JMP Securities Reaffirms Market Outperform Rating for Exelixis (NASDAQ:EXEL)

Exelixis (NASDAQ:EXEL)‘s stock had its “market outperform” rating reaffirmed by equities researchers at JMP Securities in a report issued on Wednesday, Benzinga reports. They presently have a $27.00 target price on the biotechnology company’s stock. JMP Securities’ target price suggests a potential upside of 14.55% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. William Blair reissued an “outperform” rating on shares of Exelixis in a report on Friday, January 26th. BTIG Research began coverage on shares of Exelixis in a report on Tuesday, December 19th. They issued a “buy” rating and a $27.00 price target on the stock. Royal Bank of Canada raised their price target on shares of Exelixis from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Citigroup began coverage on shares of Exelixis in a report on Friday, December 15th. They issued a “buy” rating and a $31.00 price target on the stock. Finally, TheStreet raised shares of Exelixis from a “c+” rating to a “b-” rating in a report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.29.

Exelixis Stock Performance

NASDAQ:EXEL traded down $0.15 during trading hours on Wednesday, reaching $23.57. The company’s stock had a trading volume of 318,973 shares, compared to its average volume of 2,288,612. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 36.83, a PEG ratio of 0.62 and a beta of 0.54. The firm has a 50-day simple moving average of $22.22 and a 200-day simple moving average of $22.09. Exelixis has a 1 year low of $18.08 and a 1 year high of $24.34.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, February 6th. The biotechnology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The company had revenue of $479.65 million for the quarter, compared to analysts’ expectations of $481.23 million. Exelixis had a net margin of 11.35% and a return on equity of 8.57%. Equities analysts anticipate that Exelixis will post 1.22 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Edward Johnson purchased 190,000 shares of Exelixis stock in a transaction that occurred on Wednesday, February 21st. The shares were bought at an average price of $20.70 per share, with a total value of $3,933,000.00. Following the purchase, the director now directly owns 1,100,730 shares of the company’s stock, valued at approximately $22,785,111. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Exelixis news, Director David Edward Johnson bought 190,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were bought at an average cost of $20.70 per share, for a total transaction of $3,933,000.00. Following the acquisition, the director now directly owns 1,100,730 shares in the company, valued at $22,785,111. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alan M. Garber sold 19,205 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $24.01, for a total transaction of $461,112.05. Following the transaction, the director now owns 35,703 shares in the company, valued at $857,229.03. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Institutional investors have recently bought and sold shares of the business. Stifel Financial Corp lifted its position in Exelixis by 3.0% in the third quarter. Stifel Financial Corp now owns 17,330 shares of the biotechnology company’s stock valued at $379,000 after buying an additional 506 shares during the last quarter. Alaska Permanent Fund Corp lifted its position in Exelixis by 1.5% in the third quarter. Alaska Permanent Fund Corp now owns 40,855 shares of the biotechnology company’s stock valued at $893,000 after buying an additional 596 shares during the last quarter. Fifth Third Bancorp lifted its position in Exelixis by 44.2% in the third quarter. Fifth Third Bancorp now owns 1,970 shares of the biotechnology company’s stock valued at $43,000 after buying an additional 604 shares during the last quarter. Panagora Asset Management Inc. lifted its position in Exelixis by 3.4% in the fourth quarter. Panagora Asset Management Inc. now owns 19,892 shares of the biotechnology company’s stock valued at $319,000 after buying an additional 662 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Exelixis by 17.1% in the third quarter. Signaturefd LLC now owns 4,577 shares of the biotechnology company’s stock valued at $100,000 after buying an additional 668 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.

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.