Shannon River Fund Management Lowers stake in EXACT Sciences Corporation (EXAS)

EXACT Sciences Corporation (EXAS) : Shannon River Fund Management reduced its stake in EXACT Sciences Corporation by 8.0% during the most recent quarter end. The investment management company now holds a total of 1,150,000 shares of EXACT Sciences Corporation which is valued at $24,368,500 after selling 100,000 shares in EXACT Sciences Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.EXACT Sciences Corporation makes up approximately 5.51% of Shannon River Fund Management’s portfolio.

Other Hedge Funds, Including , Squarepoint Ops boosted its stake in EXAS in the latest quarter, The investment management firm added 73,800 additional shares and now holds a total of 143,200 shares of EXACT Sciences Corporation which is valued at $3,034,408. EXACT Sciences Corporation makes up approx 0.23% of Squarepoint Ops’s portfolio.Keybank National Associationoh boosted its stake in EXAS in the latest quarter, The investment management firm added 3,904 additional shares and now holds a total of 34,844 shares of EXACT Sciences Corporation which is valued at $738,344. American Century Companies Inc added EXAS to its portfolio by purchasing 63,531 company shares during the most recent quarter which is valued at $1,068,591.

EXACT Sciences Corporation closed down -0.275 points or -1.49% at $18.195 with 25,86,572 shares getting traded on Thursday. Post opening the session at $18.85, the shares hit an intraday low of $17.87 and an intraday high of $18.85 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, EXACT Sciences Corporation reported $-0.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $-0.55. The company had revenue of $21.20 million for the quarter, compared to analysts expectations of $18.50 million. The company’s revenue was up 161.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.44 EPS.

Many Wall Street Analysts have commented on EXACT Sciences Corporation. Company shares were Reiterated by Craig Hallum on Jul 27, 2016 to “Buy”, Firm has raised the Price Target to $ 26 from a previous price target of $18 .Company shares were Reiterated by Jefferies on Jul 27, 2016 to “Buy”, Firm has raised the Price Target to $ 20 from a previous price target of $13 .Company shares were Reiterated by The Benchmark Company on Jul 27, 2016 to “Hold”, Firm has raised the Price Target to $ 14 from a previous price target of $9 .

Exact Sciences Corporation is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer. The Company has developed a non?invasive screening test called Cologuard for colorectal cancer. Its Cologuard test is a non?invasive stool?based deoxyribonucleic acid (DNA) (sDNA) screening test designed to detect DNA markers. In addition to DNA markers its test includes a protein marker to detect blood in the stool utilizing an antibody?based fecal immunochemical test (FIT). The Company’s Cologuard test is designed to detect pre?cancerous lesions or polyps and each of the four stages of colorectal cancer. By detecting pre?cancers and cancers early with its test affected patients can be referred to colonoscopy during which the polyps or lesions can be removed. The company’s test also detects blood in stool utilizing an antibody based FIT test.

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