Cathie Wood giveth, and Cathie Wood taketh away. That’s the lesson for Exact Sciences (NASDAQ:EXAS) investors, as the stock dropped in Wednesday afternoon trading. It was only 20 days ago when we first found out that Cathie Wood’s big old crystal ball was looking for a big jump in Exact Sciences. In fact, Wood was looking for Exact Sciences to hit up to $140 per share by 2027. Despite this, she wasn’t willing to wait that long.
Now, Wood sold 100,326 shares of Exact Sciences after a 35% gain in the stock’s share price. More specifically, ARK Innovation (NYSEARCA:ARKK) sold 63,674 shares, while ARK Genomic Revolution (BATS:ARKG) sold the rest. Why the funds sold the stock, however, is unclear. The notion that Exact Sciences could ultimately triple over the course of the next four years or so wasn’t out of line.
One of the biggest points in Exact Sciences’ favor was that it has the Cologuard cancer screening product as part of its offerings. Cologuard proves increasingly popular with those who want an easier, much less invasive way to check for colon cancer. Plus, Exact Sciences has a great track record with regulators, and it’s in a market that’s likely to grow over the years: the global cancer biomarkers market.
Meanwhile, Wall Street still considers it worthwhile, though with a bit of a caveat. Analyst consensus calls Exact Sciences stock a Moderate Buy. However, thanks to its average price target of $61.85, Exact Sciences stock comes with 2.6% downside risk.
