Formula Growth Ltd. lifted its stake in EXACT Sciences Co. (NASDAQ:EXAS) by 30.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,500 shares of the medical research company’s stock after buying an additional 10,000 shares during the period. Formula Growth Ltd.’s holdings in EXACT Sciences were worth $2,541,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Asymmetry Capital Management L.P. grew its position in shares of EXACT Sciences by 229.2% in the 2nd quarter. Asymmetry Capital Management L.P. now owns 84,937 shares of the medical research company’s stock valued at $5,078,000 after buying an additional 59,134 shares during the last quarter. Sit Investment Associates Inc. grew its position in shares of EXACT Sciences by 24.3% in the 2nd quarter. Sit Investment Associates Inc. now owns 33,300 shares of the medical research company’s stock valued at $1,991,000 after buying an additional 6,500 shares during the last quarter. Hartford Investment Management Co. purchased a new position in shares of EXACT Sciences in the 2nd quarter valued at $202,000. Swiss National Bank grew its position in shares of EXACT Sciences by 1.4% in the 2nd quarter. Swiss National Bank now owns 210,619 shares of the medical research company’s stock valued at $12,593,000 after buying an additional 3,000 shares during the last quarter. Finally, Gofen & Glossberg LLC IL purchased a new position in shares of EXACT Sciences in the 2nd quarter valued at $469,000. 86.35% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP D Scott Coward sold 2,135 shares of the stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $59.10, for a total transaction of $126,178.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas D. Carey sold 3,427 shares of the stock in a transaction on Monday, July 30th. The stock was sold at an average price of $58.86, for a total transaction of $201,713.22. Following the sale, the director now owns 48,983 shares of the company’s stock, valued at approximately $2,883,139.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,014 shares of company stock valued at $1,031,717. 3.20% of the stock is owned by company insiders.
A number of research analysts recently commented on EXAS shares. Leerink Swann reaffirmed an “outperform” rating and issued a $76.00 target price (up from $67.00) on shares of EXACT Sciences in a research report on Wednesday, July 18th. BTIG Research reaffirmed a “buy” rating on shares of EXACT Sciences in a research report on Tuesday, June 5th. BidaskClub downgraded shares of EXACT Sciences from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Zacks Investment Research raised shares of EXACT Sciences from a “sell” rating to a “hold” rating in a research report on Monday, June 4th. Finally, Jefferies Financial Group dropped their target price on shares of EXACT Sciences from $60.00 to $57.00 and set a “buy” rating on the stock in a research report on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $76.55.
Shares of NASDAQ:EXAS opened at $75.80 on Thursday. The company has a quick ratio of 15.37, a current ratio of 15.79 and a debt-to-equity ratio of 0.87. EXACT Sciences Co. has a 1-year low of $37.36 and a 1-year high of $80.35.
EXACT Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Wednesday, August 1st. The medical research company reported ($0.30) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.03. The firm had revenue of $102.89 million during the quarter, compared to analysts’ expectations of $104.40 million. EXACT Sciences had a negative net margin of 35.24% and a negative return on equity of 20.10%. EXACT Sciences’s quarterly revenue was up 78.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) EPS. equities analysts forecast that EXACT Sciences Co. will post -1.35 EPS for the current year.
About EXACT Sciences
Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States. The company offers Cologuard, a non-invasive stool-based DNA screening test for the early detection of colorectal cancer and pre-cancer.
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