Exelixis (NASDAQ:EXEL) Shares Up 5.5% – Here’s Why

Exelixis, Inc. (NASDAQ:EXEL) shares shot up 5.5% during mid-day trading on Friday . The company traded as high as $37.05 and last traded at $37.02. 2,073,819 shares were traded during trading, a decline of 20% from the average session volume of 2,581,137 shares. The stock had previously closed at $35.09.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EXEL. Wells Fargo & Company upped their target price on Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. BMO Capital Markets lowered Exelixis from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $36.00 to $40.00 in a research note on Friday, December 20th. Guggenheim restated a “buy” rating and issued a $42.00 target price on shares of Exelixis in a research note on Wednesday, February 12th. Morgan Stanley upgraded Exelixis from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $30.00 to $40.00 in a research note on Monday, January 27th. Finally, Brookline Capital Management began coverage on Exelixis in a research note on Monday, December 23rd. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.24.

Exelixis Stock Performance

The firm has a 50-day moving average of $34.16 and a 200-day moving average of $31.14. The firm has a market capitalization of $10.31 billion, a P/E ratio of 20.82, a price-to-earnings-growth ratio of 1.13 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a return on equity of 23.52% and a net margin of 24.04%. Equities analysts anticipate that Exelixis, Inc. will post 2.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Exelixis news, EVP Jeffrey Hessekiel sold 60,000 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the sale, the executive vice president now owns 486,059 shares in the company, valued at approximately $17,823,783.53. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary C. Beckerle sold 12,210 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $34.88, for a total value of $425,884.80. Following the completion of the sale, the director now owns 30,406 shares of the company’s stock, valued at approximately $1,060,561.28. This trade represents a 28.65 % decrease in their position. The disclosure for this sale can be found here. 2.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Exelixis

Institutional investors and hedge funds have recently bought and sold shares of the business. Coppell Advisory Solutions LLC purchased a new stake in Exelixis in the 4th quarter worth approximately $25,000. Colonial Trust Co SC lifted its holdings in Exelixis by 616.9% in the 4th quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company’s stock worth $30,000 after buying an additional 765 shares during the period. Principal Securities Inc. lifted its holdings in Exelixis by 62.8% in the 4th quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company’s stock worth $32,000 after buying an additional 373 shares during the period. USA Financial Formulas purchased a new stake in Exelixis in the 4th quarter worth approximately $32,000. Finally, Kestra Investment Management LLC purchased a new stake in Exelixis in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

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.