Cinctive Capital Management LP Buys New Position in Exact Sciences Co. (NASDAQ:EXAS)

Cinctive Capital Management LP purchased a new position in Exact Sciences Co. (NASDAQ:EXAS) in the third quarter, HoldingsChannel.com reports. The firm purchased 8,510 shares of the medical research company’s stock, valued at approximately $580,000.

Several other large investors also recently bought and sold shares of EXAS. Chicago Partners Investment Group LLC boosted its stake in shares of Exact Sciences by 1.7% in the third quarter. Chicago Partners Investment Group LLC now owns 9,261 shares of the medical research company’s stock valued at $651,000 after purchasing an additional 158 shares during the period. Amalgamated Bank lifted its holdings in Exact Sciences by 2.7% in the 2nd quarter. Amalgamated Bank now owns 10,937 shares of the medical research company’s stock worth $462,000 after buying an additional 284 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Exact Sciences by 92.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock valued at $49,000 after buying an additional 340 shares during the last quarter. Huntington National Bank grew its stake in shares of Exact Sciences by 838.1% during the third quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock valued at $27,000 after acquiring an additional 352 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Exact Sciences by 6.2% during the second quarter. CIBC Asset Management Inc now owns 6,118 shares of the medical research company’s stock worth $258,000 after acquiring an additional 356 shares during the last quarter. Institutional investors and hedge funds own 88.82% of the company’s stock.

Exact Sciences Stock Performance

Shares of EXAS opened at $60.56 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. Exact Sciences Co. has a 1 year low of $40.62 and a 1 year high of $79.62. The firm has a fifty day moving average of $63.70 and a 200-day moving average of $56.12. The company has a market cap of $11.21 billion, a price-to-earnings ratio of -51.76 and a beta of 1.24.

Exact Sciences (NASDAQ:EXAS) last posted its earnings results 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). The firm had revenue of $708.66 million during the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities analysts anticipate that Exact Sciences Co. will post -1.13 earnings per share for the current year.

Insider Buying and Selling at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the transaction, the executive vice president now directly owns 13,687 shares in the company, valued at $958,090. This trade represents a 6.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kevin T. Conroy bought 19,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the acquisition, the chief executive officer now owns 1,074,191 shares of the company’s stock, valued at $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.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. Wells Fargo & Company initiated coverage on Exact Sciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price for the company. Canaccord Genuity Group dropped their price target on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. TD Cowen increased their price objective on shares of Exact Sciences from $82.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Evercore ISI dropped their target price on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Exact Sciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.29.

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.