William Blair Brokers Lower Earnings Estimates for Exelixis, Inc. (NASDAQ:EXEL)

Exelixis, Inc. (NASDAQ:EXEL) – Research analysts at William Blair decreased their FY2024 earnings per share (EPS) estimates for shares of Exelixis in a note issued to investors on Wednesday, May 1st. William Blair analyst A. Hsieh now anticipates that the biotechnology company will post earnings of $0.95 per share for the year, down from their prior forecast of $1.12. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Exelixis’ current full-year earnings is $1.17 per share. William Blair also issued estimates for Exelixis’ FY2025 earnings at $1.18 EPS.

A number of other research analysts have also recently weighed in on the company. TheStreet raised Exelixis from a “c+” rating to a “b-” rating in a research report on Monday, March 18th. Stifel Nicolaus lifted their price objective on Exelixis from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Friday, February 2nd. Royal Bank of Canada lifted their price objective on Exelixis from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. TD Cowen lifted their price objective on Exelixis from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price objective on shares of Exelixis in a research report on Wednesday, April 10th. Six 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

Exelixis Price Performance

Exelixis stock opened at $21.90 on Monday. The business has a 50-day simple moving average of $22.98 and a two-hundred day simple moving average of $22.23. The company has a market cap of $6.38 billion, a P/E ratio of 34.22, a P/E/G ratio of 0.59 and a beta of 0.57. Exelixis has a 52-week low of $18.52 and a 52-week high of $24.34.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16). The firm had revenue of $425.23 million for the quarter, compared to the consensus estimate of $461.04 million. Exelixis had a net margin of 11.10% and a return on equity of 8.85%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently bought and sold shares of the business. LSV Asset Management grew its position in Exelixis by 1,651.4% in the 1st quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock valued at $65,844,000 after acquiring an additional 2,616,278 shares during the last quarter. GSA Capital Partners LLP bought a new position in Exelixis in the 1st quarter valued at $1,281,000. Nordea Investment Management AB grew its position in Exelixis by 17.3% in the 1st quarter. Nordea Investment Management AB now owns 202,292 shares of the biotechnology company’s stock valued at $4,835,000 after acquiring an additional 29,784 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Exelixis by 6.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 60,746 shares of the biotechnology company’s stock valued at $1,442,000 after acquiring an additional 3,510 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Exelixis by 3.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,771 shares of the biotechnology company’s stock valued at $778,000 after acquiring an additional 1,301 shares during the last quarter. Institutional investors own 85.27% of the company’s stock.

Insider Activity

In other news, Director Alan M. Garber sold 19,205 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $24.01, for a total transaction of $461,112.05. Following the transaction, the director now owns 35,703 shares of the company’s stock, valued at approximately $857,229.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Alan M. Garber sold 19,205 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $24.01, for a total transaction of $461,112.05. Following the transaction, the director now owns 35,703 shares of the company’s stock, valued at approximately $857,229.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Patrick J. Haley sold 47,020 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $21.45, for a total value of $1,008,579.00. Following the transaction, the executive vice president now directly owns 384,866 shares in the company, valued at approximately $8,255,375.70. The disclosure for this sale can be found here. Corporate insiders own 2.85% of the company’s stock.

About Exelixis

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.