Cathie Wood’s Fund Starts to Rebound: 5 Stocks to Watch

4. Exact Sciences Corporation (NASDAQ:EXAS)

Number of Hedge Fund Holders: 32 

Gain in Share Price Over Past Month as of July 14: 25.98%

Exact Sciences Corporation (NASDAQ:EXAS) provides medical diagnostic test products. The latest data shows that ARK owned close to 15 million shares of Exact Sciences Corporation (NASDAQ:EXAS) at the end of March 2022 worth $745 million, representing 4.41% of the total value of its 13F portfolio. In late April, the company posted its financial results for the first quarter of 2022, reporting revenue of $486 million, up 21% over the same period last year and beating analyst estimates by $26 million. 

On July 5, Evercore ISI analyst Vijay Kumar maintained an ‘Outperform’ rating on Exact Sciences Corporation (NASDAQ:EXAS) stock and lowered the price target to $60 from $100, adding the firm to the ‘Tactical Outperform’ list of the investment advisory. 

At the end of the first quarter of 2022, 32 hedge funds tracked by the database of Insider Monkey held stakes worth $1.5 billion in Exact Sciences Corporation (NASDAQ:EXAS), compared to 34 funds in the previous quarter with $1.7 billion in holdings.

In its Q3 2021 investor letter, RiverPark Advisors, LLC, an asset management firm, highlighted a few stocks and Exact Sciences Corporation (NASDAQ:EXAS) was one of them. Here is what the fund said:

“Exact Sciences: Exact Sciences Corporation (NASDAQ:EXAS) shares declined on a disappointing recovery in Cologuard screening due to COVID. Despite continued revenue growth from Precision Oncology and COVID testing, and Cologuard screening revenue growth of 30%, COVID restrictions limited access to physicians’ offices for the company’s and its Pfizer Joint Venture sales force as well as causing a severe drop off of in-person wellness visits.

In the last year, Exact has also pivoted the company significantly from its single cancer screening tests (Cologuard for colon cancer and Oncotype for breast cancer) to multi-cancer screening through its Thrive acquisition, and to minimal residual disease and recurrence monitoring through its Ashion and Tardis acquisitions. Through this pivot, Exact Sciences Corporation (NASDAQ:EXAS) has tripled its market opportunity from $20 billion to $60 billion.”