Exelixis (NASDAQ:EXEL) Price Target Raised to $46.00

Exelixis (NASDAQ:EXEL) had its price objective increased by Royal Bank Of Canada from $45.00 to $46.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a sector perform rating on the biotechnology company’s stock.

Several other research firms also recently weighed in on EXEL. Zacks Research upgraded Exelixis from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Exelixis in a research report on Thursday, January 22nd. Wolfe Research started coverage on shares of Exelixis in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. HC Wainwright reiterated a “buy” rating and set a $52.00 price objective on shares of Exelixis in a research note on Tuesday, February 3rd. Finally, Bank of America downgraded shares of Exelixis from a “neutral” rating to an “underperform” rating and set a $41.00 price objective for the company. in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $47.11.

Exelixis Stock Performance

Shares of NASDAQ EXEL opened at $43.92 on Wednesday. Exelixis has a 52-week low of $32.38 and a 52-week high of $49.62. The firm 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. The stock has a 50 day moving average price of $43.62 and a 200 day moving average price of $40.95.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings data on Tuesday, February 10th. The biotechnology company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.74 by $0.20. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The company had revenue of $598.66 million for the quarter, compared to the consensus estimate of $609.17 million. During the same period last year, the business posted $0.55 EPS. Exelixis’s quarterly revenue was up 5.6% on a year-over-year basis. Analysts forecast that Exelixis will post 2.04 earnings per share for the current year.

Insiders Place Their Bets

In other Exelixis news, EVP Patrick J. Haley sold 28,043 shares of Exelixis stock in a transaction on Friday, November 21st. The shares were sold at an average price of $42.58, for a total value of $1,194,070.94. Following the transaction, the executive vice president directly owned 374,029 shares of the company’s stock, valued at approximately $15,926,154.82. The trade was a 6.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 owned by company insiders.

Institutional Trading of Exelixis

Institutional investors have recently made changes to their positions in the business. TriaGen Wealth Management LLC purchased a new position in shares of Exelixis in the third quarter worth $2,024,000. BridgePort Financial Solutions LLC acquired a new position in shares of Exelixis in the 3rd quarter valued at $517,000. Candriam S.C.A. increased its position in shares of Exelixis by 18.4% in the 3rd quarter. Candriam S.C.A. now owns 696,104 shares of the biotechnology company’s stock valued at $28,749,000 after acquiring an additional 108,367 shares during the period. Allianz Asset Management GmbH raised its stake in Exelixis by 153.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company’s stock worth $101,720,000 after acquiring an additional 1,490,520 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Exelixis during the 2nd quarter worth about $321,000. Institutional investors and hedge funds 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.