Exelixis (NASDAQ:EXEL) Shares Gap Up Following Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL)’s share price gapped up before the market opened on Monday after JMP Securities raised their price target on the stock from $47.00 to $50.00. The stock had previously closed at $40.37, but opened at $49.43. JMP Securities currently has a market outperform rating on the stock. Exelixis shares last traded at $45.11, with a volume of 3,122,472 shares trading hands.

Several other equities analysts have also commented on the company. HC Wainwright restated a “buy” rating and set a $47.00 price target (up previously from $40.00) on shares of Exelixis in a research note on Thursday, June 12th. Stifel Nicolaus raised their price target on Exelixis from $36.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, May 14th. Morgan Stanley restated an “overweight” rating and set a $47.00 price target (up previously from $40.00) on shares of Exelixis in a research note on Wednesday, May 14th. Citigroup lifted their target price on Exelixis from $45.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Finally, Guggenheim set a $45.00 target price on shares of Exelixis and gave the stock a “buy” rating in a report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Insider Transactions at Exelixis

In related news, EVP Patrick J. Haley sold 126,383 shares of Exelixis stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $47.96, for a total transaction of $6,061,328.68. Following the completion of the sale, the executive vice president now owns 446,459 shares of the company’s stock, valued at $21,412,173.64. The trade was a 22.06% 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, CMO Amy C. Peterson sold 72,776 shares of Exelixis stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $45.47, for a total value of $3,309,124.72. Following the sale, the chief marketing officer now directly owns 465,393 shares of the company’s stock, valued at $21,161,419.71. This trade represents a 13.52% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 458,113 shares of company stock worth $21,024,817. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Institutional investors and hedge funds have recently modified their holdings of the company. Coppell Advisory Solutions LLC acquired a new stake in shares of Exelixis during the fourth quarter worth about $25,000. Hemington Wealth Management lifted its holdings in shares of Exelixis by 211.3% during the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 522 shares during the period. Colonial Trust Co SC lifted its holdings in shares of Exelixis by 616.9% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 765 shares during the period. Principal Securities Inc. lifted its holdings in shares of Exelixis by 62.8% during the fourth quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 373 shares during the period. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Exelixis during the first quarter worth about $37,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Price Performance

The stock has a market cap of $11.83 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 0.82 and a beta of 0.28. The stock has a fifty day moving average of $40.45 and a 200 day moving average of $37.11.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.