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Exelixis (NASDAQ:EXEL) was downgraded by stock analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports.

Shares of Exelixis (NASDAQ:EXEL) opened at 4.14 on Tuesday. Exelixis has a 1-year low of $3.02 and a 1-year high of $8.41. The stock has a 50-day moving average of $4.03 and a 200-day moving average of $4.33. The company’s market cap is $807.8 million. Exelixis also was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 48,189,006 shares, a drop of 4.7% from the July 31st total of 50,541,127 shares. Approximately 25.5% of the company’s shares are short sold. Based on an average daily volume of 2,285,198 shares, the short-interest ratio is currently 21.1 days.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Thursday, July 31st. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.01. The company had revenue of $6.56 million for the quarter, compared to the consensus estimate of $5.66 million. During the same quarter in the previous year, the company posted ($0.34) earnings per share. The company’s revenue for the quarter was down 44.7% on a year-over-year basis. Analysts expect that Exelixis will post $-1.54 EPS for the current fiscal year.

Exelixis, Inc (NASDAQ:EXEL) is a biotechnology company engaged in developing small molecule therapies for the treatment of cancer.

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