Exelixis (NASDAQ:EXEL) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Exelixis from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with an average price target of $50.07.
• Exelixis shares rose 2.9% to $58.53, near their 52-week high of $59.11. The company recently exceeded quarterly EPS estimates ($0.91 versus $0.85), although revenue of $628.69 million fell short of forecasts.
• Institutional ownership is substantial at 85.27%. BlackRock established a major new position, while a company director sold shares under a pre-arranged Rule 10b5-1 trading plan.

Exelixis (NASDAQ:EXEL - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Exelixis from $40.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Monday, July 13th. Weiss Ratings raised Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. Barclays boosted their price objective on Exelixis from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 14th. Morgan Stanley increased their target price on Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Finally, TD Cowen lifted their price target on Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $50.07.

Exelixis Trading Up 2.9%

Shares of NASDAQ EXEL opened at $58.53 on Tuesday. The firm has a market cap of $14.50 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.42. The business's 50 day moving average is $54.86 and its 200-day moving average is $49.33. Exelixis has a 1-year low of $33.76 and a 1-year high of $59.11.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) 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 firm 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 business's revenue was up 10.6% compared to the same quarter last year. Analysts forecast that Exelixis will post 3.19 EPS for the current year.

Insider Activity

In related news, Director Mary C. Beckerle sold 9,812 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Exelixis in the 2nd quarter worth approximately $1,581,991,000. California State Teachers Retirement System boosted its holdings in shares of Exelixis by 4,875.6% in the 2nd quarter. California State Teachers Retirement System now owns 14,785,373 shares of the biotechnology company's stock worth $804,472,000 after purchasing an additional 14,488,217 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Exelixis by 48.8% during the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock worth $598,647,000 after acquiring an additional 4,477,029 shares in the last quarter. Norges Bank bought a new stake in Exelixis in the fourth quarter worth $106,460,000. Finally, Caisse de depot et placement du Quebec bought a new position in Exelixis during the 2nd quarter worth approximately $113,951,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis's translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company's most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

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