Exelixis (NASDAQ:EXEL) Reaches New 52-Week High - Still a Buy?

Key Points

• Exelixis shares hit a new 52-week high, trading as high as $52.18 after closing at $50.03 the previous day, signaling strong recent momentum in the stock.
• The company posted better-than-expected first-quarter earnings, with EPS of $0.87 versus the $0.75 consensus and revenue of $610.81 million, up 10% year over year.
• Despite the rally, Wall Street remains mixed: the stock has a consensus rating of "Hold" and a $47.35 price target, while recent insider sales and analyst upgrades/downgrades show divided sentiment.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $52.18 and last traded at $51.9580, with a volume of 536285 shares changing hands. The stock had previously closed at $50.03.

Wall Street Analyst Weigh In

Several analysts recently issued reports on EXEL shares. Truist Financial upgraded Exelixis to a "strong-buy" rating in a research note on Monday, April 27th. Wells Fargo & Company upped their target price on Exelixis from $35.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 6th. Zacks Research downgraded Exelixis from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. Morgan Stanley upped their target price on Exelixis from $49.00 to $50.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Exelixis in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Exelixis has a consensus rating of "Hold" and a consensus price target of $47.35.

Exelixis Stock Performance

The company has a market cap of $13.21 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.06 and a beta of 0.38. The business has a fifty day moving average price of $45.64 and a 200 day moving average price of $44.10.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company had revenue of $610.81 million during the quarter, compared to analysts' expectations of $607.51 million. During the same quarter in the previous year, the firm earned $0.55 EPS. Exelixis's revenue was up 10.0% on a year-over-year basis. As a group, equities analysts anticipate that Exelixis, Inc. will post 3.15 EPS for the current year.

Insiders Place Their Bets

In other Exelixis news, Director George Poste sold 60,000 shares of the company's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $45.71, for a total value of $2,742,600.00. Following the completion of the transaction, the director owned 118,832 shares of the company's stock, valued at $5,431,810.72. This represents a 33.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Maria C. Freire sold 20,634 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $46.00, for a total value of $949,164.00. Following the completion of the sale, the director directly owned 100,819 shares of the company's stock, valued at approximately $4,637,674. The trade was a 16.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 161,982 shares of company stock worth $7,742,501. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Exelixis

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Exelixis by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock valued at $2,549,000 after buying an additional 281 shares during the period. RHS Financial LLC increased its stake in shares of Exelixis by 2.4% in the fourth quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company's stock valued at $553,000 after buying an additional 293 shares during the period. Meeder Advisory Services Inc. increased its stake in shares of Exelixis by 5.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company's stock valued at $237,000 after buying an additional 298 shares during the period. Cim LLC increased its stake in shares of Exelixis by 0.9% in the third quarter. Cim LLC now owns 35,397 shares of the biotechnology company's stock valued at $1,462,000 after buying an additional 305 shares during the period. Finally, J.W. Cole Advisors Inc. increased its stake in shares of Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company's stock valued at $235,000 after buying an additional 329 shares during the period. Institutional investors and hedge funds own 85.27% of the company's stock.

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.

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