Exelixis (NASDAQ:EXEL) Price Target Raised to $40.00

Exelixis (NASDAQ:EXEL) had its target price upped by Wells Fargo & Company from $35.00 to $40.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

A number of other brokerages also recently issued reports on EXEL. Royal Bank Of Canada cut their target price on Exelixis from $46.00 to $43.00 and set a “sector perform” rating for the company in a research note on Monday, March 2nd. HC Wainwright raised their target price on Exelixis from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Truist Financial raised Exelixis to a “strong-buy” rating in a research note on Monday, April 27th. Barclays raised their target price on Exelixis from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, April 20th. Finally, Morgan Stanley raised their price objective on Exelixis from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Exelixis currently has a consensus rating of “Hold” and an average price target of $47.83.

Exelixis Stock Performance

NASDAQ EXEL opened at $48.16 on Wednesday. Exelixis has a one year low of $33.76 and a one year high of $49.62. The company has a market cap of $12.11 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.99 and a beta of 0.38. The business has a fifty day moving average price of $43.44 and a 200 day moving average price of $42.97.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same period last year, the company earned $0.55 EPS. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, sell-side analysts predict that Exelixis will post 3.11 EPS for the current fiscal year.

Insider Activity

In related news, Director Jack L. Wyszomierski sold 99,574 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total transaction of $4,382,251.74. Following the completion of the sale, the director directly owned 279,942 shares of the company’s stock, valued at approximately $12,320,247.42. This trade represents a 26.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George Poste sold 60,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $45.71, for a total value of $2,742,600.00. Following the sale, the director directly owned 118,832 shares of the company’s stock, valued at $5,431,810.72. The trade was a 33.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 451,195 shares of company stock worth $19,982,874. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Exelixis

Several institutional investors have recently bought and sold shares of EXEL. AQR Capital Management LLC grew its position in Exelixis by 48.8% in the 4th quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company’s stock valued at $598,647,000 after acquiring an additional 4,477,029 shares in the last quarter. Farallon Capital Management LLC grew its position in Exelixis by 21.6% in the 3rd quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company’s stock valued at $805,412,000 after acquiring an additional 3,466,000 shares in the last quarter. Assetmark Inc. grew its position in Exelixis by 1,230.8% in the 3rd quarter. Assetmark Inc. now owns 3,195,971 shares of the biotechnology company’s stock valued at $131,994,000 after acquiring an additional 2,955,813 shares in the last quarter. Norges Bank acquired a new position in Exelixis in the 4th quarter valued at about $106,460,000. Finally, Allianz Asset Management GmbH grew its position 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 valued at $101,720,000 after acquiring an additional 1,490,520 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported solid Q1 results, with revenue of $610.8 million and earnings per share of $0.87, both ahead of expectations. The company also completed its prior buyback authorization and launched a new $750 million share repurchase program, which can support the stock by reducing share count. Article Title
• Positive Sentiment: Analysts turned more constructive, with HC Wainwright raising its price target to $56 and Morgan Stanley lifting its target to $50, signaling improved confidence in Exelixis’ outlook. Article Title Article Title
• Positive Sentiment: The company also announced upcoming investor conference appearances in May, which may help keep investor attention on its pipeline and strategy. Article Title
• Neutral Sentiment: Several directors disclosed stock sales on May 7, including George Poste, Maria C. Freire, and Mary C. Beckerle. Insider selling can create some near-term caution, but the transactions were disclosed and do not by themselves indicate a change in the business outlook. Article Title Article Title Article Title

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.