Here’s Why Exact Sciences Corporation (EXAS) Declined in Q1

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Investor Class fund ARTMX returned 10.41%, Advisor Class fund APDMX posted a return of 10.40%, and Institutional Class fund APHMX returned 10.44%, compared to a 9.50% return for the Russell Midcap Growth Index. Balanced security selection across health care, industrials, consumer staples, consumer discretionary, and communication services led the portfolio to outperform the index in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Mid Cap Fund featured stocks like Exact Sciences Corporation (NASDAQ:EXAS) in the first quarter 2024 investor letter. Headquartered in Madison, Wisconsin, Exact Sciences Corporation (NASDAQ:EXAS) provides cancer screening and diagnostic test products. On April 11, 2024, Exact Sciences Corporation (NASDAQ:EXAS) stock closed at $72.95 per share. One-month return of Exact Sciences Corporation (NASDAQ:EXAS) was 24.64%, and its shares gained 8.85% of their value over the last 52 weeks. Exact Sciences Corporation (NASDAQ:EXAS) has a market capitalization of $13.243 billion.

Artisan Mid Cap Fund stated the following regarding Exact Sciences Corporation (NASDAQ:EXAS) in its first quarter 2024 investor letter:

"Among our top detractors were Atlassian, ON Semiconductor and Exact Sciences Corporation (NASDAQ:EXAS). Exact Sciences is a leading provider of diagnostic testing and a maker of the noninvasive colorectal cancer screening test Cologuard. The company reported another solid quarter with revenues growing 18% and, importantly, screening (Cologuard) revenues growing 21%. However, growing optimism around a competing blood-based test has led to competitive fears among investors and corresponding performance weakness. Our view has been that blood tests, while potentially more convenient, have historically been unable to match the accuracy of stool testing (especially when it comes to detecting early cancers). Shortly after the quarter entered, new blood test data from a private competitor (Freenome) supported our views. Its test demonstrated 79% sensitivity for detecting colorectal cancer versus Cologuard 2.0’s 94% sensitivity."

A research team in a laboratory discussing the results of a lab screening test for biomarkers.

Exact Sciences Corporation (NASDAQ:EXAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Exact Sciences Corporation (NASDAQ:EXAS) was held by 39 hedge fund portfolios, compared to 45 in the previous quarter, according to our database.

We previously discussed Exact Sciences Corporation (NASDAQ:EXAS) in another article, where we shared the top CRISPR stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.