Exelixis (NASDAQ:EXEL) Coverage Initiated at Barclays

Key Points

• Barclays initiated coverage on Exelixis (NASDAQ:EXEL) with an equal weight rating and a price target of $40.00, indicating a potential upside of 2.20% from its current price.
• The biotechnology company reported $0.75 EPS for the last quarter, beating estimates, but experienced a 10.8% decline in revenue year-over-year, totaling $568.26 million.
• According to analyst ratings, Exelixis has an average rating of "Moderate Buy" from 14 analysts, with a consensus price target of $44.21.

Barclays began coverage on shares of Exelixis (NASDAQ:EXEL - Free Report) in a research note issued to investors on Wednesday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $40.00 target price on the biotechnology company's stock.

Several other research firms also recently issued reports on EXEL. UBS Group set a $38.00 price target on Exelixis and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Wall Street Zen downgraded Exelixis from a "buy" rating to a "hold" rating in a research note on Monday, September 15th. Stifel Nicolaus lifted their price target on Exelixis from $38.00 to $41.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. William Blair reissued an "outperform" rating on shares of Exelixis in a research note on Tuesday, July 29th. Finally, Guggenheim reissued a "buy" rating and issued a $45.00 price target on shares of Exelixis in a research note on Tuesday, July 29th. Fourteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $44.42.

Exelixis Stock Performance

EXEL stock traded down $0.35 during midday trading on Wednesday, hitting $40.10. 7,751,452 shares of the company's stock were exchanged, compared to its average volume of 2,270,912. The stock's fifty day moving average price is $39.52 and its 200-day moving average price is $39.68. The company has a market cap of $10.79 billion, a PE ratio of 19.28, a price-to-earnings-growth ratio of 0.83 and a beta of 0.32. Exelixis has a one year low of $25.17 and a one year high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.12. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The firm had revenue of $568.26 million for the quarter, compared to analyst estimates of $574.36 million. During the same period in the previous year, the company posted $0.84 earnings per share. The company's revenue for the quarter was down 10.8% on a year-over-year basis. Exelixis has set its FY 2025 guidance at EPS. On average, analysts expect that Exelixis will post 2.04 EPS for the current year.

Hedge Funds Weigh In On Exelixis

A number of institutional investors have recently bought and sold shares of EXEL. Hemington Wealth Management increased its position in Exelixis by 211.3% during the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company's stock worth $28,000 after buying an additional 522 shares during the last quarter. Byrne Asset Management LLC grew its position in shares of Exelixis by 129.0% in the second quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 400 shares during the last quarter. Luminist Capital LLC grew its position in shares of Exelixis by 2,740.0% in the second quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 685 shares during the last quarter. Family Legacy Financial Solutions LLC acquired a new position in shares of Exelixis in the second quarter valued at approximately $33,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of Exelixis in the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 85.27% of the company's stock.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.