Exelixis (NASDAQ:EXEL) Price Target Raised to $33.00 at Guggenheim

Exelixis (NASDAQ:EXEL) had its price objective upped by Guggenheim from $32.00 to $33.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other brokerages have also recently issued reports on EXEL. Oppenheimer reiterated an “outperform” rating and issued a $29.00 price objective on shares of Exelixis in a report on Tuesday, July 30th. Truist Financial raised their price objective on Exelixis from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $29.00 target price on shares of Exelixis in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and set a $29.00 price target on shares of Exelixis in a report on Wednesday, September 18th. Finally, Stifel Nicolaus boosted their price objective on shares of Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Exelixis presently has a consensus rating of “Moderate Buy” and an average target price of $31.44.

Exelixis Price Performance

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

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. The business had revenue of $539.50 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $0.10 EPS. On average, equities analysts anticipate that Exelixis will post 1.59 EPS for the current year.

Insider Buying and Selling at Exelixis

In related news, CFO Christopher J. Senner sold 125,000 shares of the firm’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 transaction of $3,398,750.00. Following the completion of the transaction, the chief financial officer now owns 721,680 shares in the company, valued at $19,622,479.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. 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 hyperlink. Also, EVP Dana Aftab sold 95,000 shares of Exelixis stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total value of $2,375,000.00. Following the transaction, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. 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 ninety days, insiders have sold 354,020 shares of company stock valued at $9,386,366. 2.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Exelixis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management grew its holdings in Exelixis by 107.7% during the 2nd quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after acquiring an additional 2,989,021 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Exelixis by 148.2% in the first quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock valued at $53,817,000 after purchasing an additional 1,354,062 shares in the last quarter. Swedbank AB bought a new position in Exelixis in the 1st quarter worth approximately $22,455,000. Susquehanna Fundamental Investments LLC acquired a new position in Exelixis during the 1st quarter worth $10,906,000. Finally, Farallon Capital Management LLC boosted its position in Exelixis by 1.6% in the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after buying an additional 424,000 shares during the last quarter. 85.27% of the stock is currently 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.