SVB Leerink Weighs in on Exact Sciences Co.’s Q2 2023 Earnings (NASDAQ:EXAS)

Posted by Defense World Staff on Jun 26th, 2023

Exact Sciences Co. (NASDAQ:EXAS – Get Rating) – Equities researchers at SVB Leerink raised their Q2 2023 EPS estimates for Exact Sciences in a research note issued on Thursday, June 22nd. SVB Leerink analyst P. Souda now forecasts that the medical research company will post earnings of ($0.38) per share for the quarter, up from their prior estimate of ($0.50). The consensus estimate for Exact Sciences’ current full-year earnings is ($2.09) per share. SVB Leerink also issued estimates for Exact Sciences’ FY2023 earnings at ($1.71) EPS and Q4 2024 earnings at ($0.12) EPS.

Exact Sciences (NASDAQ:EXAS – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The medical research company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.37. The company had revenue of $602.00 million for the quarter, compared to analyst estimates of $543.18 million. Exact Sciences had a negative net margin of 23.49% and a negative return on equity of 16.64%. Exact Sciences’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.04) earnings per share.

Several other equities analysts have also issued reports on EXAS. Robert W. Baird boosted their target price on shares of Exact Sciences from $92.00 to $99.00 in a report on Wednesday, May 10th. Stifel Nicolaus boosted their target price on shares of Exact Sciences from $85.00 to $120.00 in a report on Thursday. Benchmark boosted their target price on shares of Exact Sciences from $81.00 to $96.00 in a report on Thursday. Piper Sandler boosted their target price on shares of Exact Sciences from $70.00 to $80.00 in a report on Monday, May 15th. Finally, Citigroup boosted their target price on shares of Exact Sciences from $100.00 to $130.00 in a report on Thursday. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Exact Sciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.65.

Exact Sciences Price Performance

EXAS stock opened at $92.62 on Monday. The firm has a market cap of $16.72 billion, a price-to-earnings ratio of -31.72 and a beta of 1.39. The company has a quick ratio of 2.63, a current ratio of 2.97 and a debt-to-equity ratio of 0.77. Exact Sciences has a 12-month low of $29.27 and a 12-month high of $99.00. The company’s fifty day simple moving average is $78.92 and its 200 day simple moving average is $67.63.

Insider Transactions at Exact Sciences

In other news, General Counsel James Herriott sold 1,300 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $90.00, for a total transaction of $117,000.00. Following the completion of the sale, the general counsel now directly owns 7,264 shares of the company’s stock, valued at $653,760. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, General Counsel James Herriott sold 1,300 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $90.00, for a total transaction of $117,000.00. Following the completion of the sale, the general counsel now directly owns 7,264 shares of the company’s stock, valued at $653,760. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sarah Condella sold 1,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $67.19, for a total transaction of $67,190.00. Following the transaction, the executive vice president now owns 86,692 shares in the company, valued at $5,824,835.48. The disclosure for this sale can be found here. Insiders sold a total of 17,089 shares of company stock valued at $1,365,630 over the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Park Place Capital Corp boosted its stake in Exact Sciences by 189.2% in the first quarter. Park Place Capital Corp now owns 376 shares of the medical research company’s stock valued at $25,000 after acquiring an additional 246 shares during the last quarter. Desjardins Global Asset Management Inc. boosted its stake in Exact Sciences by 42.2% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 549 shares of the medical research company’s stock valued at $27,000 after acquiring an additional 163 shares during the last quarter. True Wealth Design LLC purchased a new position in Exact Sciences in the fourth quarter valued at about $30,000. Assetmark Inc. purchased a new position in Exact Sciences in the fourth quarter valued at about $31,000. Finally, TCI Wealth Advisors Inc. boosted its stake in Exact Sciences by 15,466.7% in the first quarter. TCI Wealth Advisors Inc. now owns 467 shares of the medical research company’s stock valued at $32,000 after acquiring an additional 464 shares during the last quarter. 90.25% of the stock is currently owned by hedge funds and other institutional investors.

Exact Sciences Company Profile

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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.