Exelixis (NASDAQ:EXEL) Sets New 1-Year High Following Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL)’s stock price hit a new 52-week high during trading on Wednesday after BMO Capital Markets raised their price target on the stock from $29.00 to $36.00. BMO Capital Markets currently has an outperform rating on the stock. Exelixis traded as high as $31.20 and last traded at $31.20, with a volume of 19800 shares trading hands. The stock had previously closed at $28.73.

EXEL has been the subject of a number of other reports. Royal Bank of Canada increased their price target on Exelixis from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. UBS Group started coverage on Exelixis in a research report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $33.00 price objective (up previously from $32.00) on shares of Exelixis in a report on Thursday, August 8th. Morgan Stanley raised their price objective on shares of Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Finally, Bank of America raised their price objective on shares of Exelixis from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Exelixis presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Insider Transactions at Exelixis

In other Exelixis news, EVP Dana Aftab sold 95,000 shares of Exelixis stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total value of $2,375,000.00. Following the completion of the sale, the executive vice president now directly owns 520,990 shares in the company, valued at approximately $13,024,750. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Dana Aftab sold 95,000 shares of Exelixis stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total value of $2,375,000.00. Following the completion of the sale, the executive vice president now owns 520,990 shares in the company, valued at $13,024,750. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Maria C. Freire sold 8,250 shares of Exelixis stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total transaction of $219,120.00. Following the completion of the sale, the director now owns 91,007 shares of the company’s stock, valued at $2,417,145.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,858 shares of company stock valued at $8,640,129. Corporate insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

Institutional investors and hedge funds have recently modified their holdings of the business. LSV Asset Management increased its position in shares of Exelixis by 1,651.4% during the first quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock valued at $65,844,000 after acquiring an additional 2,616,278 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Exelixis by 45.3% during the 2nd quarter. Hsbc Holdings PLC now owns 90,211 shares of the biotechnology company’s stock valued at $2,031,000 after purchasing an additional 28,126 shares during the last quarter. Farallon Capital Management LLC increased its holdings in Exelixis by 1.6% during the second quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock worth $608,993,000 after buying an additional 424,000 shares during the last quarter. Intech Investment Management LLC increased its holdings in Exelixis by 155.8% during the first quarter. Intech Investment Management LLC now owns 100,039 shares of the biotechnology company’s stock worth $2,374,000 after buying an additional 60,925 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Exelixis during the first quarter worth about $1,281,000. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Stock Performance

The company’s 50 day moving average price is $26.69 and its 200-day moving average price is $24.09. The company has a market cap of $9.35 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.44. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. The business had revenue of $637.18 million during the quarter, compared to the consensus estimate of $468.21 million. Equities research analysts expect that Exelixis, Inc. will post 1.58 EPS for the current year.

Exelixis Company Profile

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.