Southport Management L.L.C. decreased its stake in EXACT Sciences Co. (NASDAQ:EXAS) by 25.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,000 shares of the medical research company’s stock after selling 5,000 shares during the period. EXACT Sciences accounts for approximately 1.9% of Southport Management L.L.C.’s holdings, making the stock its 21st largest position. Southport Management L.L.C.’s holdings in EXACT Sciences were worth $707,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in EXAS. Fortaleza Asset Management Inc. acquired a new stake in EXACT Sciences in the 2nd quarter valued at about $106,000. SG Americas Securities LLC acquired a new stake in EXACT Sciences in the 3rd quarter valued at about $183,000. Krilogy Financial LLC lifted its stake in EXACT Sciences by 1,460.0% in the 2nd quarter. Krilogy Financial LLC now owns 3,900 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 3,650 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in EXACT Sciences by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,072 shares of the medical research company’s stock valued at $144,000 after purchasing an additional 600 shares during the last quarter. Finally, Crescent Grove Advisors LLC acquired a new stake in EXACT Sciences in the 3rd quarter valued at about $200,000. Institutional investors own 82.39% of the company’s stock.
In other news, insider Graham Peter Lidgard sold 81,025 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $47.16, for a total transaction of $3,821,139.00. Following the transaction, the insider now directly owns 366,519 shares of the company’s stock, valued at $17,285,036.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP D Scott Coward sold 29,115 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $47.16, for a total transaction of $1,373,063.40. Following the transaction, the senior vice president now directly owns 64,991 shares in the company, valued at $3,064,975.56. The disclosure for this sale can be found here. Insiders have sold 473,547 shares of company stock worth $26,440,940 over the last ninety days. Insiders own 4.00% of the company’s stock.
Several brokerages recently issued reports on EXAS. Robert W. Baird downgraded shares of EXACT Sciences from an “outperform” rating to a “neutral” rating and set a $56.00 target price for the company. in a research note on Monday, November 13th. Leerink Swann reiterated an “outperform” rating and issued a $67.00 target price (up from $63.00) on shares of EXACT Sciences in a research note on Monday, November 13th. Bank of America raised their target price on shares of EXACT Sciences from $58.00 to $67.00 and gave the company a “buy” rating in a research note on Wednesday, November 29th. BTIG Research downgraded shares of EXACT Sciences from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 1st. Finally, Zacks Investment Research downgraded shares of EXACT Sciences from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $50.58.
Shares of EXACT Sciences Co. (NASDAQ EXAS) opened at $53.73 on Thursday. The company has a quick ratio of 9.98, a current ratio of 10.34 and a debt-to-equity ratio of 0.01. EXACT Sciences Co. has a 1 year low of $13.05 and a 1 year high of $63.60.
EXACT Sciences (NASDAQ:EXAS) last announced its earnings results on Monday, October 30th. The medical research company reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.07. EXACT Sciences had a negative net margin of 60.71% and a negative return on equity of 30.32%. The company had revenue of $72.60 million for the quarter, compared to analysts’ expectations of $65.03 million. During the same period last year, the firm earned ($0.36) earnings per share. The business’s revenue for the quarter was up 158.4% on a year-over-year basis. equities research analysts forecast that EXACT Sciences Co. will post -1.12 earnings per share for the current fiscal year.
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About EXACT Sciences
Exact Sciences Corporation is a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.
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