Exelixis (NASDAQ:EXEL) Hits New 1-Year High After Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $30.00 to $32.00. Bank of America currently has a buy rating on the stock. Exelixis traded as high as $28.66 and last traded at $28.27, with a volume of 1640399 shares. The stock had previously closed at $26.24.

EXEL has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $29.00 price target on shares of Exelixis in a research note on Wednesday, September 18th. JMP Securities reissued a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a research note on Friday, October 11th. Truist Financial reissued a “buy” rating and issued a $33.00 price target (up previously from $32.00) on shares of Exelixis in a research note on Thursday, August 8th. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. Finally, Royal Bank of Canada lifted their price target on Exelixis from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.43.

Insiders Place Their Bets

In other news, Director Maria C. Freire sold 8,250 shares of Exelixis stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total transaction of $219,120.00. Following the completion of the sale, the director now directly owns 91,007 shares in the company, valued at $2,417,145.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Christopher J. Senner sold 125,000 shares of Exelixis stock in a transaction dated 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 sale, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maria C. Freire sold 8,250 shares of Exelixis stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the sale, the director now owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,858 shares of company stock worth $8,640,129. 2.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Exelixis

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXEL. Goldman Sachs Group Inc. lifted its holdings in Exelixis by 0.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,809 shares of the biotechnology company’s stock worth $25,161,000 after purchasing an additional 5,833 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Exelixis by 25.1% in the 4th quarter. Wellington Management Group LLP now owns 129,935 shares of the biotechnology company’s stock worth $3,117,000 after purchasing an additional 26,049 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Exelixis by 232.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 728 shares during the last quarter. Nomura Holdings Inc. lifted its holdings in Exelixis by 234.4% in the 4th quarter. Nomura Holdings Inc. now owns 194,968 shares of the biotechnology company’s stock worth $4,677,000 after purchasing an additional 136,668 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Exelixis by 948.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock worth $58,240,000 after purchasing an additional 2,220,150 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Trading Up 8.6 %

The company has a fifty day moving average of $26.29 and a two-hundred day moving average of $23.72. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 44.53, a price-to-earnings-growth ratio of 0.54 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.44. The firm had revenue of $637.18 million during the quarter, compared to analyst estimates of $468.21 million. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. As a group, sell-side analysts predict that Exelixis, Inc. will post 1.59 earnings per share for the current fiscal year.

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.