Jennison Associates LLC Has $60.26 Million Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Jennison Associates LLC trimmed its holdings in Exact Sciences Co. (NASDAQ:EXAS) by 3.4% in the third quarter, Holdings Channel reports. The fund owned 884,659 shares of the medical research company’s stock after selling 30,775 shares during the period. Jennison Associates LLC’s holdings in Exact Sciences were worth $60,263,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Huntington National Bank lifted 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 valued at $27,000 after purchasing an additional 352 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Exact Sciences during the 2nd quarter worth approximately $29,000. Capital Performance Advisors LLP bought a new position in Exact Sciences in the third quarter valued at approximately $35,000. Vestor Capital LLC bought a new position in Exact Sciences in the third quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Exact Sciences in the third quarter valued at approximately $47,000. 88.82% of the stock is currently owned by institutional investors.

Exact Sciences Trading Down 2.3 %

Shares of NASDAQ:EXAS opened at $52.70 on Thursday. Exact Sciences Co. has a 52-week low of $40.62 and a 52-week high of $79.62. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.93 and a current ratio of 2.12. The company has a market capitalization of $9.75 billion, a P/E ratio of -45.04 and a beta of 1.27. The company has a 50-day simple moving average of $65.32 and a 200 day simple moving average of $55.99.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EXAS. Citigroup dropped their price objective on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Robert W. Baird cut their price target on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Piper Sandler decreased their price objective on Exact Sciences from $85.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Sanford C. Bernstein boosted their target price on Exact Sciences from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group raised their price target on shares of Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research 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 price target of $74.47.

Insider Buying and Selling at Exact Sciences

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

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.