Exelixis, Inc. Expected to Post Q2 2024 Earnings of $0.29 Per Share (NASDAQ:EXEL)

Exelixis, Inc. (NASDAQ:EXEL - Free Report) - Analysts at Leerink Partnrs lifted their Q2 2024 earnings per share (EPS) estimates for Exelixis in a research report issued on Wednesday, April 24th. Leerink Partnrs analyst A. Berens now anticipates that the biotechnology company will post earnings of $0.29 per share for the quarter, up from their previous estimate of $0.28. The consensus estimate for Exelixis' current full-year earnings is $1.21 per share. Leerink Partnrs also issued estimates for Exelixis' Q4 2024 earnings at $0.36 EPS and FY2025 earnings at $1.55 EPS.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.02. Exelixis had a return on equity of 8.57% and a net margin of 11.35%. The company had revenue of $479.65 million for the quarter, compared to the consensus estimate of $481.23 million.

A number of other brokerages also recently issued reports on EXEL. Stifel Nicolaus boosted their price target on Exelixis from $23.00 to $25.00 and gave the company a "hold" rating in a report on Friday, February 2nd. Royal Bank of Canada boosted their price target on Exelixis from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, February 7th. Barclays downgraded Exelixis from an "overweight" rating to an "equal weight" rating and set a $25.00 price target on the stock. in a report on Thursday, April 11th. TheStreet upgraded Exelixis from a "c+" rating to a "b-" rating in a report on Monday, March 18th. Finally, William Blair reaffirmed an "outperform" rating on shares of Exelixis in a research report on Friday, January 26th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Exelixis presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.29.

Exelixis Price Performance

NASDAQ:EXEL traded up $0.17 during mid-day trading on Friday, reaching $23.70. 1,560,646 shares of the company's stock traded hands, compared to its average volume of 2,255,847. Exelixis has a 12-month low of $18.08 and a 12-month high of $24.34. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 0.63 and a beta of 0.54. The company has a 50 day moving average price of $22.73 and a 200-day moving average price of $22.17.

Institutional Investors Weigh In On Exelixis

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC increased its stake in shares of Exelixis by 232.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 728 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of Exelixis in the 4th quarter worth $26,000. GAMMA Investing LLC purchased a new stake in shares of Exelixis in the 4th quarter worth $27,000. Rise Advisors LLC purchased a new stake in shares of Exelixis in the 1st quarter worth $28,000. Finally, Denali Advisors LLC increased its stake in shares of Exelixis by 7,995.2% in the 3rd quarter. Denali Advisors LLC now owns 1,700 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 1,679 shares in the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director David Edward Johnson bought 190,000 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $20.70 per share, for a total transaction of $3,933,000.00. Following the purchase, the director now owns 1,100,730 shares in the company, valued at $22,785,111. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director David Edward Johnson bought 190,000 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $20.70 per share, for a total transaction of $3,933,000.00. Following the purchase, the director now owns 1,100,730 shares in the company, valued at $22,785,111. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Patrick J. Haley sold 47,020 shares of the business's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $21.45, for a total transaction of $1,008,579.00. Following the sale, the executive vice president now owns 384,866 shares of the company's stock, valued at $8,255,375.70. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

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.