Citigroup Lowers Exact Sciences (NASDAQ:EXAS) Price Target to $80.00

Exact Sciences (NASDAQ:EXAS) had its price target reduced by analysts at Citigroup from $100.00 to $80.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the medical research company’s stock. Citigroup’s price objective would suggest a potential upside of 47.74% from the company’s current price.

A number of other brokerages have also commented on EXAS. TheStreet lowered Exact Sciences from a “c-” rating to a “d+” rating in a research note on Monday, February 26th. William Blair reaffirmed an “outperform” rating on shares of Exact Sciences in a research note on Thursday, February 22nd. Finally, Canaccord Genuity Group lowered their price objective on Exact Sciences from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.40.

Exact Sciences Trading Down 9.0 %

Shares of NASDAQ:EXAS traded down $5.33 during trading on Thursday, reaching $54.15. 10,687,198 shares of the company traded hands, compared to its average volume of 2,383,032. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of -48.03 and a beta of 1.26. Exact Sciences has a 52-week low of $52.25 and a 52-week high of $100.77. The company has a current ratio of 2.32, a quick ratio of 2.07 and a debt-to-equity ratio of 0.74. The business’s fifty day moving average is $63.64 and its 200-day moving average is $64.66.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings data on Wednesday, February 21st. The medical research company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.26. Exact Sciences had a negative return on equity of 6.60% and a negative net margin of 8.17%. The firm had revenue of $646.89 million during the quarter, compared to analyst estimates of $638.83 million. During the same quarter in the prior year, the firm posted ($0.72) earnings per share. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, analysts forecast that Exact Sciences will post -0.86 EPS for the current year.

Insider Activity

In related news, General Counsel James Herriott sold 421 shares of Exact Sciences stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $61.43, for a total value of $25,862.03. Following the completion of the sale, the general counsel now directly owns 6,494 shares in the company, valued at approximately $398,926.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, General Counsel James Herriott sold 421 shares of Exact Sciences stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $61.43, for a total value of $25,862.03. Following the completion of the sale, the general counsel now directly owns 6,494 shares in the company, valued at approximately $398,926.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director D Scott Coward sold 706 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $61.50, for a total value of $43,419.00. Following the sale, the director now owns 43,122 shares of the company’s stock, valued at $2,652,003. The disclosure for this sale can be found here. Insiders sold 70,611 shares of company stock worth $4,255,377 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Raymond James & Associates lifted its holdings in Exact Sciences by 4.3% in the 3rd quarter. Raymond James & Associates now owns 59,495 shares of the medical research company’s stock worth $4,059,000 after purchasing an additional 2,435 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Exact Sciences by 32.4% in the 3rd quarter. Mackenzie Financial Corp now owns 13,070 shares of the medical research company’s stock worth $857,000 after purchasing an additional 3,200 shares in the last quarter. Strs Ohio lifted its holdings in Exact Sciences by 8.7% in the 3rd quarter. Strs Ohio now owns 23,282 shares of the medical research company’s stock worth $1,588,000 after purchasing an additional 1,864 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in Exact Sciences by 0.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 37,882 shares of the medical research company’s stock worth $2,584,000 after purchasing an additional 339 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Exact Sciences by 55.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,097 shares of the medical research company’s stock worth $1,166,000 after purchasing an additional 6,086 shares in the last quarter. 88.82% of the stock is owned by hedge funds and other institutional investors.

Exact Sciences Company 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.