Leerink Swann Comments on Exelixis Inc.’s Q3 2016 Earnings (EXEL)
Exelixis Inc. (NASDAQ:EXEL) – Equities researchers at Leerink Swann raised their Q3 2016 EPS estimates for shares of Exelixis in a research note issued to investors on Monday. Leerink Swann analyst M. Schmidt now forecasts that the brokerage will earn ($0.11) per share for the quarter, up from their previous forecast of ($0.16). Leerink Swann currently has a “Outperform” rating and a $12.00 target price on the stock. Leerink Swann also issued estimates for Exelixis’ Q4 2016 earnings at ($0.04) EPS, FY2016 earnings at ($0.58) EPS and FY2017 earnings at $0.24 EPS.
Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Wednesday, August 3rd. The biotechnology company reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.11. The business earned $36.25 million during the quarter, compared to analysts’ expectations of $16.76 million. Exelixis’s revenue for the quarter was up 353.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.22) EPS.
EXEL has been the subject of a number of other reports. Stifel Nicolaus increased their price target on Exelixis from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, September 15th. Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $8.00 price target (up from $5.00) on shares of Exelixis in a research note on Thursday, August 4th. Cowen and Company reaffirmed an “outperform” rating on shares of Exelixis in a research note on Tuesday, June 7th. Zacks Investment Research raised Exelixis from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Tuesday, September 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Exelixis in a research note on Thursday, September 15th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Exelixis presently has a consensus rating of “Buy” and a consensus target price of $11.10.
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Shares of Exelixis (NASDAQ:EXEL) traded up 1.56% during midday trading on Thursday, hitting $14.97. The stock had a trading volume of 3,505,060 shares. The firm’s market cap is $3.45 billion. Exelixis has a 12-month low of $3.55 and a 12-month high of $14.99. The company’s 50-day moving average price is $11.61 and its 200-day moving average price is $7.43.
In other news, insider Gisela Schwab sold 42,338 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $11.00, for a total transaction of $465,718.00. Following the completion of the sale, the insider now owns 174,354 shares in the company, valued at approximately $1,917,894. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.90% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Pacad Investment Ltd. bought a new stake in shares of Exelixis during the first quarter worth approximately $406,000. Bank of Montreal Can bought a new stake in shares of Exelixis during the second quarter worth approximately $744,000. ING Groep NV bought a new stake in shares of Exelixis during the first quarter worth approximately $359,000. Bayesian Capital Management LP bought a new stake in shares of Exelixis during the first quarter worth approximately $212,000. Finally, Bellevue Group AG bought a new stake in shares of Exelixis during the first quarter worth approximately $680,000. Institutional investors own 81.80% of the company’s stock.
Exelixis, Inc is a biopharmaceutical company. The Company is engaged in developing small molecule therapies for the treatment of cancer. It focuses on the development and commercialization of cabozantinib, an inhibitor of multiple receptor tyrosine kinases, in various tumor indications. Cabozantinib is indicated for the treatment of progressive, metastatic medullary thyroid cancer, and is sold under the brand name COMETRIQ.
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