Herriott James, General Counsel at Exact Sciences (EXAS), has filed 39 Form 4 transactions with the company, and the pattern is overwhelmingly one-sided: zero open-market purchases and a total of $429,636.11 in sales. The most recent open-market sale occurred on November 19, 2025, for $70,000, marking the only "S" code in the recent window. That lone discretionary sale stands in contrast to the bulk of activity, which consists of automatic or compensatory events—option exercises ("M"), shares withheld for taxes ("F"), and restricted stock grants ("A")—all valued at $0 on the transaction date.
The December 23, 2025 cluster illustrates this mechanical cadence: a series of "F" transactions totaling roughly $4.8 million in value (e.g., $724,754.76, $1,449,407.70, $472,852.08, $814,050.90, $350,973.54, $664,884.60, $340,995.18, $180,934.14, and $78,910.50) were paired with "M" exercises and "A" grants, all at zero cost. These are standard equity-compensation mechanics—vesting and tax withholding—not discretionary trades. The most recent filings, dated March 23, 2026, are all "D" codes (sales back to the issuer) with zero value, suggesting routine administrative adjustments.
The takeaway is clear: James has never bought EXAS shares on the open market, and the only true sale was the modest $70,000 transaction in November. The $429,636.11 in total sales is almost entirely composed of tax-withholding events, not a directional bet. For a General Counsel, this is a textbook insider profile—compensation-driven, not conviction-driven, with no recent buying signal to suggest a change in outlook.
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