Exelixis' (EXEL) "Market Outperform" Rating Reiterated at JMP Securities

Key Points

• Exelixis received a "market outperform" rating from JMP Securities with a price target of $50, indicating a potential **upside of 33.85%** from its current price of $37.35.
• The biotechnology company's stock recently experienced a **15.9% drop**, falling to $37.35 amid mixed sentiments from research firms regarding its performance.
• Exelixis reported an **EPS of $0.75**, surpassing estimates, but noted a **10.8% revenue decline** from the previous year, generating $568.26 million against expectations of $574.36 million.

JMP Securities restated their market outperform rating on shares of Exelixis (NASDAQ:EXEL - Free Report) in a research note released on Tuesday morning,Benzinga reports. The firm currently has a $50.00 price target on the biotechnology company's stock.

Several other research firms have also weighed in on EXEL. Truist Financial lifted their price objective on Exelixis from $55.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, July 15th. HC Wainwright increased their price target on Exelixis from $47.00 to $53.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Wells Fargo & Company reiterated a "market outperform" rating on shares of Exelixis in a research note on Thursday, April 17th. Benchmark reissued a "neutral" rating on shares of Exelixis in a research note on Monday, June 23rd. Finally, UBS Group set a $43.00 price target on shares of Exelixis and gave the stock a "neutral" rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $44.44.

Exelixis Trading Up 2.9%

EXEL traded up $1.04 on Tuesday, reaching $37.26. The stock had a trading volume of 5,660,958 shares, compared to its average volume of 3,091,694. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 0.74 and a beta of 0.28. Exelixis has a fifty-two week low of $23.21 and a fifty-two week high of $49.62. The firm has a 50-day moving average of $43.03 and a 200-day moving average of $38.89.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.12. The business had revenue of $568.26 million during the quarter, compared to analyst estimates of $574.36 million. Exelixis had a return on equity of 27.47% and a net margin of 27.01%. Exelixis's revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. Sell-side analysts anticipate that Exelixis will post 2.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jack L. Wyszomierski sold 7,535 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total transaction of $324,683.15. Following the sale, the director directly owned 358,882 shares in the company, valued at approximately $15,464,225.38. This represents a 2.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Amy C. Peterson sold 72,776 shares of Exelixis stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $45.47, for a total transaction of $3,309,124.72. Following the completion of the transaction, the chief marketing officer owned 465,393 shares of the company's stock, valued at $21,161,419.71. This represents a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 456,605 shares of company stock worth $20,966,005 in the last ninety days. 2.82% of the stock is owned by corporate insiders.

Institutional Trading of Exelixis

Hedge funds and other institutional investors have recently bought and sold shares of the company. Byrne Asset Management LLC grew its position in shares of Exelixis by 129.0% during the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 400 shares in the last quarter. Coppell Advisory Solutions LLC bought a new stake in shares of Exelixis during the 4th quarter valued at about $25,000. Family Legacy Financial Solutions LLC purchased a new position in shares of Exelixis during the second quarter worth about $33,000. Hemington Wealth Management grew its holdings in shares of 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. Finally, Colonial Trust Co SC increased its position in shares of Exelixis by 616.9% in 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 during the last quarter. Institutional investors own 85.27% of the company's stock.

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.