Exact Sciences Corp. [NASDAQ: EXAS] price plunged by -0.88 percent to reach at -$0.65. The company report on April 11, 2024 at 6:00 AM that Exact Sciences Announces Debt Exchange Transaction and Private Placement of Convertible Senior Notes.
Exact Sciences Corp. (Nasdaq: EXAS) (the “Company”), a leading provider of cancer screening and diagnostic tests, today announced that on April 10, 2024 it entered into privately negotiated exchange and purchase agreements (the “Agreements”) with certain holders of the Company’s 0.3750% Convertible Senior Notes due 2028 (the “Existing Notes”). Pursuant to the Agreements, the Company has agreed to issue to the holders $620.7 million aggregate principal amount of a new series of 1.75% Convertible Senior Notes due 2031 (the “New Notes”) in exchange for (i) the retirement of $359.7 million aggregate principal amount of the holders’ Existing Notes, and (ii) payment to the Company of approximately $266.8 million in cash. The closing of the transaction is expected to occur on April 17, 2024, subject to customary closing conditions.
The New Notes will mature on April 15, 2031 (the “Maturity Date”), unless earlier repurchased, redeemed or converted. The New Notes are senior unsecured obligations of the Company and bear interest at a rate of 1.75% per year, payable semi-annually in arrears on October 15 and April 15 of each year, beginning on October 15, 2024.
The one-year EXAS stock forecast points to a potential upside of 18.75. The average equity rating for EXAS stock is currently 1.32, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Exact Sciences Corp. [EXAS]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EXAS shares is $89.78 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 1.32. 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.
The Benchmark Company have made an estimate for Exact Sciences Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 02, 2024. While these analysts kept the previous recommendation, Guggenheim raised their target price to Buy. The new note on the price target was released on December 14, 2023, representing the official price target for Exact Sciences Corp. stock. Previously, the target price had yet another raise to $95, while Wolfe Research analysts kept a Outperform rating on EXAS stock.
The Average True Range (ATR) for Exact Sciences Corp. is set at 3.16, with the Price to Sales ratio for EXAS stock in the period of the last 12 months amounting to 5.30. The Price to Book ratio for the last quarter was 4.21, with the Price to Cash per share for the same quarter was set at 4.28. Price to Free Cash Flow for EXAS in the course of the last twelve months was 414.74 with Quick ratio for the last quarter at 2.07.
EXAS Stock Performance Analysis:
Exact Sciences Corp. [EXAS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.98. With this latest performance, EXAS shares gained by 20.18% in over the last four-week period, additionally plugging by 10.36% over the last 6 months – not to mention a rise of 9.24% 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 65.82, with the RSI for the last a single of trading hit 67.34, and the three-weeks RSI is set at 62.98 for Exact Sciences Corp. [EXAS]. The present Moving Average for the last 50 days of trading for this stock 63.12, while it was recorded at 72.47 for the last single week of trading, and 71.80 for the last 200 days.
Insight into Exact Sciences Corp. Fundamentals:
Exact Sciences Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.07 and a Current Ratio set at 2.32.
EXAS Stock EPS
With the latest financial reports released by the company, Exact Sciences Corp. posted -0.42/share EPS, while the average EPS was predicted by analysts to be reported at -0.75/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 44.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for EXAS.
Exact Sciences Corp. [EXAS] Institutonal Ownership Details
The top three institutional holders of EXAS stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in EXAS stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in EXAS stock with ownership which is approximately 5.8386%.
