Exelixis (NASDAQ:EXEL) Cut to “Market Perform” at BMO Capital Markets

BMO Capital Markets cut shares of Exelixis (NASDAQ:EXEL) from an outperform rating to a market perform rating in a report issued on Friday morning, MarketBeat Ratings reports. BMO Capital Markets currently has $40.00 price target on the biotechnology company’s stock, up from their previous price target of $36.00.

EXEL has been the subject of a number of other reports. Truist Financial upped their price target on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JMP Securities reiterated a “market outperform” rating and set a $29.00 target price on shares of Exelixis in a research note on Friday, October 11th. Bank of America lowered 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. Wells Fargo & Company upped their price objective on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler lifted their target price on Exelixis from $33.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Exelixis has an average rating of “Moderate Buy” and an average price target of $32.44.

Exelixis Trading Down 1.2 %

NASDAQ:EXEL opened at $33.29 on Friday. The firm has a market capitalization of $9.51 billion, a PE ratio of 21.34, a PEG ratio of 0.89 and a beta of 0.52. Exelixis has a 1 year low of $19.20 and a 1 year high of $36.97. The firm’s fifty day simple moving average is $33.51 and its 200 day simple moving average is $27.59.

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 analysts’ consensus estimates of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The company had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $490.31 million. During the same period in the prior year, the company earned $0.10 earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. As a group, analysts anticipate that Exelixis will post 1.69 EPS for the current fiscal year.

Insider Activity at Exelixis

In other news, EVP Dana Aftab sold 1,162 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 498,945 shares in the company, valued at approximately $15,666,873. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.39, for a total transaction of $709,750.00. Following the transaction, the executive vice president now owns 580,325 shares in the company, valued at approximately $16,475,426.75. This trade represents a 4.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 314,736 shares of company stock valued at $10,849,110 in the last ninety days. Insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

Hedge funds have recently modified their holdings of the stock. LSV Asset Management boosted its position in Exelixis by 107.7% in the 2nd quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock valued at $129,511,000 after buying an additional 2,989,021 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of 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 acquiring an additional 991,494 shares during the period. Caisse DE Depot ET Placement DU Quebec bought a new position in Exelixis in the third quarter valued at about $14,979,000. Farallon Capital Management LLC increased its position in Exelixis by 1.6% in the second quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock worth $608,993,000 after purchasing an additional 424,000 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Exelixis by 12.7% during the 2nd quarter. AQR Capital Management LLC now owns 3,281,578 shares of the biotechnology company’s stock worth $73,425,000 after purchasing an additional 370,199 shares during the last quarter. 85.27% of the stock is owned by institutional investors.

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.