Exelixis (NASDAQ:EXEL) Earns Buy Rating from Truist Financial

Exelixis (NASDAQ:EXEL)‘s stock had its “buy” rating reiterated by stock analysts at Truist Financial in a research note issued on Monday,Benzinga reports. They presently have a $55.00 price objective on the biotechnology company’s stock, up from their previous price objective of $43.00. Truist Financial’s price target would suggest a potential upside of 20.30% from the stock’s current price.

Several other brokerages have also recently issued reports on EXEL. Bank of America upped their price objective on Exelixis from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, June 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Exelixis in a report on Wednesday, May 14th. Wall Street Zen cut Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th. Guggenheim set a $45.00 price objective on shares of Exelixis and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company reissued a “market outperform” rating on shares of Exelixis in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.82.

Exelixis Trading Up 5.4%

EXEL stock opened at $45.72 on Monday. The company has a market capitalization of $12.47 billion, a P/E ratio of 20.78, a PEG ratio of 0.88 and a beta of 0.28. The firm has a 50 day simple moving average of $40.64 and a 200-day simple moving average of $37.17. Exelixis has a twelve month low of $21.82 and a twelve month high of $49.62.

Insider Activity at Exelixis

In other Exelixis news, EVP Dana Aftab sold 1,508 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $39.00, for a total transaction of $58,812.00. Following the completion of the transaction, the executive vice president now directly owns 693,181 shares of the company’s stock, valued at approximately $27,034,059. This trade represents a 0.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jack L. Wyszomierski sold 7,535 shares of Exelixis stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total value of $324,683.15. Following the transaction, the director now owns 358,882 shares in the company, valued at approximately $15,464,225.38. This trade represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 458,113 shares of company stock worth $21,024,817 in the last three months. 2.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Exelixis

Large investors have recently made changes to their positions in the business. Nuveen LLC bought a new stake in shares of Exelixis in the 1st quarter worth approximately $123,310,000. Invesco Ltd. boosted its position in shares of Exelixis by 308.1% in the 4th quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock valued at $132,376,000 after purchasing an additional 3,001,204 shares during the period. AQR Capital Management LLC increased its stake in Exelixis by 73.8% in the 1st quarter. AQR Capital Management LLC now owns 6,893,889 shares of the biotechnology company’s stock worth $250,869,000 after purchasing an additional 2,926,884 shares in the last quarter. Norges Bank acquired a new stake in Exelixis during the 4th quarter worth about $94,867,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in Exelixis by 330.4% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company’s stock valued at $82,730,000 after buying an additional 1,907,167 shares in the last quarter. Institutional investors own 85.27% of the company’s stock.

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.