Sumitomo Mitsui Trust Group Inc. Sells 92,841 Shares of Exact Sciences Co. (NASDAQ:EXAS)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Exact Sciences Co. (NASDAQ:EXAS) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,049,935 shares of the medical research company’s stock after selling 92,841 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.57% of Exact Sciences worth $71,522,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in Exact Sciences during the 2nd quarter worth $29,000. Capital Performance Advisors LLP bought a new position in Exact Sciences in the third quarter valued at about $35,000. Vestor Capital LLC acquired a new stake in Exact Sciences in the third quarter worth about $46,000. V Square Quantitative Management LLC bought a new stake in Exact Sciences during the 3rd quarter worth about $47,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Exact Sciences by 92.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 708 shares of the medical research company’s stock valued at $49,000 after purchasing an additional 340 shares during the last quarter. 88.82% of the stock is owned by institutional investors.

Insider Buying and Selling at Exact Sciences

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

Exact Sciences Stock Performance

Shares of EXAS stock opened at $50.93 on Friday. The firm has a market cap of $9.43 billion, a PE ratio of -43.53 and a beta of 1.27. Exact Sciences Co. has a 12 month low of $40.62 and a 12 month high of $79.62. The company’s fifty day simple moving average is $66.02 and its 200-day simple moving average is $56.27. The company has a quick ratio of 1.93, a current ratio of 2.12 and a debt-to-equity ratio of 0.72.

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

Wall Street Analyst Weigh In

Several analysts have commented on EXAS shares. Raymond James reiterated a “market perform” rating on shares of Exact Sciences in a research report on Thursday, September 26th. Robert W. Baird cut their target price on Exact Sciences from $70.00 to $67.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Sanford C. Bernstein boosted 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. The Goldman Sachs Group cut their price target on shares of Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group lifted their price objective 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 investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $74.47.

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.