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

Cinctive Capital Management LP raised its stake in shares of Exact Sciences Co. (NASDAQ:EXAS) by 1,220.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,351 shares of the medical research company’s stock after acquiring an additional 103,841 shares during the period. Cinctive Capital Management LP’s holdings in Exact Sciences were worth $6,313,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of EXAS. Thompson Investment Management Inc. lifted its position in shares of Exact Sciences by 17.8% during the fourth quarter. Thompson Investment Management Inc. now owns 241,774 shares of the medical research company’s stock valued at $13,585,000 after purchasing an additional 36,505 shares in the last quarter. Zacks Investment Management purchased a new stake in Exact Sciences in the 3rd quarter valued at about $2,083,000. Harbor Capital Advisors Inc. lifted its position in shares of Exact Sciences by 35.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 95,827 shares of the medical research company’s stock worth $5,385,000 after buying an additional 24,992 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Exact Sciences by 32.2% in the 4th quarter. Jones Financial Companies Lllp now owns 9,508 shares of the medical research company’s stock worth $534,000 after buying an additional 2,315 shares during the last quarter. Finally, Pier Capital LLC bought a new position in shares of Exact Sciences in the third quarter valued at approximately $5,520,000. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Stock Performance

Exact Sciences stock opened at $43.45 on Wednesday. The firm’s 50 day simple moving average is $49.33 and its 200 day simple moving average is $57.43. The company has a current ratio of 2.15, a quick ratio of 1.93 and a debt-to-equity ratio of 0.97. Exact Sciences Co. has a 1-year low of $40.62 and a 1-year high of $79.62. The firm has a market capitalization of $8.07 billion, a PE ratio of -7.80 and a beta of 1.25.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.23. The company had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. Exact Sciences had a negative return on equity of 5.29% and a negative net margin of 37.29%. As a group, analysts expect that Exact Sciences Co. will post -0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank of Canada assumed coverage on Exact Sciences in a research report on Thursday, March 13th. They issued a “sector perform” rating and a $52.00 price objective on the stock. William Blair reissued an “outperform” rating on shares of Exact Sciences in a report on Thursday, February 20th. Benchmark restated a “buy” rating and set a $65.00 price objective on shares of Exact Sciences in a report on Monday, January 13th. Bank of America dropped their target price on shares of Exact Sciences from $72.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Finally, Guggenheim set a $60.00 price target on shares of Exact Sciences and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Exact Sciences has an average rating of “Moderate Buy” and an average price target of $70.26.

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.