IMA Wealth Inc. Cuts Stake in Exact Sciences Co. (NASDAQ:EXAS)

IMA Wealth Inc. lowered its position in shares of Exact Sciences Co. (NASDAQ:EXAS) by 7.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,504 shares of the medical research company’s stock after selling 2,569 shares during the quarter. Exact Sciences accounts for 1.2% of IMA Wealth Inc.’s investment portfolio, making the stock its 28th largest holding. IMA Wealth Inc.’s holdings in Exact Sciences were worth $2,479,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wolff Wiese Magana LLC grew its stake in shares of Exact Sciences by 459.5% during the 4th quarter. Wolff Wiese Magana LLC now owns 414 shares of the medical research company’s stock worth $31,000 after purchasing an additional 340 shares during the period. BluePath Capital Management LLC acquired a new position in shares of Exact Sciences during the 3rd quarter worth $33,000. Cullen Frost Bankers Inc. grew its stake in shares of Exact Sciences by 40.0% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 700 shares of the medical research company’s stock worth $48,000 after purchasing an additional 200 shares during the period. Valley National Advisers Inc. grew its stake in shares of Exact Sciences by 29.5% during the 3rd quarter. Valley National Advisers Inc. now owns 773 shares of the medical research company’s stock worth $53,000 after purchasing an additional 176 shares during the period. Finally, GHP Investment Advisors Inc. acquired a new position in shares of Exact Sciences during the 3rd quarter worth $54,000. Hedge funds and other institutional investors own 88.82% of the company’s stock.

Exact Sciences Stock Performance

Shares of EXAS traded up $0.06 during mid-day trading on Friday, reaching $58.85. 2,019,062 shares of the stock traded hands, compared to its average volume of 2,963,292. The stock has a fifty day simple moving average of $63.44 and a 200 day simple moving average of $64.95. Exact Sciences Co. has a 12-month low of $56.05 and a 12-month high of $100.77. The company has a current ratio of 2.32, a quick ratio of 2.07 and a debt-to-equity ratio of 0.74.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, February 21st. The medical research company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.26. The company had revenue of $646.89 million for the quarter, compared to analyst estimates of $638.83 million. Exact Sciences had a negative net margin of 8.17% and a negative return on equity of 6.60%. The business’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.72) earnings per share. On average, equities research analysts predict that Exact Sciences Co. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, CEO Kevin T. Conroy sold 14,791 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $61.43, for a total transaction of $908,611.13. Following the completion of the sale, the chief executive officer now owns 1,224,357 shares of the company’s stock, valued at $75,212,250.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Kevin T. Conroy sold 14,791 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $61.43, for a total transaction of $908,611.13. Following the completion of the sale, the chief executive officer now owns 1,224,357 shares of the company’s stock, valued at $75,212,250.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sarah Condella sold 965 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $61.43, for a total transaction of $59,279.95. Following the sale, the executive vice president now directly owns 70,489 shares of the company’s stock, valued at approximately $4,330,139.27. The disclosure for this sale can be found here. Insiders have sold 69,113 shares of company stock worth $4,165,273 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on EXAS shares. TheStreet cut shares of Exact Sciences from a “c-” rating to a “d+” rating in a research note on Monday, February 26th. William Blair reissued an “outperform” rating on shares of Exact Sciences in a research note on Thursday, February 22nd. Benchmark raised shares of Exact Sciences from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Tuesday, January 2nd. Citigroup reissued a “buy” rating and issued a $100.00 price objective on shares of Exact Sciences in a research note on Wednesday, April 3rd. Finally, Canaccord Genuity Group lowered their price objective on shares of Exact Sciences from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Exact Sciences has a consensus rating of “Moderate Buy” and a consensus price target of $97.44.

Exact Sciences Company Profile

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.