JMP Securities Boosts Exelixis (NASDAQ:EXEL) Price Target to $29.00

Exelixis (NASDAQ:EXEL) had its price objective lifted by JMP Securities from $27.00 to $29.00 in a report published on Wednesday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the company. William Blair restated an outperform rating on shares of Exelixis in a research note on Wednesday, May 1st. Stephens initiated coverage on shares of Exelixis in a research report on Tuesday, May 14th. They issued an equal weight rating and a $23.00 price target on the stock. TD Cowen boosted their price objective on shares of Exelixis from $25.00 to $27.00 and gave the company a buy rating in a research report on Wednesday, May 1st. StockNews.com upgraded shares of Exelixis from a buy rating to a strong-buy rating in a research note on Saturday, July 13th. Finally, Royal Bank of Canada restated an outperform rating and issued a $27.00 target price on shares of Exelixis in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $27.43.

Exelixis Trading Down 0.7 %

NASDAQ EXEL traded down $0.20 on Wednesday, hitting $26.97. 2,911,983 shares of the stock traded hands, compared to its average volume of 2,090,563. The stock has a 50-day moving average of $22.69 and a 200 day moving average of $22.32. Exelixis has a twelve month low of $18.64 and a twelve month high of $27.53. The company has a market capitalization of $8.18 billion, a P/E ratio of 42.14, a price-to-earnings-growth ratio of 0.60 and a beta of 0.54.

Insider Activity at Exelixis

In other news, EVP Dana Aftab sold 95,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total value of $2,375,000.00. Following the sale, the executive vice president now owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Dana Aftab sold 95,000 shares of the company’s 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 completion of the transaction, the executive vice president now directly owns 520,990 shares in the company, valued at approximately $13,024,750. The disclosure for this sale can be found here. Insiders have sold 250,896 shares of company stock worth $6,434,427 over the last quarter. 2.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Exelixis

A number of hedge funds have recently modified their holdings of the stock. Resonant Capital Advisors LLC increased its position in shares of Exelixis by 3.6% in the second quarter. Resonant Capital Advisors LLC now owns 13,746 shares of the biotechnology company’s stock worth $309,000 after acquiring an additional 477 shares in the last quarter. Cornercap Investment Counsel Inc. grew its position in Exelixis by 1.1% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 50,497 shares of the biotechnology company’s stock worth $1,135,000 after purchasing an additional 539 shares in the last quarter. Alaska Permanent Fund Corp grew its position in Exelixis by 1.2% during the 1st quarter. Alaska Permanent Fund Corp now owns 53,239 shares of the biotechnology company’s stock worth $1,263,000 after purchasing an additional 617 shares in the last quarter. Fisher Asset Management LLC raised its stake in Exelixis by 232.6% during the 4th quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 728 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Exelixis by 10.8% in the fourth quarter. Quadrant Capital Group LLC now owns 7,709 shares of the biotechnology company’s stock valued at $185,000 after purchasing an additional 750 shares in 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.