Exelixis (NASDAQ:EXEL) Reaches New 12-Month High After Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL) shares hit a new 52-week high during trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $26.00 to $30.00. Stifel Nicolaus currently has a hold rating on the stock. Exelixis traded as high as $28.66 and last traded at $28.27, with a volume of 1640399 shares trading hands. The stock had previously closed at $26.24.

Other equities analysts also recently issued research reports about the company. Morgan Stanley boosted their price target on Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Truist Financial reissued a “buy” rating and set a $33.00 target price (up from $32.00) on shares of Exelixis in a report on Thursday, August 8th. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 13th. Royal Bank of Canada upped their price objective on shares of Exelixis from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Oppenheimer restated an “outperform” rating and set a $29.00 target price on shares of Exelixis in a research note on Tuesday, July 30th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.07.

Insider Transactions at Exelixis

In related news, EVP Dana Aftab sold 95,000 shares of the business’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 sale, the executive vice president now directly owns 520,990 shares in the company, valued at approximately $13,024,750. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Dana Aftab sold 95,000 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 520,990 shares in the company, valued at approximately $13,024,750. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the sale, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at $19,622,479.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 327,858 shares of company stock valued at $8,640,129. 2.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC boosted its holdings in shares of Exelixis by 1.6% in the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after purchasing an additional 424,000 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Exelixis by 0.4% in the second quarter. Renaissance Technologies LLC now owns 15,163,066 shares of the biotechnology company’s stock valued at $340,714,000 after buying an additional 61,350 shares in the last quarter. LSV Asset Management raised its stake in Exelixis by 107.7% during the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after acquiring an additional 2,989,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Exelixis by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,137,201 shares of the biotechnology company’s stock worth $115,434,000 after acquiring an additional 349,837 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Exelixis by 12.7% in the second quarter. AQR Capital Management LLC now owns 3,281,578 shares of the biotechnology company’s stock worth $73,425,000 after acquiring an additional 370,199 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Trading Up 3.0 %

The business’s 50 day moving average price is $26.35 and its two-hundred day moving average price is $23.76. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 45.86, a P/E/G ratio of 0.54 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.44. The firm had revenue of $637.18 million for the quarter, compared to analyst estimates of $468.21 million. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. Analysts expect that Exelixis, Inc. will post 1.59 EPS for the current year.

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.