Exelixis (NASDAQ:EXEL) Price Target Raised to $42.00

Exelixis (NASDAQ:EXEL) had its price target increased by Truist Financial from $38.00 to $42.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price objective points to a potential upside of 13.88% from the stock’s current price.

A number of other research firms have also commented on EXEL. Brookline Capital Management assumed coverage on shares of Exelixis in a research note on Monday, December 23rd. They issued a “buy” rating for the company. TD Cowen upped their price target on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, October 21st. JMP Securities raised their price objective on Exelixis from $34.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Wednesday. The Goldman Sachs Group upgraded shares of Exelixis to a “strong sell” rating in a research note on Tuesday, October 15th. Finally, BMO Capital Markets cut Exelixis from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $36.00 to $40.00 in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $34.75.

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded up $1.23 during trading hours on Wednesday, hitting $36.88. The stock had a trading volume of 411,468 shares, compared to its average volume of 2,157,794. The stock’s fifty day simple moving average is $34.90 and its 200 day simple moving average is $28.99. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 0.88 and a beta of 0.53. Exelixis has a 1-year low of $20.01 and a 1-year high of $36.97.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. The business had revenue of $539.50 million during the quarter, compared to the consensus estimate of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 earnings per share. As a group, research analysts anticipate that Exelixis will post 1.69 EPS for the current year.

Insider Transactions at Exelixis

In other news, EVP Jeffrey Hessekiel sold 60,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the completion of the transaction, the executive vice president now owns 486,059 shares of the company’s stock, valued at approximately $17,823,783.53. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dana Aftab sold 1,162 shares of Exelixis stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total value of $36,486.80. Following the sale, the executive vice president now directly owns 498,945 shares in the company, valued at approximately $15,666,873. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 314,736 shares of company stock worth $10,849,110. Company insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several large investors have recently added to or reduced their stakes in EXEL. Covestor Ltd increased its position in shares of Exelixis by 5.7% during the third quarter. Covestor Ltd now owns 6,335 shares of the biotechnology company’s stock valued at $164,000 after purchasing an additional 341 shares during the period. Creative Planning increased its holdings in Exelixis by 0.8% in the 2nd quarter. Creative Planning now owns 71,700 shares of the biotechnology company’s stock valued at $1,611,000 after buying an additional 548 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Exelixis by 3.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,853 shares of the biotechnology company’s stock valued at $515,000 after buying an additional 609 shares in the last quarter. Signaturefd LLC raised its stake in shares of Exelixis by 12.2% in the 3rd quarter. Signaturefd LLC now owns 6,138 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 666 shares in the last quarter. Finally, Vestcor Inc lifted its holdings in shares of Exelixis by 1.2% during the 3rd quarter. Vestcor Inc now owns 59,789 shares of the biotechnology company’s stock worth $1,552,000 after acquiring an additional 722 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

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.