Exelixis, Inc. (NASDAQ:EXEL) Sees Significant Decline in Short Interest

Exelixis, Inc. (NASDAQ:EXEL) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 13,090,000 shares, a decrease of 9.5% from the January 15th total of 14,460,000 shares. Based on an average daily volume of 2,200,000 shares, the days-to-cover ratio is currently 6.0 days. Approximately 4.7% of the company’s stock are short sold.

Exelixis Stock Up 1.5 %

Shares of EXEL traded up $0.51 during mid-day trading on Monday, hitting $35.00. 2,854,977 shares of the company’s stock were exchanged, compared to its average volume of 2,601,778. Exelixis has a 52 week low of $20.14 and a 52 week high of $37.59. The stock’s 50-day simple moving average is $34.19 and its 200-day simple moving average is $30.93. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of 22.44, a price-to-earnings-growth ratio of 0.63 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a net margin of 22.43% and a return on equity of 20.99%. Analysts forecast that Exelixis will post 1.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Brookline Capital Management started coverage on shares of Exelixis in a research note on Monday, December 23rd. They issued a “buy” rating for the company. TD Cowen raised their target price on shares of Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Guggenheim reissued a “buy” rating and set a $42.00 price target on shares of Exelixis in a research report on Wednesday, February 12th. Morgan Stanley raised Exelixis from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $30.00 to $40.00 in a research report on Monday, January 27th. Finally, Piper Sandler boosted their target price on Exelixis from $37.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.24.

Insider Buying and Selling

In related news, EVP Patrick J. Haley sold 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $35.27, for a total transaction of $352,700.00. Following the sale, the executive vice president now owns 278,665 shares in the company, valued at approximately $9,828,514.55. This represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the transaction, the executive vice president now owns 486,059 shares of the company’s stock, valued at approximately $17,823,783.53. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently bought and sold shares of the company. Coppell Advisory Solutions LLC acquired a new stake in shares of Exelixis during the 4th quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new stake in Exelixis during the third quarter worth $30,000. Colonial Trust Co SC lifted its stake in Exelixis by 616.9% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 765 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Exelixis in the 4th quarter valued at $32,000. Finally, Principal Securities Inc. increased its stake in shares of Exelixis by 62.8% in the 4th quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 373 shares during the last quarter. 85.27% of the stock is 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.