Oppenheimer Reiterates “Outperform” Rating for Exelixis (NASDAQ:EXEL)

Oppenheimer reaffirmed their outperform rating on shares of Exelixis (NASDAQ:EXEL) in a report published on Tuesday morning, Benzinga reports. The firm currently has a $29.00 price objective on the biotechnology company’s stock.

Other research analysts have also issued research reports about the company. HC Wainwright reissued a buy rating and set a $28.00 price target on shares of Exelixis in a research note on Friday, May 3rd. StockNews.com upgraded Exelixis from a buy rating to a strong-buy rating in a research note on Saturday, July 13th. Stephens assumed coverage on Exelixis in a research note on Tuesday, May 14th. They issued an equal weight rating and a $23.00 price target for the company. JMP Securities reiterated a market outperform rating and issued a $27.00 price target on shares of Exelixis in a research note on Wednesday, April 10th. Finally, William Blair restated an outperform rating on shares of Exelixis in a research note on Wednesday, May 1st. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $26.13.

Exelixis Price Performance

EXEL opened at $24.17 on Tuesday. The stock has a market cap of $7.33 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.58 and a beta of 0.54. The stock’s 50 day simple moving average is $22.22 and its 200 day simple moving average is $22.21. Exelixis has a 1-year low of $18.64 and a 1-year high of $24.36.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Tuesday, April 30th. The biotechnology company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16). The company had revenue of $425.23 million for the quarter, compared to analyst estimates of $461.04 million. Exelixis had a net margin of 11.10% and a return on equity of 8.85%. Exelixis’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.12 EPS. Research analysts expect that Exelixis will post 1.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jack L. Wyszomierski sold 10,923 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $21.37, for a total transaction of $233,424.51. Following the sale, the director now owns 338,948 shares of the company’s stock, valued at $7,243,318.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Exelixis news, Director David Edward Johnson purchased 200,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were purchased at an average price of $20.32 per share, for a total transaction of $4,064,000.00. Following the completion of the transaction, the director now owns 1,300,730 shares in the company, valued at approximately $26,430,833.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jack L. Wyszomierski sold 10,923 shares of Exelixis stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $21.37, for a total transaction of $233,424.51. Following the completion of the transaction, the director now owns 338,948 shares in the company, valued at approximately $7,243,318.76. The disclosure for this sale can be found here. Insiders have sold a total of 30,896 shares of company stock valued at $660,677 over the last quarter. Corporate insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. LSV Asset Management grew its position in Exelixis by 1,651.4% in the first quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock worth $65,844,000 after buying an additional 2,616,278 shares during the last quarter. State of Alaska Department of Revenue grew its position in Exelixis by 236.3% in the fourth quarter. State of Alaska Department of Revenue now owns 127,287 shares of the biotechnology company’s stock worth $3,053,000 after buying an additional 89,436 shares during the last quarter. Advisors Preferred LLC purchased a new position in Exelixis during the 4th quarter worth approximately $3,384,000. Los Angeles Capital Management LLC grew its position in Exelixis by 948.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock worth $58,240,000 after purchasing an additional 2,220,150 shares in the last quarter. Finally, NewEdge Wealth LLC grew its position in Exelixis by 45.4% during the 4th quarter. NewEdge Wealth LLC now owns 681,104 shares of the biotechnology company’s stock worth $16,340,000 after purchasing an additional 212,553 shares in the last quarter. Institutional investors and hedge funds 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.