Exact Sciences (NASDAQ:EXAS) Issues Earnings Results

Exact Sciences (NASDAQ:EXAS) posted its earnings results on Tuesday. The medical research company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.01), Briefing.com reports. The business had revenue of $708.66 million during the quarter, compared to the consensus estimate of $716.80 million. Exact Sciences had a negative return on equity of 4.97% and a negative net margin of 6.70%. Exact Sciences’s revenue for the quarter was up 12.8% compared to the same quarter last year. Exact Sciences updated its FY 2024 guidance to EPS.

Exact Sciences Price Performance

Shares of Exact Sciences stock traded down $16.29 during midday trading on Wednesday, hitting $55.22. 12,048,217 shares of the company were exchanged, compared to its average volume of 2,572,725. The firm has a 50 day simple moving average of $67.27 and a 200-day simple moving average of $56.67. Exact Sciences has a 52 week low of $40.62 and a 52 week high of $79.62. The firm has a market cap of $10.20 billion, a P/E ratio of -56.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.17 and a quick ratio of 1.98.

Insiders Place Their Bets

In other news, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $70.00, for a total value of $65,030.00. Following the sale, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.36% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Stifel Nicolaus reduced their price target on Exact Sciences from $82.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company started coverage on Exact Sciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 target price for the company. Craig Hallum lowered their price target on Exact Sciences from $82.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. Sanford C. Bernstein upped their price objective on shares of Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Robert W. Baird lowered their target price on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.06.

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.