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

Jennison Associates LLC reduced its stake in Exact Sciences Co. (NASDAQ:EXAS) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 884,659 shares of the medical research company’s stock after selling 30,775 shares during the quarter. Jennison Associates LLC owned approximately 0.48% of Exact Sciences worth $60,263,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Huntington National Bank raised its holdings in Exact Sciences by 838.1% in the 3rd quarter. Huntington National Bank now owns 394 shares of the medical research company’s stock worth $27,000 after acquiring an additional 352 shares during the period. Itau Unibanco Holding S.A. bought a new stake in Exact Sciences in the 2nd quarter valued at $29,000. Capital Performance Advisors LLP acquired a new stake in Exact Sciences in the 3rd quarter worth $35,000. Vestor Capital LLC bought a new position in shares of Exact Sciences during the 3rd quarter worth about $46,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Exact Sciences during the third quarter valued at about $47,000. Institutional investors own 88.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EXAS. Evercore ISI lowered their price target on Exact Sciences from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Raymond James restated a “market perform” rating on shares of Exact Sciences in a research note on Thursday, September 26th. Craig Hallum decreased their price target on shares of Exact Sciences from $82.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Wells Fargo & Company began coverage on shares of Exact Sciences in a report on Tuesday, August 27th. They issued an “overweight” rating and a $75.00 price target on the stock. Finally, Jefferies Financial Group raised their price objective on shares of Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.47.

Exact Sciences Price Performance

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

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

Insider Buying and Selling at Exact Sciences

In related news, CEO Kevin T. Conroy bought 19,500 shares of the business’s stock in a transaction on 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 completion of the purchase, the chief executive officer now owns 1,074,191 shares of the company’s stock, valued at $55,159,707.85. This represents a 1.85 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brian Baranick sold 929 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares of the company’s stock, valued at $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.

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.