Exelixis (NASDAQ:EXEL) Stock Gets Price Target Bump from Citizens Jmp

Key Points

• Citizens JMP raised Exelixis’ price target from $55 to $65 while maintaining a “market outperform” rating, implying 4.45% upside from the prior close.
• Analyst sentiment remains mixed: Exelixis has a consensus “Hold” rating and a $51.50 average price target, despite several recent target increases.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million; institutional investors own 85.27% of the stock.

Exelixis (NASDAQ:EXEL - Get Free Report) had its target price hoisted by research analysts at Citizens Jmp from $55.00 to $65.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "market outperform" rating on the biotechnology company's stock. Citizens Jmp's price objective suggests a potential upside of 4.45% from the stock's previous close.

Several other analysts also recently commented on the company. Wall Street Zen downgraded Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings raised Exelixis from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, October 8th. Wells Fargo & Company upped their price target on Exelixis from $40.00 to $49.00 and gave the stock an "equal weight" rating in a report on Monday, July 13th. Citigroup reissued a "market outperform" rating on shares of Exelixis in a research report on Monday. Finally, Truist Financial raised their price objective on Exelixis from $52.00 to $54.00 and gave the company a "hold" rating in a research note on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Exelixis currently has a consensus rating of "Hold" and a consensus price target of $51.50.

Exelixis Price Performance

Shares of NASDAQ EXEL opened at $62.23 on Monday. The company has a 50-day moving average price of $56.89 and a 200-day moving average price of $52.95. The stock has a market capitalization of $15.42 billion, a P/E ratio of 19.57, a P/E/G ratio of 1.75 and a beta of 0.47. Exelixis has a 1 year low of $33.76 and a 1 year high of $63.39.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted 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. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The company had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. During the same quarter in the prior year, the business posted $0.75 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Exelixis will post 3.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mary Beckerle sold 9,812 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the transaction, the director owned 16,079 shares in the company, valued at approximately $862,799.14. This represents a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Exelixis during the 2nd quarter worth approximately $1,581,991,000. Dimensional Fund Advisors LP lifted its stake in Exelixis by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company's stock valued at $184,391,000 after purchasing an additional 39,920 shares during the last quarter. Assetmark Inc. lifted its position in shares of Exelixis by 1.7% during the 1st quarter. Assetmark Inc. now owns 3,388,920 shares of the biotechnology company's stock valued at $145,351,000 after buying an additional 58,149 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Exelixis by 30.7% during the 2nd quarter. Bank of America Corp DE now owns 2,149,397 shares of the biotechnology company's stock valued at $116,949,000 after buying an additional 504,660 shares during the last quarter. Finally, Caisse de depot et placement du Quebec purchased a new stake in Exelixis during the second quarter valued at about $113,951,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company's research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression.

Exelixis' lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.

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