Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Boosts Stake in Exact Sciences Co. (NASDAQ:EXAS)

Posted by on May 6th, 2023

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS – Get Rating) by 19.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,074 shares of the medical research company’s stock after buying an additional 9,624 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Exact Sciences were worth $2,896,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Signaturefd LLC boosted its holdings in shares of Exact Sciences by 17.7% in the 4th quarter. Signaturefd LLC now owns 1,126 shares of the medical research company’s stock worth $56,000 after purchasing an additional 169 shares in the last quarter. Moody National Bank Trust Division boosted its holdings in shares of Exact Sciences by 3.2% in the 4th quarter. Moody National Bank Trust Division now owns 7,824 shares of the medical research company’s stock worth $387,000 after purchasing an additional 244 shares in the last quarter. WoodTrust Financial Corp boosted its holdings in shares of Exact Sciences by 1.6% in the 4th quarter. WoodTrust Financial Corp now owns 15,687 shares of the medical research company’s stock worth $777,000 after purchasing an additional 250 shares in the last quarter. Silvant Capital Management LLC boosted its holdings in Exact Sciences by 1.7% during the 4th quarter. Silvant Capital Management LLC now owns 16,278 shares of the medical research company’s stock valued at $806,000 after acquiring an additional 270 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in Exact Sciences by 4.6% during the 1st quarter. Panagora Asset Management Inc. now owns 7,281 shares of the medical research company’s stock valued at $509,000 after acquiring an additional 323 shares during the period. 90.30% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Stock Up 2.4 %

Shares of NASDAQ:EXAS opened at $67.30 on Friday. Exact Sciences Co. has a 52-week low of $29.27 and a 52-week high of $72.18. The firm has a market capitalization of $11.99 billion, a P/E ratio of -19.01 and a beta of 1.41. The stock has a 50 day moving average price of $65.21 and a 200-day moving average price of $56.29. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.09 and a current ratio of 2.38.

Exact Sciences (NASDAQ:EXAS – Get Rating) last announced its earnings results on Tuesday, February 21st. The medical research company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.18. Exact Sciences had a negative return on equity of 19.76% and a negative net margin of 29.92%. The firm had revenue of $553.00 million during the quarter, compared to analyst estimates of $525.61 million. During the same quarter in the prior year, the company earned ($1.28) EPS. The business’s revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Exact Sciences Co. will post -2.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sarah Condella sold 954 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $65.59, for a total value of $62,572.86. Following the sale, the executive vice president now owns 85,166 shares in the company, valued at approximately $5,586,037.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Sarah Condella sold 954 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $65.59, for a total value of $62,572.86. Following the sale, the executive vice president now owns 85,166 shares in the company, valued at approximately $5,586,037.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel James Herriott sold 400 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $65.59, for a total value of $26,236.00. Following the completion of the sale, the general counsel now owns 9,095 shares in the company, valued at approximately $596,541.05. The disclosure for this sale can be found here. Insiders have sold 63,126 shares of company stock worth $3,986,556 in the last 90 days. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on EXAS shares. Canaccord Genuity Group increased their target price on Exact Sciences from $70.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, February 22nd. Cowen upped their price target on Exact Sciences from $56.00 to $76.00 and gave the company an “outperform” rating in a research report on Wednesday, February 22nd. Citigroup raised Exact Sciences from a “neutral” rating to a “buy” rating and upped their price target for the company from $70.00 to $90.00 in a research report on Thursday, March 9th. Credit Suisse Group reaffirmed a “neutral” rating and set a $70.00 price target on shares of Exact Sciences in a research report on Wednesday, February 22nd. Finally, Piper Sandler upped their price target on Exact Sciences from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, March 3rd. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Exact Sciences currently has an average rating of “Moderate Buy” and a consensus price target of $73.29.

About Exact Sciences

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EXACT Sciences Corp. is a cancer screening and diagnostics company. The firm focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer and Oncotype DX. The company was founded on February 10, 1995, and is headquartered in Madison, WI.

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Institutional Ownership by Quarter for Exact Sciences (NASDAQ:EXAS)

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