Exelixis (NASDAQ:EXEL) Given New $41.00 Price Target at JMP Securities

Exelixis (NASDAQ:EXEL) had its price target increased by JMP Securities from $34.00 to $41.00 in a research note released on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on EXEL. Truist Financial raised their price objective on Exelixis from $33.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. Wells Fargo & Company raised their price objective on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. HC Wainwright raised their price objective on Exelixis from $29.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, UBS Group started coverage on Exelixis in a report on Thursday, September 19th. They set a “neutral” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.75.

Exelixis Stock Performance

Shares of EXEL opened at $37.27 on Wednesday. Exelixis has a 52-week low of $20.01 and a 52-week high of $37.31. The business’s fifty day moving average is $34.95 and its 200-day moving average is $29.14. The firm has a market cap of $10.64 billion, a price-to-earnings ratio of 23.89, a PEG ratio of 0.87 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating 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 EPS. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, research analysts forecast that Exelixis will post 1.7 EPS for the current fiscal year.

Insider Activity at Exelixis

In other Exelixis news, EVP Dana Aftab sold 1,162 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total value of $36,486.80. Following the transaction, the executive vice president now owns 498,945 shares in the company, valued at approximately $15,666,873. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.39, for a total value of $709,750.00. Following the completion of the transaction, the executive vice president now owns 580,325 shares in the company, valued at approximately $16,475,426.75. The trade was a 4.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 314,736 shares of company stock worth $10,849,110 in the last 90 days. Corporate insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

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