Exelixis (NASDAQ:EXEL) Announces Earnings Results

Exelixis (NASDAQ:EXEL) announced its earnings results on Tuesday. The biotechnology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.36 by $0.04, Zacks reports. The company had revenue of $539.50 million for the quarter, compared to analysts’ expectations of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the firm earned $0.10 earnings per share. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Up 1.9 %

EXEL traded up $0.62 during trading on Friday, hitting $33.82. The company’s stock had a trading volume of 2,378,396 shares, compared to its average volume of 2,060,170. The firm has a market capitalization of $9.66 billion, a P/E ratio of 21.28, a PEG ratio of 0.69 and a beta of 0.54. Exelixis has a twelve month low of $19.20 and a twelve month high of $34.45. The stock’s fifty day moving average price is $26.96 and its 200-day moving average price is $24.21.

Insiders Place Their Bets

In other Exelixis news, Director Maria C. Freire sold 8,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total value of $219,120.00. Following the completion of the sale, the director now owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the transaction, the executive vice president now directly owns 580,325 shares of the company’s stock, valued at $16,475,426.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Maria C. Freire sold 8,250 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total transaction of $219,120.00. Following the completion of the sale, the director now owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 352,858 shares of company stock worth $9,349,879. 2.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EXEL has been the topic of several analyst reports. StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 13th. Wells Fargo & Company lifted their price target on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. Morgan Stanley upped their price objective on Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. TD Cowen lifted their target price on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Bank of America boosted their target price on Exelixis from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Exelixis currently has a consensus rating of “Moderate Buy” and an average price target of $31.44.

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.