Exelixis (NASDAQ:EXEL) Hits New 12-Month High – What’s Next?

Exelixis, Inc. (NASDAQ:EXEL) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.90 and last traded at $39.94, with a volume of 1018102 shares trading hands. The stock had previously closed at $38.58.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EXEL. Piper Sandler boosted their price target on Exelixis from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Bank of America downgraded shares of Exelixis from a “buy” rating to a “neutral” rating and raised their price target for the stock from $35.00 to $39.00 in a research report on Tuesday, December 17th. Barclays boosted their price objective on shares of Exelixis from $25.00 to $29.00 and gave the company an “equal weight” rating in a research report on Thursday, February 13th. Truist Financial lifted their target price on Exelixis from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Finally, JMP Securities reiterated a “market outperform” rating and set a $41.00 price target on shares of Exelixis in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.24.

Exelixis Stock Performance

The stock has a market capitalization of $10.96 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.13 and a beta of 0.57. The business has a 50 day simple moving average of $34.99 and a 200-day simple moving average of $32.12.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a return on equity of 23.52% and a net margin of 24.04%. Equities research analysts forecast that Exelixis, Inc. will post 2.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jack L. Wyszomierski sold 8,768 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $37.80, for a total transaction of $331,430.40. Following the completion of the sale, the director now directly owns 356,605 shares of the company’s stock, valued at $13,479,669. This represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Patrick J. Haley sold 10,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $38.80, for a total value of $388,000.00. Following the sale, the executive vice president now owns 341,028 shares in the company, valued at approximately $13,231,886.40. The trade was a 2.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,343 shares of company stock worth $5,177,234 in the last ninety days. 2.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Exelixis

Hedge funds have recently modified their holdings of the business. Invesco Ltd. lifted its stake in Exelixis by 308.1% in the 4th quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock worth $132,376,000 after acquiring an additional 3,001,204 shares in the last quarter. Norges Bank purchased a new stake in shares of Exelixis in the fourth quarter worth approximately $94,867,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Exelixis by 330.4% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company’s stock worth $82,730,000 after purchasing an additional 1,907,167 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Exelixis by 104.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company’s stock worth $105,208,000 after purchasing an additional 1,613,482 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in Exelixis by 124.0% during the third quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock valued at $46,473,000 after purchasing an additional 991,494 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

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.