Exelixis (NASDAQ:EXEL) Cut to Buy at StockNews.com

StockNews.com lowered shares of Exelixis (NASDAQ:EXEL) from a strong-buy rating to a buy rating in a report issued on Tuesday morning.

EXEL has been the topic of a number of other research reports. Brookline Capital Management assumed coverage on Exelixis in a research report on Monday, December 23rd. They issued a “buy” rating on the stock. Morgan Stanley raised Exelixis from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $30.00 to $40.00 in a research report on Monday, January 27th. Piper Sandler lifted their target price on Exelixis from $36.00 to $37.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Bank of America downgraded Exelixis from a “buy” rating to a “neutral” rating and lifted their target price for the company from $35.00 to $39.00 in a research report on Tuesday, December 17th. Finally, Truist Financial lifted their target price on Exelixis from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.24.

Exelixis Price Performance

EXEL opened at $34.49 on Tuesday. The business’s 50-day moving average price is $34.21 and its two-hundred day moving average price is $30.75. Exelixis has a 1 year low of $20.14 and a 1 year high of $37.59. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 0.63 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last released 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 net margin of 22.43% and a return on equity of 20.99%. Sell-side analysts anticipate that Exelixis will post 1.74 earnings per share for the current fiscal year.

Insider Transactions at Exelixis

In related news, EVP Patrick J. Haley sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was 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 directly owns 278,665 shares in the company, valued at approximately $9,828,514.55. The trade was a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were 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 of the company’s stock, valued at approximately $17,823,783.53. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,588 shares of company stock worth $3,981,864 over the last quarter. Company insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Several institutional investors have recently made changes to their positions in EXEL. V Square Quantitative Management LLC bought a new stake in shares of Exelixis in the third quarter valued at approximately $30,000. USA Financial Formulas bought a new stake in shares of Exelixis in the fourth quarter valued at approximately $32,000. Principal Securities Inc. raised its position in Exelixis by 62.8% during the fourth quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 373 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Exelixis during the fourth quarter valued at approximately $39,000. Finally, Brooklyn Investment Group acquired a new position in Exelixis during the third quarter valued at approximately $42,000. 85.27% of the stock is currently owned by institutional investors.

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.