Exelixis (NASDAQ:EXEL) Given New $38.00 Price Target at Truist Financial

Exelixis (NASDAQ:EXEL) had its target price boosted by equities research analysts at Truist Financial from $33.00 to $38.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target suggests a potential upside of 15.29% from the company’s previous close.

Several other brokerages also recently weighed in on EXEL. HC Wainwright reaffirmed a “buy” rating and set a $29.00 price target on shares of Exelixis in a report on Wednesday, September 18th. The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. UBS Group began coverage on Exelixis in a report on Thursday, September 19th. They set a “neutral” rating and a $30.00 price target on the stock. BMO Capital Markets upped their price objective on Exelixis from $29.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley lifted their target price on Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.69.

Exelixis Price Performance

Shares of NASDAQ:EXEL traded up $4.23 during midday trading on Wednesday, hitting $32.96. The company had a trading volume of 3,016,788 shares, compared to its average volume of 2,029,688. Exelixis has a 12-month low of $19.20 and a 12-month high of $33.32. The company has a fifty day moving average of $26.69 and a two-hundred day moving average of $24.09. The company has a market cap of $9.40 billion, a price-to-earnings ratio of 28.61, a PEG ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 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 during the quarter, compared to analysts’ expectations of $468.21 million. Research analysts expect that Exelixis will post 1.58 earnings per share for the current fiscal year.

Insider Activity

In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now owns 721,680 shares of the company’s stock, valued at $19,622,479.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $26.38, for a total value of $659,500.00. Following the sale, the executive vice president now owns 605,325 shares in the company, valued at $15,968,473.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Christopher J. Senner sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the sale, the chief financial officer now owns 721,680 shares of the company’s stock, valued at $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,858 shares of company stock valued at $8,640,129. 2.85% of the stock is currently owned by insiders.

Institutional Trading of Exelixis

Hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management boosted its stake in shares of Exelixis by 107.7% in the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock valued at $129,511,000 after purchasing an additional 2,989,021 shares during the period. Jupiter Asset Management Ltd. grew its position in Exelixis by 148.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock worth $53,817,000 after purchasing an additional 1,354,062 shares during the last quarter. Swedbank AB acquired a new position in Exelixis in the 1st quarter valued at about $22,455,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Exelixis during the first quarter worth approximately $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. 85.27% of the stock is owned by institutional investors and hedge funds.

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.