Exelixis (NASDAQ:EXEL) Price Target Raised to $33.00 at Guggenheim

Exelixis (NASDAQ:EXEL) had its target price hoisted by stock analysts at Guggenheim from $32.00 to $33.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Guggenheim’s target price would suggest a potential upside of 0.49% from the stock’s previous close.

Several other brokerages have also issued reports on EXEL. Piper Sandler lifted their target price on shares of Exelixis from $33.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday. StockNews.com raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. BMO Capital Markets lifted their target price on shares of Exelixis from $29.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley boosted their price target on shares of Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Finally, Oppenheimer reissued an “outperform” rating and issued a $29.00 price target on shares of Exelixis in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.44.

Exelixis Stock Performance

Shares of Exelixis stock traded up $4.11 during trading on Wednesday, hitting $32.84. 4,774,635 shares of the company’s stock were exchanged, compared to its average volume of 2,038,059. The business has a 50-day simple moving average of $26.69 and a 200-day simple moving average of $24.09. Exelixis has a 52-week low of $19.20 and a 52-week high of $33.32. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings data 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. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. The company had revenue of $637.18 million during the quarter, compared to analysts’ expectations of $468.21 million. On average, equities analysts anticipate that Exelixis will post 1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Maria C. Freire sold 8,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the sale, the director now directly owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Christopher J. Senner sold 125,000 shares of Exelixis stock in a transaction on Friday, August 9th. The shares were sold at an average price of $27.19, for a total value of $3,398,750.00. Following the completion of the sale, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maria C. Freire sold 8,250 shares of Exelixis stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total transaction of $219,120.00. Following the completion of the transaction, the director now directly owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,858 shares of company stock valued at $8,640,129 in the last ninety days. Insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Hedge funds have recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. acquired a new position in shares of Exelixis during the first quarter valued at $250,000. Commonwealth Equity Services LLC boosted its holdings in shares of Exelixis by 4.1% in the first quarter. Commonwealth Equity Services LLC now owns 128,033 shares of the biotechnology company’s stock valued at $3,038,000 after acquiring an additional 5,037 shares in the last quarter. Smith Group Asset Management LLC bought a new stake in Exelixis during the first quarter worth approximately $228,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Exelixis by 3.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,771 shares of the biotechnology company’s stock worth $778,000 after purchasing an additional 1,301 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Exelixis by 6.1% in the first quarter. Janney Montgomery Scott LLC now owns 60,746 shares of the biotechnology company’s stock valued at $1,442,000 after buying an additional 3,510 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

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.