Bayesian Capital Management LP Raises Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Bayesian Capital Management LP grew its holdings in Exact Sciences Co. (NASDAQ:EXAS) by 9.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,120 shares of the medical research company’s stock after buying an additional 1,900 shares during the quarter. Bayesian Capital Management LP’s holdings in Exact Sciences were worth $1,597,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Exact Sciences by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,740,092 shares of the medical research company’s stock valued at $1,225,131,000 after acquiring an additional 180,341 shares during the period. Capital World Investors lifted its stake in shares of Exact Sciences by 74.4% in the first quarter. Capital World Investors now owns 13,025,313 shares of the medical research company’s stock valued at $899,528,000 after purchasing an additional 5,557,168 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Exact Sciences by 12.8% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,470,278 shares of the medical research company’s stock worth $330,711,000 after buying an additional 508,764 shares in the last quarter. Champlain Investment Partners LLC grew its position in Exact Sciences by 175.3% during the first quarter. Champlain Investment Partners LLC now owns 2,258,235 shares of the medical research company’s stock worth $155,954,000 after buying an additional 1,438,010 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Exact Sciences by 11.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,858,380 shares of the medical research company’s stock valued at $137,483,000 after acquiring an additional 192,372 shares during the period. 88.82% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Trading Up 2.2 %

EXAS traded up $1.02 during trading on Tuesday, hitting $46.58. The company’s stock had a trading volume of 3,058,700 shares, compared to its average volume of 2,645,072. Exact Sciences Co. has a twelve month low of $40.62 and a twelve month high of $98.89. The stock has a market cap of $8.60 billion, a PE ratio of -34.77 and a beta of 1.22. The firm’s 50 day moving average price is $45.44 and its 200-day moving average price is $56.44. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.64 and a quick ratio of 1.45.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings data on Wednesday, May 8th. The medical research company reported ($0.50) EPS for the quarter, meeting analysts’ consensus estimates of ($0.50). Exact Sciences had a negative return on equity of 7.12% and a negative net margin of 9.48%. The business had revenue of $637.52 million during the quarter, compared to the consensus estimate of $624.95 million. On average, analysts expect that Exact Sciences Co. will post -1.17 earnings per share for the current year.

Insider Activity

In other news, CEO Kevin T. Conroy sold 1,155 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.15, for a total value of $69,473.25. Following the transaction, the chief executive officer now directly owns 1,156,191 shares in the company, valued at approximately $69,544,888.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 1,498 shares of company stock valued at $90,105 in the last ninety days. Company insiders own 1.36% of the company’s stock.

Analysts Set New Price Targets

EXAS has been the topic of a number of research reports. Evercore ISI lowered their price target on Exact Sciences from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Jefferies Financial Group started coverage on Exact Sciences in a report on Monday, June 3rd. They issued a “buy” rating and a $75.00 target price on the stock. Canaccord Genuity Group cut their price target on Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Scotiabank assumed coverage on shares of Exact Sciences in a research report on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Finally, Citigroup dropped their target price on shares of Exact Sciences from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.80.

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.