Exelixis (NASDAQ:EXEL) Earns Market Outperform Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Exelixis (NASDAQ:EXEL) in a research note released on Monday, Benzinga reports. JMP Securities currently has a $27.00 price target on the biotechnology company’s stock.

EXEL has been the topic of a number of other research reports. William Blair reissued an outperform rating on shares of Exelixis in a research report on Monday, October 23rd. TheStreet lowered Exelixis from a b rating to a c+ rating in a research report on Monday, October 9th. HC Wainwright began coverage on Exelixis in a research report on Tuesday, September 26th. They issued a buy rating and a $28.00 target price on the stock. Oppenheimer raised their price target on Exelixis from $25.00 to $29.00 and gave the company an outperform rating in a research note on Tuesday, August 22nd. Finally, Morgan Stanley raised their price target on Exelixis from $22.00 to $23.00 and gave the company an equal weight rating in a research note on Thursday, November 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $25.44.

Exelixis Price Performance

NASDAQ EXEL opened at $20.98 on Monday. The firm has a market cap of $6.52 billion, a P/E ratio of 74.93, a P/E/G ratio of 1.14 and a beta of 0.59. The stock’s 50-day moving average is $21.32 and its 200-day moving average is $20.43. Exelixis has a one year low of $15.32 and a one year high of $22.80.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Wednesday, November 1st. The biotechnology company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). Exelixis had a return on equity of 3.71% and a net margin of 5.19%. The business had revenue of $471.90 million for the quarter, compared to analyst estimates of $473.31 million. During the same period in the prior year, the business earned $0.23 EPS. The company’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities analysts anticipate that Exelixis will post 0.62 EPS for the current year.

Insider Activity at Exelixis

In related news, EVP Dana Aftab sold 4,600 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $22.47, for a total value of $103,362.00. Following the completion of the sale, the executive vice president now directly owns 399,943 shares in the company, valued at approximately $8,986,719.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Exelixis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Exelixis by 4.9% in the 1st quarter. BlackRock Inc. now owns 36,214,174 shares of the biotechnology company’s stock valued at $702,917,000 after acquiring an additional 1,683,880 shares in the last quarter. Vanguard Group Inc. raised its holdings in Exelixis by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 31,284,832 shares of the biotechnology company’s stock valued at $490,546,000 after acquiring an additional 220,099 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Exelixis by 115.9% in the 1st quarter. Farallon Capital Management LLC now owns 23,466,000 shares of the biotechnology company’s stock valued at $455,475,000 after acquiring an additional 12,597,851 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Exelixis by 2.1% in the 1st quarter. Renaissance Technologies LLC now owns 15,279,389 shares of the biotechnology company’s stock valued at $296,573,000 after acquiring an additional 318,300 shares in the last quarter. Finally, State Street Corp raised its holdings in Exelixis by 3.4% in the 3rd quarter. State Street Corp now owns 13,019,900 shares of the biotechnology company’s stock valued at $204,152,000 after acquiring an additional 423,520 shares in the last quarter. 93.09% of the stock is owned by institutional investors and hedge funds.

About Exelixis

Exelixis, Inc, an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines 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.