Exelixis (NASDAQ:EXEL) Price Target Cut to $45.00 by Analysts at Royal Bank Of Canada

Key Points

• The Royal Bank of Canada has lowered its target price for Exelixis (NASDAQ:EXEL) stock from $50.00 to $45.00, indicating a potential upside of 20.79% from the stock's current price.
• Shares of Exelixis experienced a decline of $7.14 during trading, hitting a price of $37.26, with significant trading volume surpassing its average.
• Exelixis reported earnings of $0.75 per share for the last quarter, exceeding analysts' estimates, although revenue fell 10.8% year-over-year.

Exelixis (NASDAQ:EXEL - Free Report) had its target price lowered by Royal Bank Of Canada from $50.00 to $45.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the biotechnology company's stock.

A number of other analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th. HC Wainwright increased their price target on Exelixis from $47.00 to $53.00 and gave the company a "buy" rating in a report on Monday, June 30th. Truist Financial upped their target price on shares of Exelixis from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, July 15th. Stephens raised shares of Exelixis from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $29.00 to $60.00 in a report on Tuesday, June 24th. Finally, Citigroup upped their target price on Exelixis from $45.00 to $56.00 and gave the company a "buy" rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.44.

Exelixis Price Performance

Shares of EXEL stock traded up $0.41 during mid-day trading on Tuesday, hitting $37.27. The stock had a trading volume of 260,167 shares, compared to its average volume of 3,040,904. Exelixis has a fifty-two week low of $23.13 and a fifty-two week high of $49.62. The firm has a market cap of $10.03 billion, a PE ratio of 17.94, a PEG ratio of 0.73 and a beta of 0.28. The company's 50-day simple moving average is $43.17 and its 200-day simple moving average is $38.88.

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 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 during the quarter, compared to analysts' expectations of $574.36 million. During the same period in the previous year, the firm posted $0.84 earnings per share. The business's revenue for the quarter was down 10.8% compared to the same quarter last year. On average, analysts expect that Exelixis will post 2.04 EPS for the current year.

Insider Activity

In other Exelixis news, CMO Amy C. Peterson sold 72,776 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $45.47, for a total value of $3,309,124.72. Following the transaction, the chief marketing officer owned 465,393 shares in the company, valued at $21,161,419.71. The trade was a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Patrick J. Haley sold 126,383 shares of Exelixis stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $47.96, for a total transaction of $6,061,328.68. Following the completion of the sale, the executive vice president owned 446,459 shares of the company's stock, valued at $21,412,173.64. This trade represents a 22.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 456,605 shares of company stock valued at $20,966,005 in the last three months. 2.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Exelixis

Hedge funds have recently bought and sold shares of the company. Coppell Advisory Solutions LLC acquired a new stake in Exelixis during the fourth quarter worth about $25,000. Hemington Wealth Management increased its stake in shares of Exelixis by 211.3% in the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company's stock valued at $28,000 after buying an additional 522 shares in the last quarter. Colonial Trust Co SC raised its stake in shares of Exelixis by 616.9% in the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company's stock worth $30,000 after acquiring an additional 765 shares during the last quarter. Byrne Asset Management LLC raised its position in 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. Finally, Family Legacy Financial Solutions LLC bought a new stake in shares of Exelixis during the second quarter worth $33,000. 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.