Barclays Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

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

EXEL has been the topic of several other reports. Wall Street Zen cut Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th. Jefferies Financial Group set a $50.00 price target on Exelixis and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Stifel Nicolaus raised their price target on Exelixis from $36.00 to $38.00 and gave the company a "hold" rating in a report on Wednesday, May 14th. Wells Fargo & Company reiterated a "market outperform" rating on shares of Exelixis in a report on Thursday, April 17th. Finally, UBS Group reissued an "underperform" rating on shares of Exelixis in a research report on Thursday, April 17th. Two 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.72.

Exelixis Trading Down 0.7%

Shares of NASDAQ:EXEL traded down $0.31 during midday trading on Thursday, reaching $44.86. The company had a trading volume of 2,063,340 shares, compared to its average volume of 2,516,012. The company's 50 day moving average price is $42.32 and its 200 day moving average price is $37.95. The stock has a market cap of $12.23 billion, a P/E ratio of 20.39, a P/E/G ratio of 0.88 and a beta of 0.28. Exelixis has a 52-week low of $22.13 and a 52-week high of $49.62.

Insider Activity

In other Exelixis news, EVP Patrick J. Haley sold 34,387 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $44.06, for a total value of $1,515,091.22. Following the completion of the sale, the executive vice president directly owned 412,072 shares in the company, valued at approximately $18,155,892.32. This trade represents a 7.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sue Gail Eckhardt sold 18,838 shares of the stock in a transaction dated Monday, June 2nd. The shares were 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 in the company, valued at $913,781.20. This represents a 46.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 458,113 shares of company stock worth $21,024,817 over the last ninety days. 2.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Coppell Advisory Solutions LLC acquired a new stake in Exelixis during the fourth quarter worth about $25,000. Hemington Wealth Management boosted 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 purchasing an additional 522 shares in the last quarter. Colonial Trust Co SC boosted 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 purchasing an additional 765 shares in the last quarter. Byrne Asset Management LLC boosted 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 purchasing 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 approximately $33,000. 85.27% of the stock is owned by institutional investors and hedge funds.

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.