Exelixis (NASDAQ:EXEL) Reaches New 12-Month High Following Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXELGet Free Report) hit a new 52-week high during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $47.00 to $50.00. JMP Securities currently has a market outperform rating on the stock. Exelixis traded as high as $49.62 and last traded at $43.37, with a volume of 9358364 shares changing hands. The stock had previously closed at $40.37.

Other analysts also recently issued reports about the company. Citigroup increased their price objective on Exelixis from $45.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Stifel Nicolaus upped their price target on Exelixis from $36.00 to $38.00 and gave the stock a “hold” rating in a report on Wednesday, May 14th. Guggenheim set a $45.00 price target on Exelixis and gave the company a “buy” rating in a research report on Thursday, May 15th. Wells Fargo & Company restated a “market outperform” rating on shares of Exelixis in a research note on Thursday, April 17th. Finally, Bank of America upped their target price on shares of Exelixis from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, June 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.00.

Get Our Latest Report on Exelixis

Insider Buying and Selling

In other Exelixis news, EVP Patrick J. Haley sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $42.68, for a total value of $426,800.00. Following the completion of the transaction, the executive vice president now owns 491,164 shares in the company, valued at $20,962,879.52. This trade represents a 2.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dana Aftab sold 1,508 shares of Exelixis stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $39.00, for a total value of $58,812.00. Following the transaction, the executive vice president now directly owns 693,181 shares of the company’s stock, valued at $27,034,059. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 458,113 shares of company stock valued at $21,024,817. Company insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors and hedge funds have recently modified their holdings of EXEL. Raymond James Financial Inc. purchased a new position in Exelixis during the fourth quarter valued at approximately $17,046,000. Proficio Capital Partners LLC bought a new position in Exelixis in the 4th quarter valued at $706,000. Wells Fargo & Company MN grew its position in shares of Exelixis by 1,637.9% during the 4th quarter. Wells Fargo & Company MN now owns 746,286 shares of the biotechnology company’s stock valued at $24,851,000 after purchasing an additional 703,343 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Exelixis by 958.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,942 shares of the biotechnology company’s stock worth $99,000 after purchasing an additional 2,664 shares during the period. Finally, Park Avenue Securities LLC increased its holdings in shares of Exelixis by 10.6% in the first quarter. Park Avenue Securities LLC now owns 7,358 shares of the biotechnology company’s stock worth $272,000 after purchasing an additional 707 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Stock Up 7.4%

The company has a market cap of $11.83 billion, a PE ratio of 19.71, a P/E/G ratio of 0.82 and a beta of 0.28. The stock has a 50-day moving average of $40.45 and a 200-day moving average of $37.11.

Exelixis Company Profile

(Get Free Report)

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.

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