Wells Fargo & Company Begins Coverage on Exact Sciences (NASDAQ:EXAS)

Wells Fargo & Company initiated coverage on shares of Exact Sciences (NASDAQ:EXAS) in a research note issued on Tuesday, Benzinga reports. The brokerage set an “overweight” rating and a $75.00 price target on the medical research company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 25.23% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group lowered their price target on shares of Exact Sciences from $90.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, May 9th. The Goldman Sachs Group lowered their price target on shares of Exact Sciences from $88.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. BTIG Research lowered their price target on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Evercore ISI lowered their price target on shares of Exact Sciences from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Finally, Jefferies Financial Group started coverage on shares of Exact Sciences in a research note on Monday, June 3rd. They set a “buy” rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Exact Sciences presently has a consensus rating of “Moderate Buy” and an average price target of $78.50.

Exact Sciences Trading Up 0.1 %

Shares of Exact Sciences stock traded up $0.05 during trading hours on Tuesday, hitting $59.89. The company’s stock had a trading volume of 1,330,758 shares, compared to its average volume of 2,637,671. Exact Sciences has a 1-year low of $40.62 and a 1-year high of $85.71. The business has a fifty day moving average of $49.80 and a 200 day moving average of $55.32. The company has a market capitalization of $11.05 billion, a PE ratio of -45.37 and a beta of 1.22. The company has a quick ratio of 1.45, a current ratio of 2.17 and a debt-to-equity ratio of 0.73.

Exact Sciences (NASDAQ:EXAS) last released its quarterly earnings results on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.28. The business had revenue of $699.26 million during the quarter, compared to analyst estimates of $690.02 million. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned ($0.45) EPS. As a group, equities analysts forecast that Exact Sciences will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Exact Sciences

Several large investors have recently bought and sold shares of the stock. Cetera Investment Advisers increased its stake in Exact Sciences by 52.2% during the 2nd quarter. Cetera Investment Advisers now owns 163,841 shares of the medical research company’s stock valued at $6,922,000 after buying an additional 56,174 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Exact Sciences in the 2nd quarter worth approximately $84,000. Creative Planning grew its stake in shares of Exact Sciences by 17.6% in the 2nd quarter. Creative Planning now owns 33,154 shares of the medical research company’s stock worth $1,401,000 after purchasing an additional 4,954 shares during the last quarter. Scientech Research LLC acquired a new position in shares of Exact Sciences in the 2nd quarter worth approximately $346,000. Finally, Sculptor Capital LP acquired a new position in shares of Exact Sciences in the 2nd quarter worth approximately $32,819,000. Institutional investors and hedge funds own 88.82% 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.