Exelixis (NASDAQ:EXEL) Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Exelixis from “hold” to “strong sell,” contrasting with a broader analyst consensus of “hold” and an average price target of $49.50.
• Exelixis shares opened at $56.00, up 1.7%, near their 12-month high of $57.57. The company recently exceeded quarterly expectations, reporting $0.87 in EPS versus the $0.75 consensus and $610.81 million in revenue.
• Insiders sold 219,170 shares worth approximately $10.6 million over the past 90 days, while institutional investors and hedge funds own 85.27% of the company.

Exelixis (NASDAQ:EXEL - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Monday,Zacks.com reports. Zacks Research also issued estimates for Exelixis' Q4 2027 earnings at $1.00 EPS, Q1 2028 earnings at $0.97 EPS and Q2 2028 earnings at $0.99 EPS.

A number of other research analysts have also recently issued reports on EXEL. Wall Street Zen upgraded shares of Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Citizens Jmp boosted their price objective on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Wednesday, June 24th. Wells Fargo & Company increased their target price on Exelixis from $40.00 to $49.00 and gave the stock an "equal weight" rating in a report on Monday, July 13th. Royal Bank Of Canada lifted their price target on Exelixis from $43.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Finally, Truist Financial increased their price objective on shares of Exelixis from $54.00 to $56.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis presently has a consensus rating of "Hold" and an average target price of $49.50.

Exelixis Stock Up 1.7%

Shares of Exelixis stock opened at $56.00 on Monday. The stock has a market capitalization of $14.08 billion, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 1.59 and a beta of 0.44. The company has a 50-day simple moving average of $53.95 and a 200 day simple moving average of $47.76. Exelixis has a 12-month low of $33.76 and a 12-month high of $57.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.12. The firm had revenue of $610.81 million for the quarter, compared to analyst estimates of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share. On average, equities analysts anticipate that Exelixis will post 3.15 earnings per share for the current year.

Insider Buying and Selling at Exelixis

In other Exelixis news, EVP Patrick J. Haley sold 32,110 shares of Exelixis stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $49.81, for a total transaction of $1,599,399.10. Following the completion of the sale, the executive vice president owned 357,638 shares of the company's stock, valued at approximately $17,813,948.78. The trade was a 8.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Wyszomierski sold 3,925 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.55, for a total transaction of $198,408.75. Following the sale, the director owned 284,384 shares of the company's stock, valued at $14,375,611.20. The trade was a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 219,170 shares of company stock valued at $10,620,641 over the last 90 days. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Exelixis by 81.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,181 shares of the biotechnology company's stock worth $1,592,000 after buying an additional 19,407 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Exelixis by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,466,779 shares of the biotechnology company's stock valued at $54,153,000 after acquiring an additional 68,133 shares during the last quarter. Focus Partners Wealth raised its position in shares of Exelixis by 83.4% in the 1st quarter. Focus Partners Wealth now owns 38,458 shares of the biotechnology company's stock valued at $1,420,000 after acquiring an additional 17,483 shares during the period. Geneos Wealth Management Inc. boosted its stake in Exelixis by 134.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,647 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 944 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in Exelixis by 23.8% during the second quarter. Sivia Capital Partners LLC now owns 14,362 shares of the biotechnology company's stock valued at $633,000 after purchasing an additional 2,764 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

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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