Exelixis (NASDAQ:EXEL) Price Target Raised to $37.00

Exelixis (NASDAQ:EXEL) had its price objective upped by Piper Sandler from $36.00 to $37.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

Several other brokerages have also recently weighed in on EXEL. Morgan Stanley lifted their price objective on Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. The Goldman Sachs Group raised Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. Bank of America cut Exelixis from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $35.00 to $39.00 in a report on Tuesday, December 17th. TD Cowen lifted their price objective on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, HC Wainwright boosted their price target on Exelixis from $29.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $34.75.

Exelixis Price Performance

EXEL opened at $37.27 on Monday. The business has a fifty day simple moving average of $34.92 and a 200 day simple moving average of $29.08. The company has a market capitalization of $10.64 billion, a PE ratio of 23.89, a price-to-earnings-growth 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 $37.31.

Exelixis (NASDAQ:EXEL) last released 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. The business had revenue of $539.50 million during the quarter, compared to the consensus estimate of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The firm’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 EPS. Equities analysts anticipate that Exelixis will post 1.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Exelixis news, EVP Jeffrey Hessekiel sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $34.13, for a total value of $1,706,500.00. Following the sale, the executive vice president now owns 530,325 shares in the company, valued at approximately $18,099,992.25. The trade was a 8.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Dana Aftab sold 1,162 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the completion of the sale, the executive vice president now owns 498,945 shares in the company, valued at $15,666,873. This trade represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 314,736 shares of company stock worth $10,849,110 in the last 90 days. Insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently made changes to their positions in the stock. HB Wealth Management LLC grew its position in shares of Exelixis by 26.6% in the 4th quarter. HB Wealth Management LLC now owns 20,936 shares of the biotechnology company’s stock valued at $697,000 after buying an additional 4,394 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of Exelixis in the 4th quarter valued at about $437,000. Tallon Kerry Patrick bought a new stake in shares of Exelixis in the 4th quarter valued at about $2,619,000. USA Financial Formulas bought a new stake in shares of Exelixis in the 4th quarter valued at about $32,000. Finally, Burney Co. bought a new stake in shares of Exelixis in the 4th quarter valued at about $12,267,000. Institutional investors 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.