Bank of America Downgrades Exelixis (NASDAQ:EXEL) to Neutral

Exelixis (NASDAQ:EXEL) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. They presently have a $39.00 price target on the biotechnology company’s stock, up from their previous price target of $35.00. Bank of America‘s target price indicates a potential upside of 8.12% from the stock’s current price.

EXEL has been the topic of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $34.00 price target on shares of Exelixis in a research report on Wednesday, October 30th. Truist Financial raised their target price on shares of Exelixis from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Stephens upped their price objective on Exelixis from $23.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Guggenheim raised their price objective on Exelixis from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus boosted their target price on Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.88.

Exelixis Price Performance

Shares of NASDAQ EXEL opened at $36.07 on Tuesday. The business has a 50-day moving average of $32.85 and a 200-day moving average of $27.29. The stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 23.12, a PEG ratio of 0.89 and a beta of 0.52. Exelixis has a fifty-two week low of $19.20 and a fifty-two week high of $36.97.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The firm had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. During the same quarter in the previous year, the firm earned $0.10 EPS. The business’s quarterly revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts expect that Exelixis will post 1.69 EPS for the current year.

Insider Activity at Exelixis

In other news, Director George Poste sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $34.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now directly owns 169,020 shares in the company, valued at approximately $5,746,680. The trade was a 15.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dana Aftab sold 1,162 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total transaction of $36,486.80. Following the sale, the executive vice president now owns 498,945 shares in the company, valued at $15,666,873. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 339,736 shares of company stock worth $11,508,610. Company insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXEL. V Square Quantitative Management LLC bought a new position in shares of Exelixis in the third quarter worth about $30,000. Brooklyn Investment Group acquired a new position in Exelixis during the 3rd quarter worth approximately $42,000. Capital Performance Advisors LLP bought a new position in Exelixis in the 3rd quarter valued at approximately $61,000. Essex Investment Management Co. LLC acquired a new stake in Exelixis in the third quarter valued at approximately $74,000. Finally, GAMMA Investing LLC grew its stake in shares of Exelixis by 50.0% during the third quarter. GAMMA Investing LLC now owns 3,010 shares of the biotechnology company’s stock worth $78,000 after buying an additional 1,004 shares during the last quarter. 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.