Exelixis (NASDAQ:EXEL) Given New $46.00 Price Target at Bank of America

Exelixis (NASDAQ:EXEL) had its target price boosted by research analysts at Bank of America from $45.00 to $46.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective indicates a potential upside of 6.90% from the company’s current price.

Several other analysts have also issued reports on EXEL. HC Wainwright restated a “buy” rating and set a $40.00 price target on shares of Exelixis in a research report on Thursday, March 27th. Barclays increased their target price on Exelixis from $25.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, February 13th. Stifel Nicolaus raised their price target on Exelixis from $36.00 to $38.00 and gave the stock a “hold” rating in a research report on Wednesday, May 14th. Piper Sandler boosted their price objective on Exelixis from $37.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Guggenheim set a $45.00 price objective on Exelixis and gave the company a “buy” rating in a research note on Thursday, May 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.35.

Exelixis Stock Performance

EXEL stock opened at $43.03 on Thursday. The firm has a market cap of $11.73 billion, a P/E ratio of 24.31, a P/E/G ratio of 1.13 and a beta of 0.28. The firm’s fifty day moving average is $39.03 and its 200 day moving average is $36.64. Exelixis has a 52 week low of $21.36 and a 52 week high of $48.85.

Insider Activity at Exelixis

In other Exelixis news, Director Jack L. Wyszomierski sold 7,535 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total value of $324,683.15. Following the completion of the sale, the director now directly owns 358,882 shares in the company, valued at $15,464,225.38. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Dana Aftab sold 1,508 shares of Exelixis stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $39.00, for a total value of $58,812.00. Following the sale, the executive vice president now directly owns 693,181 shares in the company, valued at approximately $27,034,059. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 458,113 shares of company stock worth $21,024,817 over the last quarter. 2.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Nuveen LLC bought a new stake in shares of Exelixis during the first quarter valued at approximately $123,310,000. Invesco Ltd. lifted its position in Exelixis by 308.1% during the fourth quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock valued at $132,376,000 after buying an additional 3,001,204 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Exelixis by 73.8% during the 1st quarter. AQR Capital Management LLC now owns 6,893,889 shares of the biotechnology company’s stock valued at $250,869,000 after buying an additional 2,926,884 shares in the last quarter. Norges Bank purchased a new stake in shares of Exelixis in the 4th quarter worth about $94,867,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Exelixis by 330.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company’s stock worth $82,730,000 after buying an additional 1,907,167 shares during the period. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

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.