Bank of America Cuts Exact Sciences (NASDAQ:EXAS) Price Target to $72.00

Exact Sciences (NASDAQ:EXAS) had its target price lowered by Bank of America from $75.00 to $72.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

Other equities analysts also recently issued reports about the company. Raymond James restated a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. Citigroup lowered their price target on Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. BTIG Research increased their price objective on shares of Exact Sciences from $65.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Canaccord Genuity Group lowered their target price on shares of Exact Sciences from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Robert W. Baird cut their target price on shares of Exact Sciences from $70.00 to $67.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.94.

Exact Sciences Stock Performance

Shares of EXAS opened at $61.25 on Friday. Exact Sciences has a one year low of $40.62 and a one year high of $79.62. The business has a fifty day moving average of $62.73 and a 200 day moving average of $56.87. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.93. The firm has a market capitalization of $11.34 billion, a P/E ratio of -52.35 and a beta of 1.24.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The business had revenue of $708.66 million for the quarter, compared to analysts’ expectations of $716.80 million. Exact Sciences had a negative return on equity of 6.17% and a negative net margin of 7.95%. The company’s revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Exact Sciences will post -1.13 EPS for the current year.

Insider Buying and Selling at Exact Sciences

In related news, CEO Kevin T. Conroy acquired 19,500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost 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 owns 1,074,191 shares in the company, valued at $55,159,707.85. This represents a 1.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total transaction of $65,030.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Exact Sciences

Institutional investors have recently modified their holdings of the stock. Huntington National Bank grew its holdings 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 worth $27,000 after purchasing an additional 352 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in Exact Sciences during the 2nd quarter worth approximately $29,000. RPg Family Wealth Advisory LLC acquired a new position in Exact Sciences during the third quarter worth approximately $34,000. Capital Performance Advisors LLP purchased a new stake in Exact Sciences in the third quarter valued at approximately $35,000. Finally, Vestor Capital LLC acquired a new stake in shares of Exact Sciences in the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

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.