Exelixis (NASDAQ:EXEL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Exelixis (NASDAQ:EXEL) had its price target boosted by investment analysts at Wells Fargo & Company from $32.00 to $36.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 8.43% from the stock’s previous close.

Several other equities research analysts also recently commented on EXEL. Truist Financial upped their price target on shares of Exelixis from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. UBS Group assumed coverage on Exelixis in a report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 target price for the company. Oppenheimer reiterated an “outperform” rating and set a $29.00 price target on shares of Exelixis in a report on Tuesday, July 30th. Royal Bank of Canada increased their price objective on Exelixis from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus lifted their target price on Exelixis from $26.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.44.

Exelixis Stock Performance

Exelixis stock opened at $33.20 on Wednesday. Exelixis has a 1 year low of $19.20 and a 1 year high of $33.60. 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 $9.47 billion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.44. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. The business had revenue of $637.18 million for the quarter, compared to analysts’ expectations of $468.21 million. As a group, equities analysts predict that Exelixis will post 1.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Exelixis news, Director Maria C. Freire sold 8,250 shares of the firm’s stock in a transaction dated 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 directly owns 91,007 shares in the company, valued at $2,417,145.92. This trade represents 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 the SEC website. In other Exelixis news, Director Maria C. Freire sold 8,250 shares of the stock in a transaction that occurred 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 in the company, valued at $2,417,145.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the completion of the transaction, the executive vice president now directly owns 580,325 shares in the company, valued at approximately $16,475,426.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 352,858 shares of company stock worth $9,349,879. Corporate insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of hedge funds have recently bought and sold shares of EXEL. LSV Asset Management lifted its holdings in shares of Exelixis by 107.7% during the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after buying an additional 2,989,021 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in Exelixis by 148.2% during the first quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock worth $53,817,000 after acquiring an additional 1,354,062 shares during the period. Swedbank AB bought a new stake in Exelixis in the 1st quarter valued at $22,455,000. Susquehanna Fundamental Investments LLC acquired a new stake in Exelixis in the 1st quarter worth $10,906,000. Finally, Farallon Capital Management LLC increased its holdings in shares of Exelixis by 1.6% during the 2nd 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. 85.27% of the stock is currently 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.