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Exact Sciences Corp (EXAS): D. E. Shaw Boosts Stake In High-Flying Stock

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David E. Shaw‘s fund, D E Shaw, has increased its investment in Exact Sciences Corp (NASDAQ:EXAS), as reported in a recent filing with the Securities and Exchange Commission. The fund now holds a little over 4.9 million shares, which amount to approximately 5% of the company’s common stock, up from 3.28 million shares it reported at the end of the first quarter.

A developer of products for early detection of various forms of cancer, Exact Sciences Corp (NASDAQ:EXAS) has a market cap of $1.78 billion and does not pay a dividend. So far this year, the stock has managed to advance by 102%, although it was dormant up until mid-June when the rally actually begun. Analysts at Canaccord Genuity raised their price target on June 14 after the U.S. Preventive Services Task Force had issued a recommendation statement that underlined the potential of the company’s technology.

The stock received another boost on July 26, when Exact Sciences reported second-quarter financial results that surpassed market’s expectations. The company posted $21.2 million in revenue and a loss of $0.46 per share, topping estimates of $18.54 million in revenue and a loss of $0.55 per shareD. E. Shaw.

Hedge fund interest in Exact Sciences Corp (NASDAQ:EXAS) cooled down during the first quarter, as the number of long hedge fund positions dropped to 16 at the end of March, from 20 registered three months earlier. Israel Englander‘s Millennium Management cut its exposure by half and held approximately 1.91 million shares, while Samuel Isaly’s OrbiMed Advisors established a fresh stake in the company and amassed 1.89 million shares by the end of the quarter.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
D. E. Shaw Co. 0 4,901,901 0 4,927,101 4,927,101 5.0%
David E. Shaw 0 4,901,901 0 4,927,101 4,927,101 5.0%
David E. Shaw
David E. Shaw
D E Shaw

Page 1 of 6 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

 

Exact Sciences Corporation

(Name of Issuer)

Common stock, par value $0.01

(Title of Class of Securities)

 

 

30063P105

(CUSIP Number)

 

 

July 22, 2016

(Date of Event Which Requires Filing of
this Statement)

Check the following box to designate the rule pursuant to which
the Schedule is filed:

¨ Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a
reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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