Exelixis (NASDAQ:EXEL) Shares Gap Down - Here's Why

Key Points

• Exelixis, Inc. (NASDAQ:EXEL) experienced a significant gap down in share price, opening at $35.55 after a previous close of $39.25, and last traded at $34.31 with over 1.7 million shares exchanged.
• Several analysts have issued new reports, with price target revisions ranging from $46.00 to $60.00, contributing to a consensus rating of "Moderate Buy" and an average target price of $44.42.
• Hedge funds have increased their stakes in Exelixis significantly, indicating strong institutional interest, with over 85% of shares held by hedge funds and institutional investors.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $39.25, but opened at $35.55. Exelixis shares last traded at $34.31, with a volume of 1,701,657 shares traded.

Analysts Set New Price Targets

A number of research firms have issued reports on EXEL. The Goldman Sachs Group began coverage on Exelixis in a report on Wednesday, September 17th. They set a "buy" rating and a $47.00 price target on the stock. HC Wainwright cut their target price on Exelixis from $53.00 to $46.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Stephens upgraded Exelixis from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $29.00 to $60.00 in a report on Tuesday, June 24th. Zacks Research cut Exelixis from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 26th. Finally, Royal Bank Of Canada lowered their price target on Exelixis from $50.00 to $45.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Fifteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $44.42.

Exelixis Stock Performance

The firm has a 50 day simple moving average of $38.82 and a 200 day simple moving average of $40.04. The firm has a market cap of $9.12 billion, a P/E ratio of 16.30, a P/E/G ratio of 0.79 and a beta of 0.38.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its earnings results on Monday, July 28th. The biotechnology company reported $0.75 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 the consensus estimate of $574.36 million. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The firm's revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 EPS. Exelixis has set its FY 2025 guidance at EPS. Sell-side analysts predict that Exelixis, Inc. will post 2.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Exelixis

Hedge funds have recently made changes to their positions in the business. Nuveen LLC purchased a new stake in shares of Exelixis in the first quarter worth $123,310,000. AQR Capital Management LLC grew its stake in shares of Exelixis by 73.8% in the first quarter. AQR Capital Management LLC now owns 6,893,889 shares of the biotechnology company's stock worth $250,869,000 after acquiring an additional 2,926,884 shares during the last quarter. Norges Bank purchased a new stake in shares of Exelixis in the second quarter worth $122,099,000. Qube Research & Technologies Ltd grew its stake in shares of Exelixis by 120.5% in the second quarter. Qube Research & Technologies Ltd now owns 3,047,222 shares of the biotechnology company's stock worth $134,306,000 after acquiring an additional 1,665,110 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Exelixis by 40.2% in the first quarter. Invesco Ltd. now owns 5,572,189 shares of the biotechnology company's stock worth $205,725,000 after acquiring an additional 1,596,948 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Company Profile

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.

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