Exelixis (NASDAQ:EXEL) Posts Quarterly Earnings Results

Key Points

• Exelixis exceeded quarterly expectations: The biotechnology company reported adjusted earnings of $0.94 per share, beating consensus by $0.05, while revenue of $658.70 million topped estimates of $646.51 million.
• Shares remained near their 52-week high: EXEL traded at $66.20, compared with a 52-week range of $36.00 to $67.52, and the company reported a 35.33% net margin and 42.17% return on equity.
• Analyst sentiment is mixed: Although several firms raised their price targets, the consensus rating is “Hold” with an average target of $51.50; an Exelixis director also sold 9,812 shares under a pre-arranged trading plan.

Exelixis (NASDAQ:EXEL - Get Free Report) posted its quarterly earnings results on Thursday. The biotechnology company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.05, FiscalAI reports. The firm had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.

Exelixis Price Performance

EXEL stock traded down $0.08 during trading on Thursday, reaching $66.20. The company had a trading volume of 2,836,327 shares, compared to its average volume of 2,572,414. Exelixis has a 52 week low of $36.00 and a 52 week high of $67.52. The business has a 50 day moving average of $58.84 and a 200 day moving average of $50.68. The company has a market cap of $16.40 billion, a P/E ratio of 20.82, a PEG ratio of 1.81 and a beta of 0.47.

Insiders Place Their Bets

In other Exelixis news, Director Mary Beckerle sold 9,812 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 16,079 shares in the company, valued at approximately $862,799.14. This represents a 37.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on EXEL. Wells Fargo & Company boosted their price objective on Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a research note on Monday, July 13th. Morgan Stanley lifted their target price on Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Barclays upped their price target on Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Leerink Partners downgraded shares of Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price target on the stock. in a report on Thursday, August 6th. Finally, Stifel Nicolaus raised their price target on shares of Exelixis from $47.00 to $51.00 and gave the company a "hold" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $51.50.

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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