Morgan Stanley Reiterates “Equal Weight” Rating for Exelixis (NASDAQ:EXEL)

Exelixis (NASDAQ:EXEL)‘s stock had its “equal weight” rating restated by analysts at Morgan Stanley in a report released on Thursday, Marketbeat Ratings reports. They presently have a $48.00 target price on the biotechnology company’s stock, up from their previous target price of $45.00. Morgan Stanley’s target price suggests a potential upside of 8.99% from the company’s previous close.

Several other research analysts have also commented on EXEL. Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Exelixis in a research note on Tuesday, October 21st. Leerink Partners raised shares of Exelixis from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a report on Tuesday, October 21st. Bank of America downgraded Exelixis from a “neutral” rating to an “underperform” rating and set a $41.00 price target on the stock. in a research report on Monday, January 5th. Leerink Partnrs raised Exelixis from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. Finally, UBS Group set a $41.00 target price on Exelixis in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.84.

Exelixis Trading Down 0.2%

EXEL opened at $44.04 on Thursday. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 0.81 and a beta of 0.40. Exelixis has a 12 month low of $31.90 and a 12 month high of $49.62. The stock has a fifty day moving average price of $43.03 and a 200-day moving average price of $41.12.

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

Insider Transactions at Exelixis

In related news, Director Stelios Papadopoulos sold 100,000 shares of Exelixis stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $43.55, for a total transaction of $4,355,000.00. Following the completion of the sale, the director owned 1,189,228 shares of the company’s stock, valued at $51,790,879.40. The trade was a 7.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dana Aftab sold 48,383 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $42.50, for a total transaction of $2,056,277.50. Following the completion of the transaction, the executive vice president owned 664,778 shares in the company, valued at approximately $28,253,065. This trade represents a 6.78% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 245,235 shares of company stock valued at $10,490,600. 2.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its holdings in Exelixis by 72.1% in the fourth quarter. SG Americas Securities LLC now owns 36,288 shares of the biotechnology company’s stock valued at $1,591,000 after purchasing an additional 15,203 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Exelixis by 49.5% during the 4th quarter. True Wealth Design LLC now owns 3,118 shares of the biotechnology company’s stock valued at $137,000 after buying an additional 1,032 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Exelixis by 62.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company’s stock valued at $8,224,000 after buying an additional 71,987 shares during the period. NorthCrest Asset Manangement LLC boosted its stake in shares of Exelixis by 50.9% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 38,444 shares of the biotechnology company’s stock worth $1,630,000 after buying an additional 12,969 shares during the last quarter. Finally, Wedmont Private Capital acquired a new stake in Exelixis during the fourth quarter worth about $297,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

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.