Exact Sciences Corporation [EXAS] stock Downgrade by Credit Suisse analyst, price target now $70

Exact Sciences Corporation [NASDAQ: EXAS] stock went on a downward path that fall over -1.63% on Wednesday, amounting to a one-week price increase of more than 4.08%. The company report on February 23, 2023 that Exact Sciences Announces Debt Exchange Transaction and Private Placement of Convertible Senior Notes.

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Exact Sciences Corp. (Nasdaq: EXAS) (the “Company”), a leading provider of cancer screening and diagnostic tests, today announced that on February 23, 2023 it entered into a privately negotiated exchange and purchase agreement (the “Agreement”) with a holder of certain of the Company’s 0.3750% Convertible Senior Notes due 2027 (the “Existing 2027 Notes”) and certain of its 0.3750% Convertible Senior Notes due 2028 (the “Existing 2028 Notes”, and together with the “Existing 2027 Notes”, the “Existing Notes”). Pursuant to the Agreement, the Company has agreed to issue to the holder $500,000,000 aggregate principal amount of a new series of 2.00% Convertible Senior Notes due 2030 (the “2030 Notes”) in exchange for (i) $183,678,000 aggregate principal amount of the holder’s Existing 2027 Notes, (ii) $200,958,000 aggregate principal amount of the holder’s Existing 2028 Notes, and (iii) approximately $138,000,000 in cash. The closing of the transaction is expected to occur on March 1, 2023, subject to customary closing conditions.

The 2030 Notes will mature on March 1, 2030 (the “Maturity Date”), unless earlier repurchased or converted. The 2030 Notes will be senior unsecured obligations of the Company and bear interest at a rate of 2.00% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2023.

Over the last 12 months, EXAS stock dropped by -8.55%. The one-year Exact Sciences Corporation stock forecast points to a potential upside of 11.74. The average equity rating for EXAS stock is currently 1.90, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $10.80 billion, with 177.60 million shares outstanding and 176.12 million shares in the current float. Compared to the average trading volume of 2.74M shares, EXAS stock reached a trading volume of 3413695 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Exact Sciences Corporation [EXAS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EXAS shares is $73.65 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EXAS stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for Exact Sciences Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 10, 2023. The new note on the price target was released on January 18, 2023, representing the official price target for Exact Sciences Corporation stock. Previously, the target price had yet another drop from $60 to $35, while Craig Hallum kept a Hold rating on EXAS stock.

The Average True Range (ATR) for Exact Sciences Corporation is set at 3.00, with the Price to Sales ratio for EXAS stock in the period of the last 12 months amounting to 5.18. The Price to Book ratio for the last quarter was 3.79, with the Price to Cash per share for the same quarter was set at 3.80.

EXAS Stock Performance Analysis:

Exact Sciences Corporation [EXAS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.08. With this latest performance, EXAS shares dropped by -3.19% in over the last four-week period, additionally plugging by 83.77% over the last 6 months – not to mention a drop of -8.55% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EXAS stock in for the last two-week period is set at 52.80, with the RSI for the last a single of trading hit 52.49, and the three-weeks RSI is set at 54.10 for Exact Sciences Corporation [EXAS]. The present Moving Average for the last 50 days of trading for this stock 62.49, while it was recorded at 65.71 for the last single week of trading, and 46.69 for the last 200 days.

Insight into Exact Sciences Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Exact Sciences Corporation [EXAS] shares currently have an operating margin of -29.79 and a Gross Margin at +67.77. Exact Sciences Corporation’s Net Margin is presently recorded at -29.91.

Return on Equity for this stock declined to -19.39, with Return on Assets sitting at -8.99.

Exact Sciences Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.40.

Exact Sciences Corporation [EXAS] Insider Position Details

There are presently around $10,664 million, or 89.30% of EXAS stock, in the hands of institutional investors. The top three institutional holders of EXAS stocks are: VANGUARD GROUP INC with ownership of 17,252,465, which is approximately 3.453% of the company’s market cap and around 0.70% of the total institutional ownership; ARK INVESTMENT MANAGEMENT LLC, holding 16,040,490 shares of the stock with an approximate value of $1.04 billion in EXAS stocks shares; and BLACKROCK INC., currently with $738.05 million in EXAS stock with ownership of nearly 8.782% of the company’s market capitalization.

Positions in Exact Sciences Corporation stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 295 institutional holders increased their position in Exact Sciences Corporation [NASDAQ:EXAS] by around 16,083,662 shares. Additionally, 222 investors decreased positions by around 15,018,952 shares, while 83 investors held positions by with 132,965,986 shares. The mentioned changes placed institutional holdings at 164,068,600 shares, according to the latest SEC report filing. EXAS stock had 128 new institutional investments in for a total of 3,051,503 shares, while 49 institutional investors sold positions of 1,781,654 shares during the same period.


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