Why Shares of Exact Sciences Corporation Are Down This Week
Shares of Exact Sciences Corporation (NASDAQ: EXAS) were down 11.3% for the week as of Thursday's close, according to data provided by S&P Global Market Intelligence. The healthcare company's stock closed last week at $99.04 then fell to as low as $84.52 on Thursday. The company reported second-quarter earnings on Tuesday after the markets closed. The stock is still up 77% this year.
The cancer screening and diagnostics company, known best for the Cologuard test to detect colon cancer, reported improved Q2 numbers all around, but investors were unimpressed because the company is still losing money. Exact reported Q2 revenue of $622.1 million, up 19%, and a net loss of $81 million, or $0.45 in an earnings-per-share (EPS) loss, compared to a net loss of $166.1 million, or an EPS loss of $0.94 in the same period a year ago.
Most analysts upgraded the stock on the improved numbers, but Benchmark downgraded the stock from buy to hold, saying its earnings didn't justify its high price.
Source Fool.com
