The stock of Exact Sciences Corporation (NASDAQ:EXAS) is now priced at $73.73 and the shares are -1.56 points down or -2.07% lower compared to its previous closing price of $75.29. The stock had 2.497 million contracts set over the past session. EXAS shares’ daily volume is compared to its average trading volume at 1.374 million shares. However, it has a float of 149 million and although its performance was -5.81% over the week, it’s one to watch. Analysts have given the EXAS stock a yearly average price target of $116.5 per share. It means the stock’s upside potential is 58.01% with the EXAS share price recently placing at $72.02 to $76.25. However, some brokerage firms have priced the stock below the average, including one that has called $107.
The shorts are climbing into the Exact Sciences Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the EXAS shares have risen. Short interest in the stock represents just 8.86% of its float, but the volume has raised by 297585. The volume of shorted shares rised to 13.17 million from 12.873 million shares over the last two weeks. The average intraday trading volume has been 1.09 million shares, which means that days to cover moved to roughly 12.080676.
In the last trading session, Exact Sciences Corporation (NASDAQ:EXAS) dropped by -$4.55 over the week and lost -$19.21 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $123.17. The stock recorded its established 52-week high on 09/06/19.
Since 03/18/20, the stock has traded to a low of $35.25 at 109.16%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.71. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Exact Sciences Corporation’s two-week RSI is 29.46. This suggests that the stock is overbought at the moment and that EXAS shares’ price movement remains not stable. The stochastic readings are equally revealing at 14.89% meaning the EXAS share price is currently in overbought territory.
The technical chart shows that the EXAS stock will likely settle at between $75.98 and $78.23 per share. However, if the stock dips below $71.75, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $69.77.
Currently, the stock is trading in the red of MACD, with a reading of -2.93. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned EXAS a rating of Outperform in their intiating review released on April 02. BTIG Research analysts see the stock as a Buy with a target price of $127 in a flash note released to investors on January 10 resuming covering the stock. Citigroup analysts see the stock as Buy when the analysts initiated the share price coverage on January 07, placing it at $120.
The average rating for the EXAS equity is 1.33 and is currently gathering a bullish momentum. Of 15 analysts tracking Exact Sciences Corporation polled by Reuters, 0 rated EXAS as a hold. The remaining 15 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 65. Exact Sciences Corporation has its P/E ratio at 4.5, which means that the stock is currently trading at a discount relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Exact Sciences Corporation (NASDAQ:EXAS) will decrease by about -99.87%, which will see them reach $339 million. The company’s full-year revenues are, however, expected to increase by about 54.06%, up from $876 million to $1350 million. EXAS’s expected adjusted earnings should surge almost 70.97% to end up at -$0.53 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 251.56% to record -$2.25/share.