Exelixis (NASDAQ:EXEL) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Exelixis (NASDAQ:EXEL) released its quarterly earnings data on Tuesday. The biotechnology company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.20, FiscalAI reports. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.

Exelixis Price Performance

Shares of Exelixis stock traded down $0.97 during midday trading on Tuesday, reaching $42.98. The company had a trading volume of 3,243,680 shares, compared to its average volume of 2,536,050. The firm has a market cap of $11.52 billion, a PE ratio of 18.14, a P/E/G ratio of 0.74 and a beta of 0.42. Exelixis has a fifty-two week low of $32.38 and a fifty-two week high of $49.62. The stock has a fifty day moving average price of $43.70 and a 200 day moving average price of $40.94.

Analyst Ratings Changes

EXEL has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of Exelixis from $36.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Guggenheim downgraded shares of Exelixis from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Truist Financial set a $51.00 target price on Exelixis in a research note on Wednesday, January 14th. Wall Street Zen upgraded Exelixis from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 14th. Finally, Citigroup lowered shares of Exelixis from a “market outperform” rating to an “underperform” rating in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.16.

Insider Activity at Exelixis

In related news, Director Stelios Papadopoulos sold 100,000 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $43.55, for a total value of $4,355,000.00. Following the sale, the director owned 1,189,228 shares in the company, valued at $51,790,879.40. This represents a 7.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Patrick J. Haley sold 28,043 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $42.58, for a total transaction of $1,194,070.94. Following the completion of the sale, the executive vice president owned 374,029 shares of the company’s stock, valued at approximately $15,926,154.82. The trade was a 6.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 172,230 shares of company stock valued at $7,401,923 in the last ninety days. 2.85% of the stock is currently owned by insiders.

Institutional Trading of Exelixis

Several hedge funds have recently made changes to their positions in EXEL. Sivia Capital Partners LLC increased its stake in Exelixis by 23.8% in the 2nd quarter. Sivia Capital Partners LLC now owns 14,362 shares of the biotechnology company’s stock worth $633,000 after purchasing an additional 2,764 shares during the period. Virtus Advisers LLC bought a new position in Exelixis in the third quarter worth about $537,000. Hilltop Holdings Inc. bought a new stake in shares of Exelixis during the third quarter valued at approximately $457,000. Equitable Holdings Inc. purchased a new stake in shares of Exelixis in the 3rd quarter worth about $505,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Exelixis by 73.1% during the third quarter. Tower Research Capital LLC TRC now owns 12,130 shares of the biotechnology company’s stock valued at $501,000 after purchasing an additional 5,121 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

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.