Exelixis (NASDAQ:EXEL) Issues Quarterly Earnings Results

Exelixis (NASDAQ:EXEL) announced its earnings results on Tuesday. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04, Zacks reports. The company had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.10 earnings per share. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Performance

Exelixis stock traded up $0.79 during midday trading on Friday, reaching $33.99. The stock had a trading volume of 2,644,946 shares, compared to its average volume of 2,061,427. The stock’s 50-day simple moving average is $26.96 and its 200 day simple moving average is $24.21. Exelixis has a twelve month low of $19.20 and a twelve month high of $34.45. The stock has a market capitalization of $9.71 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54.

Insiders Place Their Bets

In other news, CFO Christopher J. Senner sold 125,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the sale, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Christopher J. Senner sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Aftab sold 95,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the sale, the executive vice president now owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 352,858 shares of company stock worth $9,349,879 over the last three months. 2.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. The Goldman Sachs Group upgraded Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. Truist Financial boosted their price target on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler increased their price objective on Exelixis from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and an average target price of $31.44.

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.