Exelixis (NASDAQ:EXEL) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Exelixis from “buy” to “strong-buy,” even though the broader analyst consensus remains a “hold” with a $47.83 price target.
• Exelixis posted strong Q1 results, with EPS of $0.87 and revenue of $610.8 million, both beating expectations and rising 10% year over year.
• The company also announced a $750 million share repurchase program, while the stock traded up 4.2% and approached its 12-month high.

Exelixis (NASDAQ:EXEL - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other research firms also recently commented on EXEL. Zacks Research downgraded shares of Exelixis from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. Barclays lifted their target price on shares of Exelixis from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, April 20th. HC Wainwright lifted their target price on shares of Exelixis from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday. TD Cowen lifted their target price on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Truist Financial raised shares of Exelixis to a "strong-buy" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $47.83.

Exelixis Trading Up 4.2%

NASDAQ:EXEL opened at $48.16 on Friday. Exelixis has a 12 month low of $33.76 and a 12 month high of $49.62. The company has a market cap of $12.11 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 0.99 and a beta of 0.38. The company has a 50 day simple moving average of $43.44 and a two-hundred day simple moving average of $42.97.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its 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 net margin of 35.08% and a return on equity of 39.89%. The business had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same quarter in the previous year, the firm posted $0.55 EPS. The firm's revenue was up 10.0% on a year-over-year basis. Research analysts forecast that Exelixis will post 3.11 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Patrick J. Haley sold 67,814 shares of the company's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $43.52, for a total value of $2,951,265.28. Following the completion of the transaction, the executive vice president owned 381,908 shares of the company's stock, valued at approximately $16,620,636.16. This represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Christopher J. Senner sold 34,278 shares of the company's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $43.00, for a total transaction of $1,473,954.00. Following the completion of the transaction, the chief financial officer directly owned 1,042,579 shares of the company's stock, valued at $44,830,897. This represents a 3.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 451,195 shares of company stock worth $19,982,874 in the last three months. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EXEL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Exelixis by 81.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,181 shares of the biotechnology company's stock worth $1,592,000 after buying an additional 19,407 shares during the period. Goldman Sachs Group Inc. lifted its stake in Exelixis by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,466,779 shares of the biotechnology company's stock worth $54,153,000 after purchasing an additional 68,133 shares in the last quarter. Focus Partners Wealth lifted its stake in Exelixis by 83.4% in the 1st quarter. Focus Partners Wealth now owns 38,458 shares of the biotechnology company's stock worth $1,420,000 after purchasing an additional 17,483 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Exelixis by 134.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,647 shares of the biotechnology company's stock worth $61,000 after purchasing an additional 944 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its stake in Exelixis by 23.8% in the 2nd quarter. Sivia Capital Partners LLC now owns 14,362 shares of the biotechnology company's stock worth $633,000 after purchasing an additional 2,764 shares in the last quarter. Institutional investors own 85.27% of the company's stock.

Exelixis News Roundup

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported solid Q1 results, with revenue of $610.8 million and earnings per share of $0.87, both ahead of expectations. The company also completed its prior buyback authorization and launched a new $750 million share repurchase program, which can support the stock by reducing share count. Article Title
• Positive Sentiment: Analysts turned more constructive, with HC Wainwright raising its price target to $56 and Morgan Stanley lifting its target to $50, signaling improved confidence in Exelixis’ outlook. Article Title Article Title
• Positive Sentiment: The company also announced upcoming investor conference appearances in May, which may help keep investor attention on its pipeline and strategy. Article Title
• Neutral Sentiment: Several directors disclosed stock sales on May 7, including George Poste, Maria C. Freire, and Mary C. Beckerle. Insider selling can create some near-term caution, but the transactions were disclosed and do not by themselves indicate a change in the business outlook. Article Title Article Title Article Title

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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