Exelixis Sees Unusually High Options Volume (NASDAQ:EXEL)

Key Points

• Exelixis, Inc. experienced a significant spike in options trading, with 5,714 call options traded, marking a 114% increase over its average volume.
• The company's stock price fell by 13.5% to $33.96 during midday trading, with a current market capitalization of $9.14 billion.
• Wall Street analysts are generally optimistic about Exelixis, with a consensus target price of $44.42 and a majority rating of "Buy" for the stock.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report) was the recipient of some unusual options trading on Monday. Traders acquired 5,714 call options on the company. This represents an increase of 114% compared to the average daily volume of 2,675 call options.

Institutional Trading of Exelixis

Hedge funds have recently added to or reduced their stakes in the company. Byrne Asset Management LLC lifted its holdings in Exelixis by 129.0% during the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 400 shares during the last quarter. Luminist Capital LLC lifted its holdings in Exelixis by 2,740.0% during the 2nd quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 685 shares during the last quarter. Family Legacy Financial Solutions LLC acquired a new stake in Exelixis during the 2nd quarter worth approximately $33,000. Hemington Wealth Management lifted its holdings in Exelixis by 211.3% during the 1st quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company's stock worth $28,000 after purchasing an additional 522 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in Exelixis in the 1st quarter valued at $37,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Stock Down 13.5%

Shares of NASDAQ EXEL traded down $5.30 during midday trading on Monday, hitting $33.96. 3,875,758 shares of the company's stock were exchanged, compared to its average volume of 2,928,976. The firm has a market capitalization of $9.14 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 0.79 and a beta of 0.38. The company's 50 day moving average price is $38.82 and its 200 day moving average price is $40.04. Exelixis has a 12 month low of $27.86 and a 12 month high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share 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 analysts' expectations of $574.36 million. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The firm's revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.84 EPS. Exelixis has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Exelixis will post 2.04 EPS for the current year.

Wall Street Analysts Forecast Growth

EXEL has been the subject of a number of analyst reports. Jefferies Financial Group set a $50.00 price target on Exelixis and gave the company a "buy" rating in a research note on Tuesday, June 24th. Wall Street Zen upgraded Exelixis from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Morgan Stanley raised their price target on Exelixis from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, September 17th. Truist Financial reduced their target price on Exelixis from $56.00 to $49.00 and set a "buy" rating for the company in a research note on Tuesday, July 29th. Finally, Stephens upgraded Exelixis from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $29.00 to $60.00 in a research note on Tuesday, June 24th. Fifteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $44.42.

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.

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