Exelixis, Inc. (EXEL) Stock Rating Reaffirmed by Cann
Exelixis, Inc. (NASDAQ:EXEL)‘s stock had its “hold” rating reissued by analysts at Cann in a note issued to investors on Thursday.
The analysts wrote, “Exelixis, Inc. announced today a settlement of the company’s dispute with Genentech, a member of the Roche Group, concerning the parties’ collaboration for the development and commercialization of Cotellic (cobimetinib). As part of the settlement, effective July 1, 2017, the companies have amended the existing Collaboration Agreement to revise the revenue and cost-sharing arrangements for the collaboration. The Amendment resolves the companies’ dispute pursuant to the arbitration demand filed on June 3, 2016.””
Several other brokerages have also issued reports on EXEL. William Blair reaffirmed an “outperform” rating on shares of Exelixis in a research note on Friday, June 16th. Oppenheimer Holdings, Inc. initiated coverage on Exelixis in a research note on Monday, June 12th. They set a “hold” rating for the company. Zacks Investment Research raised Exelixis from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research note on Tuesday, July 4th. BidaskClub raised Exelixis from a “hold” rating to a “buy” rating in a research note on Friday, June 23rd. Finally, Needham & Company LLC initiated coverage on Exelixis in a research note on Friday, March 31st. They set a “buy” rating and a $28.00 price target for the company. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $20.95.
Shares of Exelixis (NASDAQ EXEL) traded up 1.46% during trading on Thursday, reaching $27.14. The company’s stock had a trading volume of 1,530,126 shares. The stock has a market cap of $7.94 billion, a P/E ratio of 1292.38 and a beta of 1.88. Exelixis has a 12-month low of $8.47 and a 12-month high of $27.63. The stock’s 50-day moving average is $22.81 and its 200-day moving average is $21.19.
Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Monday, May 1st. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. The company had revenue of $80.90 million during the quarter, compared to analyst estimates of $65.23 million. Exelixis had a return on equity of 126.82% and a net margin of 1.37%. The firm’s quarterly revenue was up 425.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.27) earnings per share. Equities research analysts anticipate that Exelixis will post $0.18 earnings per share for the current fiscal year.
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In other news, insider Michael Morrissey sold 259,149 shares of Exelixis stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $22.24, for a total value of $5,763,473.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CMO Gisela Schwab sold 89,910 shares of Exelixis stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $23.01, for a total value of $2,068,829.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 709,647 shares of company stock worth $15,673,068. Company insiders own 5.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Exelixis by 1,246.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 531,353 shares of the biotechnology company’s stock valued at $7,922,000 after buying an additional 491,877 shares in the last quarter. Norges Bank bought a new position in Exelixis during the fourth quarter valued at approximately $36,882,000. Highbridge Capital Management LLC increased its position in Exelixis by 114.4% in the fourth quarter. Highbridge Capital Management LLC now owns 15,223 shares of the biotechnology company’s stock valued at $227,000 after buying an additional 8,123 shares in the last quarter. Nationwide Fund Advisors increased its position in Exelixis by 61.2% in the first quarter. Nationwide Fund Advisors now owns 284,279 shares of the biotechnology company’s stock valued at $6,160,000 after buying an additional 107,889 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new position in Exelixis during the first quarter valued at approximately $383,000. Hedge funds and other institutional investors own 80.82% of the company’s stock.
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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