Exelixis (NASDAQ:EXEL) Stock Rating Lowered by Bank of America

Exelixis (NASDAQ:EXEL) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Monday, MarketBeat Ratings reports. They currently have a $41.00 target price on the biotechnology company’s stock. Bank of America‘s price objective suggests a potential downside of 6.14% from the stock’s previous close.

EXEL has been the subject of several other reports. TD Cowen lifted their price target on shares of Exelixis from $44.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Barclays lifted their price objective on shares of Exelixis from $40.00 to $41.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Morgan Stanley increased their price target on Exelixis from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Oppenheimer restated a “market perform” rating and set a $36.00 target price on shares of Exelixis in a report on Wednesday, November 5th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Exelixis in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.53.

Exelixis Trading Up 3.0%

Exelixis stock opened at $43.68 on Monday. The stock has a market cap of $11.71 billion, a P/E ratio of 18.43, a price-to-earnings-growth ratio of 0.71 and a beta of 0.40. The stock has a 50 day moving average of $42.68 and a 200-day moving average of $41.06. Exelixis has a 52 week low of $31.90 and a 52 week high of $49.62.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.10. The company had revenue of $597.76 million during the quarter, compared to analyst estimates of $590.04 million. Exelixis had a net margin of 29.63% and a return on equity of 31.06%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.47 EPS. As a group, equities analysts predict that Exelixis will post 2.04 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mary C. Beckerle sold 24,622 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $41.93, for a total transaction of $1,032,400.46. Following the completion of the sale, the director directly owned 21,380 shares of the company’s stock, valued at approximately $896,463.40. This represents a 53.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stelios Papadopoulos sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $43.55, for a total value of $4,355,000.00. Following the completion of the sale, the director directly owned 1,189,228 shares in the company, valued at approximately $51,790,879.40. This represents a 7.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 245,235 shares of company stock valued at $10,490,600 over the last three months. Corporate insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its position in Exelixis by 1.1% in the second quarter. Truist Financial Corp now owns 22,292 shares of the biotechnology company’s stock worth $983,000 after purchasing an additional 250 shares during the period. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Exelixis by 0.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 102,581 shares of the biotechnology company’s stock valued at $4,521,000 after purchasing an additional 274 shares during the last quarter. Richardson Financial Services Inc. raised its position in shares of Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 292 shares during the last quarter. Cim LLC lifted its position in Exelixis by 0.9% during the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock valued at $1,462,000 after purchasing an additional 305 shares during the period. Finally, Evergreen Capital Management LLC boosted its stake in Exelixis by 6.4% in the third quarter. Evergreen Capital Management LLC now owns 5,450 shares of the biotechnology company’s stock valued at $225,000 after acquiring an additional 329 shares during the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.