Exelixis (NASDAQ:EXEL) Given New $50.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has increased its price target for Exelixis (NASDAQ:EXEL) from $46.00 to $50.00, suggesting a potential upside of 24.05% from the previous close.
• Exelixis recently reported earnings of $0.75 per share, exceeding expectations, despite a 10.8% year-over-year revenue decline.
• The stock has received a "Moderate Buy" consensus rating from analysts, with fourteen rating it a buy and nine holding.

Exelixis (NASDAQ:EXEL - Get Free Report) had its price objective boosted by Morgan Stanley from $46.00 to $50.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage presently has an "overweight" rating on the biotechnology company's stock. Morgan Stanley's target price suggests a potential upside of 24.98% from the stock's previous close.

A number of other equities analysts have also recently commented on the company. JMP Securities reiterated a "market outperform" rating and issued a $50.00 target price on shares of Exelixis in a report on Tuesday, July 29th. Guggenheim reiterated a "buy" rating and set a $45.00 price objective on shares of Exelixis in a report on Tuesday, July 29th. Royal Bank Of Canada cut their price target on Exelixis from $50.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 29th. Wall Street Zen lowered shares of Exelixis from a "buy" rating to a "hold" rating in a research report on Monday. Finally, Truist Financial dropped their target price on shares of Exelixis from $56.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.42.

Exelixis Trading Down 1.1%

Exelixis stock traded down $0.45 during trading on Wednesday, reaching $40.01. The company had a trading volume of 484,101 shares, compared to its average volume of 2,968,871. Exelixis has a 52 week low of $25.17 and a 52 week high of $49.62. The firm's 50-day simple moving average is $39.62 and its 200 day simple moving average is $39.67. The firm has a market capitalization of $10.77 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 0.83 and a beta of 0.32.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Monday, July 28th. The biotechnology company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.12. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The company had revenue of $568.26 million for the quarter, compared to analysts' expectations of $574.36 million. During the same period last year, the firm earned $0.84 EPS. Exelixis's revenue for the quarter was down 10.8% compared to the same quarter last year. Exelixis has set its FY 2025 guidance at EPS. On average, analysts predict that Exelixis will post 2.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EXEL. Hemington Wealth Management raised its position in shares of 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 buying an additional 522 shares in the last quarter. Byrne Asset Management LLC grew its holdings in shares of Exelixis by 129.0% in 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 position in Exelixis by 2,740.0% during the 2nd quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 685 shares during the period. Family Legacy Financial Solutions LLC acquired a new stake in shares of Exelixis in the 2nd quarter valued at approximately $33,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in Exelixis during the 1st quarter worth approximately $37,000. 85.27% of the stock is currently owned by 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.