Exelixis (NASDAQ:EXEL) Hits New 1-Year High Following Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXELGet Free Report)’s stock price hit a new 52-week high on Wednesday after Oppenheimer raised their price target on the stock from $38.00 to $41.00. Oppenheimer currently has an outperform rating on the stock. Exelixis traded as high as $37.14 and last traded at $37.04, with a volume of 1317363 shares. The stock had previously closed at $35.65.

Several other research firms have also weighed in on EXEL. UBS Group initiated coverage on Exelixis in a research note on Thursday, September 19th. They set a “neutral” rating and a $30.00 price objective for the company. BMO Capital Markets cut Exelixis from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $36.00 to $40.00 in a research note on Friday, December 20th. Truist Financial boosted their price objective on Exelixis from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday. Guggenheim raised their target price on shares of Exelixis from $33.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group upgraded shares of Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.50.

Read Our Latest Stock Report on Exelixis

Insider Activity at Exelixis

In other news, EVP Jeffrey Hessekiel sold 60,000 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the transaction, the executive vice president now owns 486,059 shares in the company, valued at $17,823,783.53. This represents a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Dana Aftab sold 96,986 shares of Exelixis stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $35.00, for a total transaction of $3,394,510.00. Following the completion of the sale, the executive vice president now directly owns 498,945 shares of the company’s stock, valued at approximately $17,463,075. The trade was a 16.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 314,736 shares of company stock valued at $10,849,110. Insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Exelixis during the 3rd quarter worth about $30,000. USA Financial Formulas acquired a new stake in Exelixis in the 4th quarter worth approximately $32,000. Brooklyn Investment Group acquired a new stake in Exelixis in the 3rd quarter worth approximately $42,000. UMB Bank n.a. boosted its position in Exelixis by 68.4% during the fourth quarter. UMB Bank n.a. now owns 1,361 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 553 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Exelixis during the third quarter valued at approximately $61,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Stock Down 1.9 %

The stock’s 50-day moving average price is $34.95 and its 200 day moving average price is $29.14. The company has a market cap of $10.44 billion, a P/E ratio of 23.43, a price-to-earnings-growth ratio of 0.87 and a beta of 0.53.

Exelixis (NASDAQ:EXELGet Free Report) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. The business had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. Exelixis’s revenue was up 14.3% compared to the same quarter last year. During the same period last year, the business posted $0.10 EPS. Analysts expect that Exelixis, Inc. will post 1.7 earnings per share for the current fiscal year.

About Exelixis

(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.

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