Stephens Upgrades Exelixis (NASDAQ:EXEL) to Overweight

Stephens upgraded shares of Exelixis (NASDAQ:EXEL - Free Report) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, MarketBeat.com reports. Stephens currently has $60.00 price objective on the biotechnology company's stock, up from their prior price objective of $29.00.

Several other research firms have also commented on EXEL. Citigroup lifted their price target on shares of Exelixis from $45.00 to $56.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Morgan Stanley restated an "overweight" rating and issued a $47.00 target price (up previously from $40.00) on shares of Exelixis in a research report on Wednesday, May 14th. Stifel Nicolaus increased their price target on Exelixis from $36.00 to $38.00 and gave the stock a "hold" rating in a report on Wednesday, May 14th. JMP Securities boosted their price objective on shares of Exelixis from $47.00 to $50.00 and gave the company a "market outperform" rating in a report on Monday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $40.00 target price on shares of Exelixis in a research report on Wednesday, May 14th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.82.

Exelixis Price Performance

Exelixis stock traded up $2.35 during trading on Tuesday, reaching $45.72. 6,331,327 shares of the company were exchanged, compared to its average volume of 2,945,999. The stock's 50 day simple moving average is $40.45 and its two-hundred day simple moving average is $37.11. The company has a market capitalization of $12.47 billion, a P/E ratio of 20.78, a PEG ratio of 0.82 and a beta of 0.28. Exelixis has a 52-week low of $21.82 and a 52-week high of $49.62.

Insider Buying and Selling

In other Exelixis news, Director Jack L. Wyszomierski sold 7,535 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $43.09, for a total value of $324,683.15. Following the sale, the director now directly owns 358,882 shares of the company's stock, valued at approximately $15,464,225.38. This trade represents a 2.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Aftab sold 1,508 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $39.00, for a total value of $58,812.00. Following the sale, the executive vice president now owns 693,181 shares of the company's stock, valued at approximately $27,034,059. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 458,113 shares of company stock valued at $21,024,817 over the last ninety days. Corporate insiders own 2.82% of the company's stock.

Institutional Investors Weigh In On Exelixis

A number of hedge funds have recently added to or reduced their stakes in the stock. Coppell Advisory Solutions LLC bought a new stake in shares of Exelixis during the fourth quarter valued at about $25,000. Hemington Wealth Management boosted its holdings in shares of Exelixis by 211.3% in the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company's stock valued at $28,000 after acquiring an additional 522 shares in the last quarter. Colonial Trust Co SC increased its stake in shares of Exelixis by 616.9% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company's stock valued at $30,000 after acquiring an additional 765 shares during the period. Principal Securities Inc. raised its holdings in Exelixis by 62.8% during the fourth quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 373 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in Exelixis in the first quarter worth approximately $37,000. 85.27% of the stock is currently owned by 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.