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Exact Sciences Corp (NASDAQ:EXAS) Executive Vice President and General Manager of Precision Oncology, Brian Baranick, has sold 929 shares of company stock, according to a recent filing with the Securities and Exchange Commission. The transaction, carried out on October 8, 2024, was executed at a price of $70.00 per share, resulting in a total sale value of $65,030.
This sale was conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a trading plan for selling stocks they own. Following the sale, Baranick still holds 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, amounting to a potential additional ownership of 65,007 shares of the company's common stock.
Investors often monitor insider sales as they can provide insights into an executive’s perspective on the company's current valuation and future prospects. However, sales made under a 10b5-1 trading plan are pre-planned trades, which can mitigate 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 screening 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 developments, including the FDA's approval of its Cologuard Plus test for colorectal cancer screening. The test, boasting improved accuracy rates with a sensitivity of 95% and specificity of 94%, is expected to launch in 2025. Analyst firms such as BTIG, Leerink Partners, and TD Cowen have reiterated their confidence in the company, maintaining or raising their price targets and maintaining a Buy rating.
Exact Sciences also reported a 12% year-over-year revenue increase, reaching $699 million in its second quarter earnings, largely attributed to the use of its Cologuard test by over a million people and record global patient testing with Oncotype DX. The company has initiated the Falcon Registry study for Multi-Cancer Early Detection at Baylor Scott & White Health in Texas, aiming to enroll up to 25,000 participants.
Finally, the company has been navigating a pricing setback for its Cologuard Plus test by using the Advanced Diagnostic Laboratory Test pathway to secure a price increase. These are the recent developments for Exact Sciences Corporation.
InvestingPro Insights
To provide additional context to Brian Baranick's recent stock sale, 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 as of Q2 2024 stood at $2.61 billion, with a revenue growth of 13.54% over the same period. This growth trajectory aligns with the company's position as a leader in cancer screening and diagnostic tests.
Despite the revenue growth, an InvestingPro Tip indicates that analysts do not anticipate the company to be profitable this year. This is reflected in the company's negative operating income of $282.27 million for the last twelve months as of Q2 2024. The company's P/E ratio stands at -70.99, further highlighting its current unprofitability.
However, it's worth noting that Exact Sciences has shown strong recent market performance. An InvestingPro Tip points out that the company has delivered strong returns over the last month and three months, with price total returns of 16.64% and 55.52% respectively. This positive momentum could be a factor in the timing of Baranick's stock sale.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 5 more InvestingPro Tips available for Exact Sciences, which could provide valuable context for understanding the company's financial health and market position.
While the insider sale might raise questions, it's important to consider it within the broader context of the company's financial performance and market trends. As always, investors should conduct thorough research and consider multiple factors when making investment decisions.
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