Exelixis (NASDAQ:EXEL) Price Target Raised to $54.00

Key Points

• Truist Financial raised Exelixis’ price target from $52 to $54 while maintaining a “hold” rating, implying 7.6% downside from the previous close. The analyst consensus remains “Hold,” with an average target of $50.43.
• Exelixis reported quarterly EPS of $0.91, beating expectations of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below estimates.
• Institutional investors own 85.27% of the stock, including a new $1.58 billion position initiated by BlackRock; meanwhile, director Mary Beckerle sold 9,812 shares under a pre-arranged trading plan.

Exelixis (NASDAQ:EXEL - Get Free Report) had its target price increased by Truist Financial from $52.00 to $54.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "hold" rating on the biotechnology company's stock. Truist Financial's price objective would suggest a potential downside of 7.60% from the company's previous close.

Several other research firms also recently weighed in on EXEL. Wells Fargo & Company boosted their target price on Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 13th. Leerink Partners downgraded Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price target for the company. in a report on Thursday, August 6th. Barclays lifted their target price on shares of Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Tuesday, July 14th. Stifel Nicolaus lifted their price target on Exelixis from $47.00 to $51.00 and gave the company a "hold" rating in a research note on Thursday, August 6th. Finally, HC Wainwright reissued a "buy" rating and set a $56.00 price objective on shares of Exelixis in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $50.43.

Exelixis Trading Up 0.2%

Exelixis stock opened at $58.44 on Wednesday. Exelixis has a twelve month low of $33.76 and a twelve month high of $61.14. The firm has a market capitalization of $14.48 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.73 and a beta of 0.47. The stock's fifty day simple moving average is $56.07 and its 200-day simple moving average is $52.03.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. The firm had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. Sell-side analysts predict that Exelixis will post 3.19 earnings per share for the current year.

Insider Activity at Exelixis

In related news, Director Mary Beckerle sold 9,812 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $53.66, for a total value of $526,511.92. Following the transaction, the director directly owned 16,079 shares of the company's stock, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Exelixis

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Exelixis in the second quarter valued at about $1,581,991,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Exelixis in the second quarter worth about $113,951,000. Bank of New York Mellon Corp acquired a new stake in shares of Exelixis in the second quarter valued at about $107,803,000. Jupiter Topco LLC acquired a new stake in shares of Exelixis in the second quarter valued at about $67,299,000. Finally, First Trust Advisors LP raised its holdings in shares of Exelixis by 62.0% during the 1st quarter. First Trust Advisors LP now owns 2,534,992 shares of the biotechnology company's stock valued at $108,726,000 after buying an additional 970,144 shares during the period. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company's research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis' principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.

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