Piper Sandler Has Lowered Expectations for Exact Sciences (NASDAQ:EXAS) Stock Price

Exact Sciences (NASDAQ:EXAS) had its price objective reduced by Piper Sandler from $85.00 to $75.00 in a research report sent to investors on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the medical research company’s stock.

Several other research analysts have also weighed in on the company. Wells Fargo & Company began coverage on Exact Sciences in a research report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 price target on the stock. The Goldman Sachs Group cut their price target on shares of Exact Sciences from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Raymond James restated a “market perform” rating on shares of Exact Sciences in a research note on Thursday, September 26th. Stifel Nicolaus cut their target price on shares of Exact Sciences from $82.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Evercore ISI lowered their price target on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.47.

Exact Sciences Price Performance

Shares of EXAS opened at $50.93 on Monday. The company has a 50 day moving average of $66.02 and a 200-day moving average of $56.27. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $9.43 billion, a P/E ratio of -43.53 and a beta of 1.27. Exact Sciences has a twelve month low of $40.62 and a twelve month high of $79.62.

Exact Sciences (NASDAQ:EXAS) last issued its quarterly earnings results on Tuesday, November 5th. The medical research company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.01). Exact Sciences had a negative net margin of 7.95% and a negative return on equity of 6.17%. The business had revenue of $708.66 million during the quarter, compared to analyst estimates of $716.80 million. The company’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts forecast that Exact Sciences will post -1.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kevin T. Conroy bought 19,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was bought at an average cost of $51.35 per share, for a total transaction of $1,001,325.00. Following the transaction, the chief executive officer now owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. This represents a 1.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Baranick sold 929 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total transaction of $65,030.00. Following the sale, the executive vice president now owns 12,758 shares in the company, valued at $893,060. This represents a 6.79 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Exact Sciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXAS. Huntington National Bank raised its holdings in shares of Exact Sciences by 838.1% during the 3rd quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock worth $27,000 after buying an additional 352 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Exact Sciences in the second quarter worth about $29,000. RPg Family Wealth Advisory LLC bought a new position in shares of Exact Sciences in the third quarter worth about $34,000. Capital Performance Advisors LLP bought a new stake in shares of Exact Sciences during the 3rd quarter valued at approximately $35,000. Finally, Vestor Capital LLC acquired a new position in Exact Sciences during the 3rd quarter worth approximately $46,000. 88.82% of the stock is currently owned by institutional investors.

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.