Exelixis (NASDAQ:EXEL) Price Target Raised to $38.00

Exelixis (NASDAQ:EXEL) had its price target hoisted by Truist Financial from $33.00 to $38.00 in a research report released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the biotechnology company’s stock.

EXEL has been the topic of several other research reports. Oppenheimer reaffirmed an “outperform” rating and set a $29.00 price target on shares of Exelixis in a research report on Tuesday, July 30th. StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. Morgan Stanley lifted their price objective on shares of Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Stifel Nicolaus increased their target price on shares of Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group raised Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.44.

Exelixis Price Performance

NASDAQ EXEL opened at $34.12 on Wednesday. The firm’s fifty day moving average price is $27.13 and its 200 day moving average price is $24.29. Exelixis has a 12 month low of $19.20 and a 12 month high of $34.45. The company has a market capitalization of $9.74 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The company had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. During the same quarter last year, the company posted $0.10 earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Exelixis will post 1.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 95,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total value of $2,375,000.00. Following the completion of the transaction, the executive vice president now owns 520,990 shares in the company, valued at $13,024,750. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Dana Aftab sold 95,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total value of $2,375,000.00. Following the completion of the transaction, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at $13,024,750. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Christopher J. Senner sold 125,000 shares of Exelixis stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 354,020 shares of company stock worth $9,386,366. Corporate insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently added to or reduced their stakes in EXEL. V Square Quantitative Management LLC purchased a new stake in shares of Exelixis in the third quarter valued at about $30,000. Park Place Capital Corp acquired a new position in shares of Exelixis during the 2nd quarter worth approximately $45,000. GAMMA Investing LLC raised its position in shares of Exelixis by 107.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 1,041 shares during the last quarter. EntryPoint Capital LLC lifted its stake in Exelixis by 537.2% in the 1st quarter. EntryPoint Capital LLC now owns 2,071 shares of the biotechnology company’s stock valued at $49,000 after buying an additional 1,746 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Exelixis during the 3rd quarter valued at $61,000. 85.27% of the stock is currently 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.