Exelixis (NASDAQ:EXEL) Price Target Raised to $35.00

Exelixis (NASDAQ:EXEL) had its price objective boosted by Wells Fargo & Company from $30.00 to $35.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

EXEL has been the subject of a number of other reports. Oppenheimer reissued a “market perform” rating and issued a $36.00 target price on shares of Exelixis in a research report on Wednesday, November 5th. HC Wainwright reiterated a “buy” rating and set a $52.00 price target on shares of Exelixis in a research note on Tuesday, February 3rd. TD Cowen reissued a “buy” rating on shares of Exelixis in a report on Wednesday, November 5th. Guggenheim cut Exelixis from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Finally, Wolfe Research started coverage on shares of Exelixis in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $47.11.

Exelixis Price Performance

NASDAQ EXEL opened at $43.92 on Wednesday. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 0.97 and a beta of 0.42. Exelixis has a one year low of $32.38 and a one year high of $49.62. The business’s fifty day moving average is $43.62 and its 200-day moving average is $40.95.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, February 10th. The biotechnology company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.20. Exelixis had a net margin of 33.73% and a return on equity of 36.29%. The company had revenue of $598.66 million during the quarter, compared to analyst estimates of $609.17 million. During the same quarter in the prior year, the business earned $0.55 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts expect that Exelixis will post 2.04 EPS for the current fiscal year.

Insider Activity at Exelixis

In related news, EVP Patrick J. Haley sold 34,187 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $41.88, for a total transaction of $1,431,751.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 72,230 shares of company stock valued at $3,046,923 in the last three months. 2.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EXEL. Richardson Financial Services Inc. raised its position in shares of Exelixis by 95.1% in the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock worth $25,000 after buying an additional 292 shares in the last quarter. Anchor Investment Management LLC increased its stake in Exelixis by 500.0% in the 3rd quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Exelixis in the 3rd quarter valued at about $28,000. Acumen Wealth Advisors LLC bought a new stake in shares of Exelixis during the 4th quarter valued at about $29,000. Finally, Luminist Capital LLC boosted its position in shares of Exelixis by 2,740.0% during the 2nd quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 685 shares during the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

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.