Exact Sciences Corporation (EXAS) Sees Significant Decline in Short Interest

Exact Sciences Corporation (NASDAQ:EXAS) was the target of a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 24,493,802 shares, a decrease of 11.4% from the May 15th total of 27,657,749 shares. Approximately 22.5% of the shares of the stock are sold short. Based on an average daily volume of 3,154,818 shares, the days-to-cover ratio is presently 7.8 days.

In other Exact Sciences Corporation news, SVP D Scott Coward sold 1,543 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $23.74, for a total value of $36,630.82. Following the completion of the transaction, the senior vice president now directly owns 55,478 shares in the company, valued at approximately $1,317,047.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.60% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the company. Cantab Capital Partners LLP raised its position in Exact Sciences Corporation by 5,352.2% in the fourth quarter. Cantab Capital Partners LLP now owns 7,524 shares of the medical research company’s stock worth $101,000 after buying an additional 7,386 shares during the period. Massmutual Trust Co. FSB ADV bought a new position in Exact Sciences Corporation during the fourth quarter worth $134,000. Intellectus Partners LLC bought a new position in Exact Sciences Corporation during the fourth quarter worth $134,000. Raymond James Financial Services Advisors Inc. bought a new position in Exact Sciences Corporation during the fourth quarter worth $192,000. Finally, Botty Investors LLC bought a new position in Exact Sciences Corporation during the first quarter worth $200,000. 91.04% of the stock is currently owned by institutional investors.

Shares of Exact Sciences Corporation (NASDAQ:EXAS) opened at 32.27 on Friday. The company’s 50-day moving average price is $33.32 and its 200 day moving average price is $22.81. Exact Sciences Corporation has a 12-month low of $9.91 and a 12-month high of $38.92. The stock’s market cap is $3.59 billion.

Exact Sciences Corporation (NASDAQ:EXAS) last released its quarterly earnings data on Thursday, April 27th. The medical research company reported ($0.32) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.09. The company had revenue of $48.36 million for the quarter, compared to analyst estimates of $37.38 million. Exact Sciences Corporation had a negative return on equity of 49.24% and a negative net margin of 116.39%. The firm’s revenue for the quarter was up 225.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.49) earnings per share. On average, equities analysts predict that Exact Sciences Corporation will post ($1.34) earnings per share for the current year.

Several research analysts have weighed in on EXAS shares. Zacks Investment Research downgraded Exact Sciences Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, April 25th. Canaccord Genuity restated a “buy” rating and issued a $27.00 price target on shares of Exact Sciences Corporation in a research note on Monday, April 24th. Benchmark Co. upgraded Exact Sciences Corporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $17.00 to $27.00 in a research note on Tuesday, February 21st. Vetr upgraded Exact Sciences Corporation from a “buy” rating to a “strong-buy” rating and set a $36.39 price target for the company in a research note on Tuesday. Finally, Craig Hallum set a $28.00 price target on Exact Sciences Corporation and gave the stock a “buy” rating in a research note on Monday, March 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $31.96.

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About Exact Sciences Corporation

Exact Sciences Corporation is a molecular diagnostics company. The Company 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. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer.

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