Exelixis (NASDAQ:EXEL) Reaches New 12-Month High – Still a Buy?

Shares of Exelixis, Inc. (NASDAQ:EXEL) reached a new 52-week high on Monday . The company traded as high as $36.69 and last traded at $36.69, with a volume of 1061601 shares trading hands. The stock had previously closed at $35.61.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EXEL. Royal Bank of Canada reissued an “outperform” rating and issued a $34.00 target price on shares of Exelixis in a research note on Wednesday, October 30th. Truist Financial raised their price objective on shares of Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $29.00 target price on shares of Exelixis in a research note on Wednesday, September 18th. Guggenheim raised their price target on Exelixis from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $29.00 price objective on shares of Exelixis in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.44.

Exelixis Stock Performance

The firm’s fifty day moving average price is $30.25 and its 200 day moving average price is $25.83. The firm has a market cap of $10.26 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 0.92 and a beta of 0.51.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. The company had revenue of $539.50 million during the quarter, compared to the consensus estimate of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. Exelixis’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 earnings per share. As a group, analysts expect that Exelixis, Inc. will post 1.69 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In related news, EVP Dana Aftab sold 1,162 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total transaction of $36,486.80. Following the completion of the sale, the executive vice president now owns 498,945 shares of the company’s stock, valued at $15,666,873. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s 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 sale, the executive vice president now owns 580,325 shares of the company’s stock, valued at approximately $16,475,426.75. This trade represents a 4.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 279,736 shares of company stock valued at $9,308,410 over the last quarter. 2.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Tri Ri Asset Management Corp acquired a new stake in Exelixis in the 3rd quarter worth approximately $4,396,000. Tidal Investments LLC lifted its stake in shares of Exelixis by 2.3% during the third quarter. Tidal Investments LLC now owns 36,366 shares of the biotechnology company’s stock worth $944,000 after buying an additional 823 shares during the period. Sanctuary Advisors LLC grew its holdings in shares of Exelixis by 42.7% during the third quarter. Sanctuary Advisors LLC now owns 39,261 shares of the biotechnology company’s stock valued at $1,019,000 after buying an additional 11,757 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Exelixis by 376.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 9,756 shares of the biotechnology company’s stock valued at $253,000 after acquiring an additional 7,710 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Exelixis in the 3rd quarter worth $264,000. 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.