EXACT Sciences Corporation (EXAS)’s Growth Signals Good News for Hedge Funds

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Although there is no fundamental news concerning the stock, EXACT Sciences Corporation (NASDAQ:EXAScould be the beneficiary of some technical buying today. Because shares of EXACT Sciences Corporation (NASDAQ:EXAS) have been beaten up very badly over the last 12 months, it could be the beneficiary of some short covering as the stock trades closer and closer to its book value of around $3 per share. The stock could also be responding to analyst price targets, which have averaged higher than the company’s current price. In February, the analyst at Goldman Sachs set a price target of $7 per share. The analyst at Mizuho set a price target of $6.50 per share in May. Shares of EXACT are up 8% so far today, which is good news for investors that amassed substantial positions in the company.

EXACT Sciences Corporation (NASDAQ:EXAS) was in 16 hedge funds’ portfolios at the end of March. EXAS shareholders have witnessed a decrease in enthusiasm from smart money in recent months. There were 20 hedge funds in our database with EXAS positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Sunrun Inc (NASDAQ:RUN), Virtus Investment Partners Inc (NASDAQ:VRTS), and CalAmp Corp. (NASDAQ:CAMP) to gather more data points.

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Now, we’re going to check out the recent action regarding EXACT Sciences Corporation (NASDAQ:EXAS).

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