Exelixis (NASDAQ:EXEL) Given New $40.00 Price Target at Barclays

Exelixis (NASDAQ:EXEL - Free Report) had its price objective hoisted by Barclays from $29.00 to $40.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the biotechnology company's stock.

A number of other analysts have also recently issued reports on the company. HC Wainwright upped their target price on Exelixis from $47.00 to $53.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Stifel Nicolaus increased their price objective on Exelixis from $36.00 to $38.00 and gave the stock a "hold" rating in a research report on Wednesday, May 14th. Wall Street Zen cut Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th. Stephens raised Exelixis from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $29.00 to $60.00 in a research report on Tuesday, June 24th. Finally, Guggenheim set a $45.00 price objective on Exelixis and gave the stock a "buy" rating in a research report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.72.

Exelixis Price Performance

Shares of EXEL traded up $1.10 during mid-day trading on Thursday, reaching $45.17. The company's stock had a trading volume of 2,005,077 shares, compared to its average volume of 2,517,822. Exelixis has a 12-month low of $22.13 and a 12-month high of $49.62. The stock has a market cap of $12.32 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 0.88 and a beta of 0.28. The company's 50 day moving average is $42.32 and its 200 day moving average is $37.95.

Insiders Place Their Bets

In related news, Director Sue Gail Eckhardt sold 18,838 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $42.74, for a total value of $805,136.12. Following the completion of the transaction, the director directly owned 21,380 shares of the company's stock, valued at $913,781.20. This trade represents a 46.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Amy C. Peterson sold 72,776 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $45.47, for a total value of $3,309,124.72. Following the completion of the transaction, the chief marketing officer directly owned 465,393 shares of the company's stock, valued at $21,161,419.71. The trade was a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 458,113 shares of company stock worth $21,024,817. Corporate insiders own 2.82% of the company's stock.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently bought and sold shares of EXEL. Coppell Advisory Solutions LLC purchased a new position in Exelixis in the 4th quarter valued at approximately $25,000. 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 in the last quarter. Colonial Trust Co SC increased its position in Exelixis by 616.9% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company's stock worth $30,000 after buying an additional 765 shares in the last quarter. Byrne Asset Management LLC increased its position in Exelixis by 129.0% during the second quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company's stock worth $31,000 after buying an additional 400 shares in the last quarter. Finally, Family Legacy Financial Solutions LLC purchased a new position in Exelixis during the second quarter worth $33,000. 85.27% of the stock is owned by hedge funds and other institutional investors.

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.