Exelixis (NASDAQ:EXEL) Price Target Raised to $38.00

Exelixis (NASDAQ:EXEL) had its price objective lifted by Piper Sandler from $37.00 to $38.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

EXEL has been the subject of a number of other reports. Stephens restated an “equal weight” rating and issued a $29.00 target price on shares of Exelixis in a research report on Monday, January 27th. TD Cowen increased their price objective on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, October 21st. StockNews.com lowered Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Brookline Capital Management assumed coverage on Exelixis in a research note on Monday, December 23rd. They set a “buy” rating for the company. Finally, Wells Fargo & Company raised their price objective on Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.24.

Exelixis Trading Up 1.5 %

Shares of NASDAQ EXEL opened at $35.00 on Wednesday. The company has a market cap of $10.00 billion, a PE ratio of 22.44, a P/E/G ratio of 0.63 and a beta of 0.53. Exelixis has a 12-month low of $20.14 and a 12-month high of $37.59. The stock has a 50 day simple moving average of $34.19 and a 200-day simple moving average of $30.83.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a return on equity of 20.99% and a net margin of 22.43%. Sell-side analysts forecast that Exelixis will post 1.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Patrick J. Haley sold 10,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $35.27, for a total transaction of $352,700.00. Following the completion of the sale, the executive vice president now directly owns 278,665 shares in the company, valued at approximately $9,828,514.55. This trade represents a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the sale, the executive vice president now owns 486,059 shares of the company’s stock, valued at approximately $17,823,783.53. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,588 shares of company stock worth $3,981,864. Corporate insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Exelixis by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 29,429,252 shares of the biotechnology company’s stock valued at $979,994,000 after buying an additional 121,750 shares in the last quarter. LSV Asset Management raised its holdings in Exelixis by 0.8% during the fourth quarter. LSV Asset Management now owns 8,169,847 shares of the biotechnology company’s stock valued at $272,056,000 after buying an additional 67,470 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Exelixis by 10.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 7,630,940 shares of the biotechnology company’s stock valued at $254,110,000 after buying an additional 708,312 shares in the last quarter. Invesco Ltd. raised its holdings in Exelixis by 308.1% during the fourth quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock valued at $132,376,000 after buying an additional 3,001,204 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Exelixis by 25.7% during the fourth quarter. AQR Capital Management LLC now owns 3,967,005 shares of the biotechnology company’s stock valued at $132,101,000 after buying an additional 810,857 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

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.