Exact Sciences (NASDAQ:EXAS) Releases Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Exact Sciences (NASDAQ:EXAS) announced its earnings results on Friday. The medical research company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.29), FiscalAI reports. Exact Sciences had a positive return on equity of 1.67% and a negative net margin of 32.01%.The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS.

Exact Sciences Price Performance

Shares of EXAS opened at $103.24 on Friday. The business’s fifty day moving average is $102.10 and its 200 day moving average is $75.56. Exact Sciences has a 12-month low of $38.81 and a 12-month high of $103.54. The company has a quick ratio of 2.44, a current ratio of 2.72 and a debt-to-equity ratio of 0.93. The stock has a market cap of $19.70 billion, a P/E ratio of -19.41, a P/E/G ratio of 2.44 and a beta of 1.42.

Analyst Ratings Changes

Several research analysts have recently weighed in on EXAS shares. Wells Fargo & Company reissued an “equal weight” rating and issued a $105.00 price objective (up from $85.00) on shares of Exact Sciences in a research report on Thursday, November 20th. Wall Street Zen downgraded Exact Sciences from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. BTIG Research cut Exact Sciences from a “buy” rating to a “neutral” rating in a report on Thursday, November 20th. Piper Sandler lowered shares of Exact Sciences from an “overweight” rating to a “hold” rating and set a $105.00 price objective for the company. in a research note on Monday, November 24th. Finally, Guggenheim lowered shares of Exact Sciences from a “buy” rating to a “neutral” rating in a research note on Thursday, November 20th. Two research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Exact Sciences has an average rating of “Hold” and a consensus target price of $89.56.

Insider Buying and Selling

In other Exact Sciences news, EVP Jacob A. Orville sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $75.00, for a total value of $375,000.00. Following the transaction, the executive vice president directly owned 23,237 shares of the company’s stock, valued at approximately $1,742,775. This trade represents a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Exact Sciences

Several large investors have recently added to or reduced their stakes in EXAS. Ameriprise Financial Inc. raised its stake in shares of Exact Sciences by 105.8% in the third quarter. Ameriprise Financial Inc. now owns 4,493,085 shares of the medical research company’s stock worth $245,802,000 after purchasing an additional 2,310,139 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Exact Sciences by 31.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,909,501 shares of the medical research company’s stock worth $213,889,000 after buying an additional 939,888 shares in the last quarter. Norges Bank purchased a new stake in Exact Sciences in the 4th quarter valued at $348,425,000. Geode Capital Management LLC raised its position in Exact Sciences by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 3,331,580 shares of the medical research company’s stock valued at $338,432,000 after buying an additional 19,753 shares during the last quarter. Finally, Holocene Advisors LP lifted its stake in Exact Sciences by 27.0% during the 3rd quarter. Holocene Advisors LP now owns 2,725,390 shares of the medical research company’s stock valued at $149,106,000 after acquiring an additional 580,209 shares in the last quarter. Institutional investors own 88.82% of the company’s stock.

Exact Sciences Company Profile

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.