BTIG Research Increases Exact Sciences (NASDAQ:EXAS) Price Target to $75.00

Exact Sciences (NASDAQ:EXAS) had its target price boosted by BTIG Research from $65.00 to $75.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

Several other equities research analysts have also issued reports on the stock. Jefferies Financial Group increased their target price on shares of Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company began coverage on shares of Exact Sciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 target price for the company. Benchmark reduced their target price on shares of Exact Sciences from $67.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Evercore ISI reduced their target price on shares of Exact Sciences from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group reduced their target price on shares of Exact Sciences from $95.00 to $75.00 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 given a buy rating to the company. Based on data from MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $75.29.

Exact Sciences Price Performance

NASDAQ EXAS opened at $62.08 on Tuesday. Exact Sciences has a 52 week low of $40.62 and a 52 week high of $79.62. The firm has a market capitalization of $11.49 billion, a P/E 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. The company has a 50-day moving average price of $64.01 and a 200-day moving average price of $55.97.

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

Insider Activity

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

Institutional Trading of Exact Sciences

A number of institutional investors have recently bought and sold shares of EXAS. William Blair Investment Management LLC bought a new stake in Exact Sciences in the second quarter worth $163,896,000. Groupama Asset Managment bought a new stake in Exact Sciences in the third quarter worth $821,000. Sculptor Capital LP bought a new stake in Exact Sciences in the second quarter worth $32,819,000. Samlyn Capital LLC bought a new stake in Exact Sciences in the second quarter worth $30,426,000. Finally, Armistice Capital LLC lifted its position in Exact Sciences by 91.6% in the second quarter. Armistice Capital LLC now owns 1,400,086 shares of the medical research company’s stock worth $59,154,000 after buying an additional 669,438 shares during the last quarter. 88.82% of the stock is currently owned by institutional investors.

About Exact Sciences

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.