Guggenheim Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Exelixis (NASDAQ:EXEL) had its price objective boosted by Guggenheim from $33.00 to $42.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Guggenheim currently has a buy rating on the biotechnology company’s stock.

Several other equities analysts have also issued reports on EXEL. UBS Group initiated coverage on Exelixis in a research note on Thursday, September 19th. They issued a “neutral” rating and a $30.00 target price on the stock. Wells Fargo & Company lifted their price objective on shares of Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Truist Financial boosted their price objective on shares of Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America downgraded shares of Exelixis from a “buy” rating to a “neutral” rating and raised their target price for the company from $35.00 to $39.00 in a research note on Tuesday, December 17th. Finally, Piper Sandler upped their price target 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 assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Exelixis Stock Performance

Shares of EXEL opened at $34.50 on Tuesday. The company has a 50 day moving average price of $34.84 and a 200-day moving average price of $28.71. Exelixis has a fifty-two week low of $20.01 and a fifty-two week high of $36.97. The stock has a market capitalization of $9.85 billion, a PE ratio of 22.12, a PEG ratio of 0.88 and a beta of 0.52.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $490.31 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. Exelixis’s revenue was up 14.3% on a year-over-year basis. Equities research analysts forecast that Exelixis will post 1.69 EPS for the current year.

Insider Activity at Exelixis

In other Exelixis news, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.39, for a total value of $709,750.00. Following the sale, the executive vice president now directly owns 580,325 shares of the company’s stock, valued at approximately $16,475,426.75. This represents a 4.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Patrick J. Haley sold 10,000 shares of Exelixis stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $35.27, for a total value of $352,700.00. Following the transaction, the executive vice president now owns 278,665 shares of the company’s stock, valued at $9,828,514.55. The trade was a 3.46 % 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 over the last quarter. Insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new position in shares of Exelixis during the 3rd quarter valued at approximately $30,000. Brooklyn Investment Group purchased a new position in Exelixis in the third quarter valued at $42,000. Capital Performance Advisors LLP acquired a new position in shares of Exelixis in the third quarter worth about $61,000. Essex Investment Management Co. LLC purchased a new stake in shares of Exelixis during the 3rd quarter worth about $74,000. Finally, GAMMA Investing LLC grew its position in shares of Exelixis by 50.0% during the 3rd quarter. GAMMA Investing LLC now owns 3,010 shares of the biotechnology company’s stock valued at $78,000 after acquiring an additional 1,004 shares during the period. 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.