Exact Sciences Corp (NASDAQ: ) Executive Vice President and General Manager of Precision Oncology, Brian Baranick, sold 929 shares of the company’s stock, according to the most recent filing with the Securities and Exchange Commission. The transaction, which took place on October 8, 2024, was carried out at a price of $70.00 per share, resulting in a total sale price of $65,030.
The sale was made under the 10b5-1 pre-arranged trading plan, which allows company insiders to set up a trading plan to sell the shares they own. After the sale, Baranick still owns 12,758 shares of Exact Sciences directly, with an additional interest in 454 shares held in a 401(k) plan. The filing also notes that Baranick has vested and unvested options, as well as restricted stock units, which would have the potential to own an additional 65,007 shares of the company’s common stock.
Investors often monitor insider trading as they can provide insight into an executive’s perspective on the company’s current valuation and future prospects. However, sales made under the 10b5-1 trading system are scheduled trading, which can reduce concerns about insiders trading on non-public information.
Exact Sciences Corp specializes in providing cancer screening and diagnostic tests and is known for its non-invasive colorectal cancer test, Cologuard. The company’s shares are publicly traded on the NASDAQ stock exchange under the ticker symbol EXAS.
In other recent news, Exact Sciences Corporation has seen significant advances, including FDA approval of its Cologuard Plus test for colorectal cancer screening. The test, which boasts improved accuracy rates of 95% sensitivity and 94% specificity, is expected to be launched in 2025. Analyst firms such as BTIG, Leerink Partners, and TD Cowen reiterated their confidence in the company, maintaining or increasing their price target and maintaining a buy rating.
Exact Sciences also reported a 12% year-over-year increase in revenue, reaching $699 million in second-quarter revenue, driven largely by the use of its Cologuard test by more than one million people and record patient testing worldwide with Oncotype DX. The company has started the Falcon Registry for Multi-Cancer Early Detection study at Baylor Scott & White Health in Texas, aiming to enroll up to 25,000 participants.
Finally, the company has been navigating the repricing of its Cologuard Plus test by using the Advanced Diagnostic Laboratory method to protect against price increases. These are the latest developments of Exact Sciences Corporation.
InvestingPro Insights
To provide more context to Brian Baranick’s recent stock sales, let’s examine some key financial metrics and insights from InvestingPro for Exact Sciences Corp (NASDAQ:EXAS).
As of the latest data, Exact Sciences has a market capitalization of $12.65 billion. The company’s revenue for the last twelve months from Q2 2024 stood at $2.61 billion, with revenue growth of 13.54% over the same period. This growth trajectory is consistent with the company’s position as a leader in cancer screening and diagnostic testing.
Despite the revenue growth, InvestingPro Tip indicates that analysts do not expect the company to make a profit this year. This is reflected in the company’s negative operating income of $282.27 million for the last twelve months from Q2 2024. The company’s P/E ratio stands at -70.99, further highlighting its current profitability.
However, it is worth noting that Exact Sciences has shown strong market performance of late. InvestingPro Tip reveals that the company has delivered strong returns over the past month and three months, with a total price return of 16.64% and 55.52% respectively. This positive momentum could be a factor in Baranick’s stock sales.
For investors looking for a comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 5 other InvestingPro Tips available through Exact Science, which can provide valuable context for understanding a company’s financial health and market conditions.
Although insider trading may raise questions, it is important to consider it within the broader context of the company’s financial performance and market conditions. As always, investors should do thorough research and consider many factors when making investment decisions.
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