Exelixis (NASDAQ:EXEL) Hits New 1-Year High - Time to Buy?

Key Points

• Exelixis shares hit a new 52-week high, rising to as much as $50.42 in intraday trading and ending around $50.01, up 3.2% on the day.
• The company posted stronger-than-expected quarterly results, with EPS of $0.87 versus the $0.75 consensus and revenue of $610.81 million, up 10% year over year.
• Analysts remain mixed but mostly constructive, with several firms lifting price targets and the consensus target at $47.83; meanwhile, insiders have sold shares and hedge funds continue to hold a large stake in the company.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $50.42 and last traded at $50.01, with a volume of 911924 shares changing hands. The stock had previously closed at $48.16.

Analysts Set New Price Targets

EXEL has been the topic of a number of research reports. Stifel Nicolaus boosted their target price on shares of Exelixis from $44.00 to $47.00 and gave the stock a "hold" rating in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Exelixis from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Morgan Stanley boosted their price target on shares of Exelixis from $49.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price target on shares of Exelixis from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Finally, TD Cowen boosted their target price on shares of Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $47.83.

Exelixis Stock Up 3.2%

The stock has a market cap of $12.49 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.03 and a beta of 0.38. The business's 50-day simple moving average is $43.44 and its two-hundred day simple moving average is $42.97.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.12. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The firm had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. During the same period in the prior year, the firm posted $0.55 earnings per share. The company's revenue for the quarter was up 10.0% on a year-over-year basis. Analysts anticipate that Exelixis, Inc. will post 3.11 earnings per share for the current fiscal year.

Insider Activity

In other Exelixis news, Director George Poste sold 60,000 shares of Exelixis stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $45.71, for a total transaction of $2,742,600.00. Following the transaction, the director directly owned 118,832 shares of the company's stock, valued at approximately $5,431,810.72. This trade represents a 33.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jack L. Wyszomierski sold 99,574 shares of Exelixis stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the completion of the transaction, the director directly owned 279,942 shares in the company, valued at $12,320,247.42. This trade represents a 26.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 451,195 shares of company stock valued at $19,982,874. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EXEL. AQR Capital Management LLC increased its stake in shares of Exelixis by 48.8% in the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock worth $598,647,000 after buying an additional 4,477,029 shares during the period. Farallon Capital Management LLC boosted its holdings in Exelixis by 21.6% in the third quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company's stock valued at $805,412,000 after acquiring an additional 3,466,000 shares in the last quarter. Assetmark Inc. boosted its holdings in Exelixis by 1,230.8% in the third quarter. Assetmark Inc. now owns 3,195,971 shares of the biotechnology company's stock valued at $131,994,000 after acquiring an additional 2,955,813 shares in the last quarter. Norges Bank bought a new stake in Exelixis in the fourth quarter valued at $106,460,000. Finally, Allianz Asset Management GmbH boosted its holdings in Exelixis by 153.3% in the third quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company's stock valued at $101,720,000 after acquiring an additional 1,490,520 shares in the last quarter. 85.27% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.