Exelixis (NASDAQ:EXEL) Downgraded to Market Perform Rating by Oppenheimer

Oppenheimer cut shares of Exelixis (NASDAQ:EXELFree Report) from an outperform rating to a market perform rating in a report released on Friday morning, Marketbeat Ratings reports. Oppenheimer currently has $33.00 price target on the biotechnology company’s stock, down from their previous price target of $41.00.

A number of other research analysts have also issued reports on the stock. Wells Fargo & Company increased their target price on shares of Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Stephens raised their price objective on Exelixis from $23.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their price objective on shares of Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Guggenheim reissued a “buy” rating on shares of Exelixis in a report on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $41.00 price target on shares of Exelixis in a report on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.00.

View Our Latest Stock Report on Exelixis

Exelixis Stock Down 5.1 %

NASDAQ:EXEL opened at $32.38 on Friday. Exelixis has a 12-month low of $20.01 and a 12-month high of $37.59. The stock’s 50 day moving average price is $34.87 and its two-hundred day moving average price is $29.71. The firm has a market capitalization of $9.25 billion, a price-to-earnings ratio of 20.76, a P/E/G ratio of 0.72 and a beta of 0.53.

Exelixis (NASDAQ:EXELGet Free Report) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The company had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. During the same quarter last year, the company earned $0.10 earnings per share. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. Equities research analysts expect that Exelixis will post 1.74 EPS for the current year.

Insider Transactions at Exelixis

In other Exelixis news, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.39, for a total transaction of $709,750.00. Following the transaction, the executive vice president now directly owns 580,325 shares of the company’s stock, valued at approximately $16,475,426.75. The trade was a 4.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Patrick J. Haley sold 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $35.27, for a total value of $352,700.00. Following the completion of the sale, the executive vice president now owns 278,665 shares in the company, valued at $9,828,514.55. This trade represents a 3.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,736 shares of company stock worth $10,849,110. Company insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC lifted its holdings in Exelixis by 45.3% in the second quarter. Hsbc Holdings PLC now owns 90,211 shares of the biotechnology company’s stock valued at $2,031,000 after buying an additional 28,126 shares during the period. XTX Topco Ltd acquired a new position in shares of Exelixis in the 2nd quarter valued at about $309,000. Pacer Advisors Inc. boosted its position in shares of Exelixis by 4.3% during the 2nd quarter. Pacer Advisors Inc. now owns 67,740 shares of the biotechnology company’s stock valued at $1,522,000 after purchasing an additional 2,813 shares in the last quarter. Marshall Wace LLP acquired a new stake in Exelixis during the second quarter worth approximately $801,000. Finally, Squarepoint Ops LLC increased its holdings in Exelixis by 242.8% in the second quarter. Squarepoint Ops LLC now owns 89,449 shares of the biotechnology company’s stock worth $2,010,000 after purchasing an additional 63,352 shares in the last quarter. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Exelixis (NASDAQ:EXEL)

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