares of the medical research company’s stock valued at $213,889,000 after acquiring an additional 939,888 shares in the last quarter. Champlain Investment Partners LLC increased its position in shares of Exact Sciences by 12.6% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,529,820 shares of the medical research company’s stock valued at $134,435,000 after purchasing an additional 282,825 shares during the last quarter. Holocene Advisors LP raised its holdings in shares of Exact Sciences by 189.5% in the 2nd quarter. Holocene Advisors LP now owns 2,145,181 shares of the medical research company’s stock valued at $113,995,000 after purchasing an additional 1,404,086 shares in the last quarter. Bamco Inc. NY lifted its position in shares of Exact Sciences by 26.4% during the 2nd quarter. Bamco Inc. NY now owns 1,861,341 shares of the medical research company’s stock worth $98,912,000 after purchasing an additional 388,627 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Exact Sciences by 73.3% during the second quarter. AQR Capital Management LLC now owns 1,753,283 shares of the medical research company’s stock worth $93,169,000 after purchasing an additional 741,517 shares in the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.

Exact Sciences Stock Performance

Shares of EXAS opened at $102.34 on Wednesday. The company’s 50 day simple moving average is $101.37 and its 200-day simple moving average is $71.12. The firm has a market cap of $19.53 billion, a PE ratio of -19.24, a price-to-earnings-growth ratio of 2.42 and a beta of 1.40. Exact Sciences Corporation has a 12-month low of $38.81 and a 12-month high of $102.66. The company has a current ratio of 2.72, a quick ratio of 2.44 and a debt-to-equity ratio of 0.93.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Monday, November 3rd. The medical research company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.11. The firm had revenue of $850.74 million during the quarter, compared to analysts’ expectations of $810.42 million. Exact Sciences had a negative net margin of 32.01% and a positive return on equity of 1.67%. Exact Sciences’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.21) EPS. As a group, equities analysts predict that Exact Sciences Corporation will post -0.58 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on EXAS shares. Robert W. Baird set a $105.00 price target on Exact Sciences in a report on Thursday, November 20th. Barclays restated an “equal weight” rating and set a $105.00 target price (up previously from $77.00) on shares of Exact Sciences in a research note on Thursday, November 20th. BTIG Research lowered shares of Exact Sciences from a “buy” rating to a “neutral” rating in a research note on Thursday, November 20th. Mizuho reissued a “neutral” rating and set a $105.00 price objective (up previously from $85.00) on shares of Exact Sciences in a report on Tuesday, January 20th. Finally, Guggenheim cut shares of Exact Sciences from a “buy” rating to a “neutral” rating in a report on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Exact Sciences has a consensus rating of “Hold” and a consensus target price of $89.56.

Insider Buying and Selling

In other news, EVP Brian Baranick sold 2,858 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $70.08, for a total value of $200,288.64. Following the completion of the sale, the executive vice president owned 22,368 shares in the company, valued at approximately $1,567,549.44. This trade represents a 11.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jacob A. Orville sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the completion of the sale, the executive vice president owned 23,237 shares of the company’s stock, valued at approximately $1,742,775. The trade was a 17.71% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.20% of the stock is currently owned by company insiders.

About Exact Sciences

Exact Sciences Corporation is a molecular diagnostics company headquartered in Madison, Wisconsin, dedicated to the early detection and prevention of cancer. The company’s flagship product, Cologuard®, is a noninvasive, stool-based DNA screening test for colorectal cancer that was developed in collaboration with the Mayo Clinic. By combining DNA mutation analysis with hemoglobin detection, Cologuard aims to improve screening adherence and identify cancers and precancerous lesions in average-risk adults.

Since its founding in 1995, Exact Sciences has expanded its portfolio through strategic acquisitions and internal research and development.