Stephens Raises Exelixis (NASDAQ:EXEL) Price Target to $29.00

Exelixis (NASDAQ:EXEL) had its price target upped by Stephens from $23.00 to $29.00 in a report issued on Wednesday, Benzinga reports. Stephens currently has an equal weight rating on the biotechnology company’s stock.

Several other analysts have also commented on the stock. BMO Capital Markets increased their price target on shares of Exelixis from $29.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday. Piper Sandler increased 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. UBS Group assumed coverage on shares of Exelixis in a report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $34.00 price target on shares of Exelixis in a research report on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and issued a $29.00 price objective on shares of Exelixis in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.44.

Exelixis Price Performance

Shares of EXEL stock opened at $34.12 on Wednesday. The company’s 50-day simple moving average is $27.13 and its two-hundred day simple moving average is $24.29. Exelixis has a one year low of $19.20 and a one year high of $34.45. The company has a market capitalization of $9.74 billion, a P/E ratio of 21.87, a P/E/G ratio of 0.89 and a beta of 0.51.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings data 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 net margin of 22.43% and a return on equity of 20.99%. The company had revenue of $539.50 million during the quarter, compared to analyst estimates of $490.31 million. During the same period in the prior year, the firm earned $0.10 earnings per share. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts expect that Exelixis will post 1.59 EPS for the current fiscal year.

Insider Activity

In other news, EVP Dana Aftab sold 1,162 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total value of $36,486.80. Following the completion of the sale, the executive vice president now directly owns 498,945 shares of the company’s stock, valued at approximately $15,666,873. This 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 can be accessed through this hyperlink. In other Exelixis news, EVP Dana Aftab sold 1,162 shares of Exelixis stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the transaction, the executive vice president now directly owns 498,945 shares in the company, valued at approximately $15,666,873. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Maria C. Freire sold 8,250 shares of the 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 sale, the director now owns 91,007 shares of the company’s stock, valued at $2,417,145.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 354,020 shares of company stock valued at $9,386,366. Insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. 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 purchasing an additional 2,989,021 shares during the period. Jupiter Asset Management Ltd. increased its stake in Exelixis by 148.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock valued at $53,817,000 after buying an additional 1,354,062 shares during the period. Swedbank AB purchased a new position in Exelixis during the 1st quarter worth $22,455,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Exelixis in the 1st quarter worth $10,906,000. Finally, Farallon Capital Management LLC lifted its stake in shares of Exelixis by 1.6% in the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock worth $608,993,000 after acquiring an additional 424,000 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.