5 Best Genomics Stocks to Buy Now

4. Exact Sciences Corporation (NASDAQ:EXAS)

Number of Hedge Fund Holders: 40

Exact Sciences Corporation (NASDAQ:EXAS) is a Madison, Wisconsin-based company that has invented the Cologuard home testing kit for the detection of colon cancer through DNA screening tests. The company also has Oncotype IQ in its portfolio, which is aimed towards diagnosing breast, colon, and prostate cancer through gene expression testing.

On November 3, ARK investment bought nearly 643,600 shares in Exact Sciences Corporation (NASDAQ:EXAS). ARK, under the leadership of Cathie Wood, manages numerous exchange-traded funds (ETFs) with a focus on investing in disruptive technologies. Meanwhile, Mark Massaro at BTIG maintained a Buy rating on Exact Sciences Corporation (NASDAQ:EXAS) stock with a $120 target price. The analyst is optimistic on Exact Sciences Corporation (NASDAQ:EXAS) stock due to the growth potential of the Cologuard platform, which has reached just 6% of the market and the management has a target of 40% market penetration in the long run.

Artisan Partners mentioned Exact Sciences Corporation (NASDAQ:EXAS) in its Q3 2021 investor letter. Here’s what the investment management firm said:

“In addition to trimming our positions in Atlassian, Global Payments and BioNTech, we also pared our exposure to Exact Sciences. Shares have underperformed as Cologuard’s reacceleration has not lived up to expectations. Generally, physicians’ offices are still restricting access to field sales representatives, and the delta variant is leading to another wave of delayed wellness/primary care visits. We believe inperson access to doctors for sales representatives—key to Cologuard’s growth—may remain limited for some time. Meanwhile, the company’s pipeline of new cancer diagnostics, while promising, is still several years away from contributing financially. We reduced our position size to fund investments with clearer near-to-intermediate term outlooks.”