Evercore ISI Lowers Exact Sciences (NASDAQ:EXAS) Price Target to $72.00

Exact Sciences (NASDAQ:EXAS) had its price target dropped by equities research analysts at Evercore ISI from $80.00 to $72.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical research company’s stock. Evercore ISI’s price target would indicate a potential upside of 67.91% from the stock’s previous close.

EXAS has been the topic of a number of other research reports. Citigroup reduced their target price on Exact Sciences from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. BTIG Research decreased their target price on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group initiated coverage on Exact Sciences in a research note on Monday, June 3rd. They issued a “buy” rating and a $75.00 price objective for the company. Scotiabank assumed coverage on shares of Exact Sciences in a research note on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Finally, Canaccord Genuity Group lowered their price objective on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Exact Sciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.80.

Exact Sciences Price Performance

Shares of EXAS traded up $0.45 during midday trading on Tuesday, hitting $42.88. The company’s stock had a trading volume of 523,675 shares, compared to its average volume of 2,653,196. The company has a quick ratio of 1.45, a current ratio of 1.64 and a debt-to-equity ratio of 0.66. Exact Sciences has a one year low of $40.62 and a one year high of $100.77. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -32.48 and a beta of 1.22. The company’s fifty day simple moving average is $50.01 and its two-hundred day simple moving average is $59.98.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) EPS for the quarter, hitting analysts’ consensus estimates of ($0.50). Exact Sciences had a negative return on equity of 7.12% and a negative net margin of 9.48%. The firm had revenue of $637.52 million during the quarter, compared to analyst estimates of $624.95 million. As a group, equities analysts expect that Exact Sciences will post -1.15 earnings per share for the current fiscal year.

Insider Activity

In other Exact Sciences news, CEO Kevin T. Conroy sold 1,155 shares of Exact Sciences stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $60.15, for a total transaction of $69,473.25. Following the sale, the chief executive officer now owns 1,156,191 shares in the company, valued at $69,544,888.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 1,498 shares of company stock valued at $90,105 over the last 90 days. 1.36% of the stock is currently owned by company insiders.

Institutional Trading of Exact Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors grew its position in shares of Exact Sciences by 74.4% in the 1st quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock valued at $899,528,000 after purchasing an additional 5,557,168 shares during the period. Norges Bank bought a new position in Exact Sciences during the 4th quarter worth $120,308,000. Champlain Investment Partners LLC grew its holdings in shares of Exact Sciences by 175.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after purchasing an additional 1,438,010 shares in the last quarter. Iron Triangle Partners LP acquired a new stake in Exact Sciences in the first quarter valued at about $48,342,000. Finally, Jennison Associates LLC boosted its stake in shares of Exact Sciences by 94.0% during the fourth quarter. Jennison Associates LLC now owns 1,360,917 shares of the medical research company’s stock valued at $100,681,000 after purchasing an additional 659,235 shares in the last quarter. 88.82% of the stock is owned by 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.