Exelixis (NASDAQ:EXEL) Price Target Raised to $36.00

Exelixis (NASDAQ:EXEL) had its price target lifted by Piper Sandler from $33.00 to $36.00 in a research note released on Wednesday, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

EXEL has been the subject of a number of other reports. Bank of America boosted their price target on shares of Exelixis from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Truist Financial upped their target price on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of Exelixis in a research report on Wednesday, September 18th. Stifel Nicolaus upped their price objective on shares of Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, JMP Securities reiterated a “market outperform” rating and set a $29.00 target price on shares of Exelixis in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.44.

Exelixis Stock Performance

Shares of EXEL opened at $34.12 on Wednesday. Exelixis has a 52-week low of $19.20 and a 52-week high of $34.45. The stock’s 50-day simple moving average is $27.13 and its 200 day simple moving average is $24.29. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The firm had revenue of $539.50 million for the quarter, compared to the consensus estimate of $490.31 million. During the same period in the prior year, the firm posted $0.10 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, research analysts forecast that Exelixis will post 1.59 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In related 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Dana Aftab sold 95,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at $13,024,750. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.39, for a total value of $709,750.00. Following the transaction, the executive vice president now directly owns 580,325 shares of the company’s stock, valued at $16,475,426.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 354,020 shares of company stock worth $9,386,366 over the last quarter. 2.85% of the stock is owned by corporate insiders.

Institutional Trading of Exelixis

A number of hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in Exelixis during the third quarter valued at $30,000. Park Place Capital Corp purchased a new position in shares of Exelixis in the 2nd quarter worth about $45,000. GAMMA Investing LLC raised its position in shares of Exelixis by 107.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 1,041 shares during the last quarter. EntryPoint Capital LLC boosted its stake in Exelixis by 537.2% in the 1st quarter. EntryPoint Capital LLC now owns 2,071 shares of the biotechnology company’s stock worth $49,000 after purchasing an additional 1,746 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Exelixis during the 3rd quarter valued at about $61,000. 85.27% of the stock is owned by institutional investors.

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.