Exelixis (NASDAQ:EXEL) Sets New 12-Month High on Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL) hit a new 52-week high during mid-day trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $43.00 to $46.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Exelixis traded as high as $57.57 and last traded at $57.08, with a volume of 3334370 shares changing hands. The stock had previously closed at $55.53.

Several other analysts also recently weighed in on the company. Morgan Stanley restated a “positive” rating on shares of Exelixis in a research note on Monday, June 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Exelixis in a research note on Tuesday, May 19th. Truist Financial increased their price target on Exelixis from $54.00 to $56.00 and gave the stock a “hold” rating in a research report on Tuesday. Barclays raised their target price on Exelixis from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, April 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Exelixis from $35.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $47.93.

Insider Buying and Selling at Exelixis

In other news, Director Sue Gail Eckhardt sold 9,812 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.14, for a total transaction of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares of the company’s stock, valued at $806,201.06. This trade represents a 37.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Senner sold 34,901 shares of Exelixis stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the completion of the transaction, the chief financial officer directly owned 952,317 shares in the company, valued at approximately $47,615,850. This trade represents a 3.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 219,170 shares of company stock valued at $10,620,641. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Hedge funds have recently added to or reduced their stakes in the company. Anchor Investment Management LLC raised its holdings in Exelixis by 500.0% during the third quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 500 shares in the last quarter. Motiv8 Investments LLC bought a new stake in Exelixis during the 4th quarter valued at approximately $26,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Exelixis in the first quarter worth $27,000. Western Wealth Management LLC acquired a new stake in Exelixis in the 1st quarter worth $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Exelixis during the fourth quarter worth about $29,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Stock Up 2.8%

The firm has a market capitalization of $14.35 billion, a P/E ratio of 18.96, a PEG ratio of 1.60 and a beta of 0.42. The business has a 50-day moving average price of $50.99 and a 200-day moving average price of $46.21.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.12. The company had revenue of $610.81 million during the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.55 EPS. As a group, sell-side analysts forecast that Exelixis, Inc. will post 3.16 EPS for the current year.

About Exelixis

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.