Exact Sciences (NASDAQ:EXAS) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Exact Sciences (NASDAQ:EXAS) released its earnings results on Tuesday. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01), Briefing.com reports. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Exact Sciences updated its FY 2024 guidance to EPS.

Exact Sciences Trading Down 22.8 %

EXAS traded down $16.29 during trading on Wednesday, reaching $55.22. The company had a trading volume of 12,048,217 shares, compared to its average volume of 2,572,725. The firm’s 50-day simple moving average is $67.27 and its 200 day simple moving average is $56.67. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.98 and a current ratio of 2.17. The company has a market cap of $10.20 billion, a price-to-earnings ratio of -56.71 and a beta of 1.27. Exact Sciences has a 12-month low of $40.62 and a 12-month high of $79.62.

Insider Activity at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total transaction of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EXAS. Sanford C. Bernstein increased their target price on Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Craig Hallum reduced their target price on shares of Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their price target on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. Finally, Wells Fargo & Company assumed coverage on Exact Sciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price on the stock. One research analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.06.

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.