PDT Partners LLC Takes Position in Exact Sciences Co. (NASDAQ:EXAS)

PDT Partners LLC acquired a new stake in Exact Sciences Co. (NASDAQ:EXAS) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 44,810 shares of the medical research company’s stock, valued at approximately $3,052,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new stake in Exact Sciences in the 2nd quarter valued at about $163,896,000. Champlain Investment Partners LLC increased its position in Exact Sciences by 10.9% in the 3rd quarter. Champlain Investment Partners LLC now owns 2,494,480 shares of the medical research company’s stock valued at $169,924,000 after buying an additional 245,980 shares in the last quarter. Armistice Capital LLC increased its position in Exact Sciences by 91.6% in the 2nd quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock valued at $59,154,000 after buying an additional 669,438 shares in the last quarter. Principal Financial Group Inc. increased its position in Exact Sciences by 19.0% in the 2nd quarter. Principal Financial Group Inc. now owns 1,303,887 shares of the medical research company’s stock valued at $55,089,000 after buying an additional 208,641 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Exact Sciences by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,292,090 shares of the medical research company’s stock valued at $88,017,000 after buying an additional 45,015 shares in the last quarter. 88.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on EXAS shares. Jefferies Financial Group boosted their target price on Exact Sciences from $84.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus decreased their target price on Exact Sciences from $82.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Wells Fargo & Company started coverage on Exact Sciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Exact Sciences in a report on Thursday, November 21st. Finally, Benchmark decreased their price objective on Exact Sciences from $67.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.29.

Insider Activity at Exact Sciences

In related news, EVP Brian Baranick sold 929 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. This represents a 6.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin T. Conroy bought 19,500 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $51.35 per share, for a total transaction of $1,001,325.00. Following the transaction, the chief executive officer now owns 1,074,191 shares of the company’s stock, valued at approximately $55,159,707.85. This represents a 1.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.36% of the stock is owned by company insiders.

Exact Sciences Price Performance

Shares of NASDAQ EXAS opened at $62.08 on Friday. Exact Sciences Co. has a twelve month low of $40.62 and a twelve month high of $79.62. The stock’s 50 day moving average price is $64.01 and its 200-day moving average price is $55.97. The company has a market capitalization of $11.49 billion, a PE ratio of -53.06 and a beta of 1.27. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Tuesday, November 5th. The medical research company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The firm had revenue of $708.66 million during the quarter, compared to analysts’ expectations of $716.80 million. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities analysts anticipate that Exact Sciences Co. will post -1.13 EPS for the current year.

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.