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Exelixis (NASDAQ:EXEL) was downgraded by research analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating in a report released on Tuesday, TheFlyOnTheWall.com reports.

Shares of Exelixis (NASDAQ:EXEL) traded down 54.11% during mid-day trading on Tuesday, hitting $1.90. The stock had a trading volume of 23,404,442 shares. Exelixis has a 52 week low of $3.02 and a 52 week high of $8.41. The stock’s 50-day moving average is $4.03 and its 200-day moving average is $4.33. The company’s market cap is $370.7 million. Exelixis also was the recipient of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totalling 48,189,006 shares, a decrease of 4.7% from the July 31st total of 50,541,127 shares. Currently, 25.5% of the shares of the stock are sold short. Based on an average trading volume of 2,285,198 shares, the days-to-cover ratio is currently 21.1 days.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.38) EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted ($0.34) earnings per share. The company’s quarterly revenue was down 44.7% on a year-over-year basis. On average, analysts predict that Exelixis will post $-1.54 earnings per share for the current fiscal year.

Separately, analysts at Cowen and Company downgraded shares of Exelixis from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Exelixis currently has an average rating of “Hold” and an average price target of $6.70.

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

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