Exact Sciences (NASDAQ:EXAS) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

by · The Cerbat Gem

Exact Sciences (NASDAQ:EXAS – Get Free Report) released its earnings results on Tuesday. The medical research company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01), Briefing.com reports. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business had revenue of $708.66 million for the quarter, compared to the consensus estimate of $716.80 million. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Exact Sciences updated its FY 2024 guidance to EPS.

Exact Sciences Trading Down 22.8 %

EXAS traded down $16.29 during trading on Wednesday, reaching $55.22. The company had a trading volume of 12,048,217 shares, compared to its average volume of 2,572,725. The firm’s 50-day simple moving average is $67.27 and its 200 day simple moving average is $56.67. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.98 and a current ratio of 2.17. The company has a market cap of $10.20 billion, a price-to-earnings ratio of -56.71 and a beta of 1.27. Exact Sciences has a 12-month low of $40.62 and a 12-month high of $79.62.

Insider Activity at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of Exact Sciences stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $70.00, for a total transaction of $65,030.00. Following the transaction, the executive vice president now owns 12,758 shares in the company, valued at approximately $893,060. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EXAS. Sanford C. Bernstein increased their target price on Exact Sciences from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Craig Hallum reduced their target price on shares of Exact Sciences from $82.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their price target on Exact Sciences from $75.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. Raymond James reissued a “market perform” rating on shares of Exact Sciences in a report on Thursday, September 26th. Finally, Wells Fargo & Company assumed coverage on Exact Sciences in a research note on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price on the stock. One research analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.06.

View Our Latest Stock Analysis on EXAS

About Exact Sciences

(Get Free Report)

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.

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