Citigroup Lowers Exact Sciences (NASDAQ:EXAS) Price Target to $80.00

Exact Sciences (NASDAQ:EXAS) had its price target lowered by investment analysts at Citigroup from $100.00 to $80.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. Citigroup’s price target points to a potential upside of 47.74% from the company’s current price.

Several other analysts also recently weighed in on the company. Canaccord Genuity Group decreased their target price on Exact Sciences from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. William Blair reiterated an “outperform” rating on shares of Exact Sciences in a research report on Thursday, February 22nd. Finally, TheStreet downgraded Exact Sciences from a “c-” rating to a “d+” rating in a research report on Monday, February 26th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Exact Sciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.40.

Exact Sciences Stock Down 9.0 %

Shares of EXAS traded down $5.33 during trading hours on Thursday, hitting $54.15. 10,687,198 shares of the company were exchanged, compared to its average volume of 2,383,032. The company has a market cap of $9.96 billion, a PE ratio of -48.03 and a beta of 1.26. The firm’s 50 day moving average is $63.64 and its 200-day moving average is $64.66. Exact Sciences has a 52 week low of $52.25 and a 52 week high of $100.77. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.07 and a current ratio of 2.32.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Wednesday, February 21st. The medical research company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.26. The company had revenue of $646.89 million during the quarter, compared to the consensus estimate of $638.83 million. Exact Sciences had a negative return on equity of 6.60% and a negative net margin of 8.17%. The firm’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.72) EPS. On average, equities research analysts forecast that Exact Sciences will post -0.86 EPS for the current fiscal year.

Insider Activity at Exact Sciences

In related news, EVP Sarah Condella sold 965 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $61.43, for a total transaction of $59,279.95. Following the completion of the sale, the executive vice president now directly owns 70,489 shares of the company’s stock, valued at approximately $4,330,139.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Exact Sciences news, insider Jacob A. Orville sold 966 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $61.43, for a total value of $59,341.38. Following the transaction, the insider now directly owns 7,488 shares in the company, valued at approximately $459,987.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sarah Condella sold 965 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $61.43, for a total value of $59,279.95. Following the completion of the transaction, the executive vice president now owns 70,489 shares in the company, valued at $4,330,139.27. The disclosure for this sale can be found here. Insiders sold 70,611 shares of company stock valued at $4,255,377 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EXAS. Wolff Wiese Magana LLC boosted its position in shares of Exact Sciences by 459.5% in the 4th quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock worth $31,000 after purchasing an additional 340 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Exact Sciences by 65.6% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 452 shares of the medical research company’s stock worth $31,000 after purchasing an additional 179 shares during the last quarter. Able Wealth Management LLC bought a new position in shares of Exact Sciences in the 4th quarter worth $45,000. Cullen Frost Bankers Inc. boosted its position in shares of Exact Sciences by 40.0% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 700 shares of the medical research company’s stock worth $48,000 after purchasing an additional 200 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its position in shares of Exact Sciences by 29.5% in the 3rd quarter. Valley National Advisers Inc. now owns 773 shares of the medical research company’s stock worth $53,000 after purchasing an additional 176 shares during the last quarter. 88.82% of the stock is currently 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.