Exelixis (NASDAQ:EXEL) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Exelixis (NASDAQ:EXEL) announced its quarterly earnings results on Tuesday. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04, Zacks reports. The firm had revenue of $539.50 million during the quarter, compared to the consensus estimate of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 earnings per share. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Price Performance

NASDAQ EXEL traded up $0.79 on Friday, hitting $33.99. 2,644,946 shares of the company’s stock were exchanged, compared to its average volume of 2,061,427. The firm’s 50-day moving average price is $26.96 and its two-hundred day moving average price is $24.21. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 21.28, a P/E/G ratio of 0.69 and a beta of 0.54. Exelixis has a fifty-two week low of $19.20 and a fifty-two week high of $34.45.

Insider Activity

In related news, Director Maria C. Freire sold 8,250 shares of the company’s 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 transaction, the director now owns 91,007 shares of the company’s stock, valued at $2,417,145.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Maria C. Freire sold 8,250 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total transaction of $219,120.00. Following the sale, the director now owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Dana Aftab sold 95,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the completion of the transaction, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 352,858 shares of company stock valued at $9,349,879 in the last three months. 2.85% of the stock is currently owned by company insiders.

Analyst Ratings Changes

EXEL has been the topic of a number of recent analyst reports. Guggenheim increased their target price on shares of Exelixis from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $34.00 price objective on shares of Exelixis in a report on Wednesday. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 13th. Oppenheimer reaffirmed an “outperform” rating and set a $29.00 price target on shares of Exelixis in a research report on Tuesday, July 30th. Finally, Wells Fargo & Company boosted their price objective on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.44.

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.