Exact Sciences (NASDAQ:EXAS) Price Target Cut to $70.00 by Analysts at Piper Sandler

Exact Sciences (NASDAQ:EXAS) had its price objective lowered by research analysts at Piper Sandler from $75.00 to $70.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s price target would indicate a potential upside of 43.99% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Citigroup cut their target price on shares of Exact Sciences from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Jefferies Financial Group increased their price target on Exact Sciences from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group cut their target price on Exact Sciences from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Bank of America cut their price objective on shares of Exact Sciences from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Finally, The Goldman Sachs Group dropped their price objective on shares of Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average price target of $71.94.

Exact Sciences Price Performance

EXAS traded down $1.57 during midday trading on Wednesday, hitting $48.62. The stock had a trading volume of 782,285 shares, compared to its average volume of 2,287,836. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.93 and a current ratio of 2.15. The company has a market cap of $9.03 billion, a P/E ratio of -8.75 and a beta of 1.24. Exact Sciences has a 1 year low of $40.62 and a 1 year high of $79.62. The business has a fifty day moving average of $54.52 and a 200 day moving average of $59.95.

Exact Sciences (NASDAQ:EXAS) last announced its quarterly earnings data on Wednesday, February 19th. The medical research company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.23. Exact Sciences had a negative net margin of 37.29% and a negative return on equity of 5.29%. The company had revenue of $713.42 million for the quarter, compared to the consensus estimate of $701.45 million. As a group, equities analysts forecast that Exact Sciences will post -0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Exact Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AMF Tjanstepension AB acquired a new stake in shares of Exact Sciences during the third quarter worth $724,000. International Assets Investment Management LLC purchased a new position in shares of Exact Sciences during the 3rd quarter worth approximately $11,257,000. Ballentine Partners LLC purchased a new stake in shares of Exact Sciences in the third quarter valued at approximately $232,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Exact Sciences during the third quarter worth $49,000. Finally, Forsta AP Fonden purchased a new position in Exact Sciences in the third quarter worth $2,643,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.

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.