Exelixis (NASDAQ:EXEL) Now Covered by Analysts at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has initiated coverage on Exelixis (NASDAQ:EXEL) with a buy rating and a price target of $47.00, indicating a potential upside of 20.08% from the last closing price.
• Recent quarterly earnings show Exelixis reported an EPS of $0.75, surpassing analyst estimates, while revenue fell 10.8% year-over-year to $568.26 million.
• Exelixis has seen a significant interest from institutional investors, with 85.27% of shares owned by hedge funds and a notable increase in positions from several asset management firms.

The Goldman Sachs Group initiated coverage on shares of Exelixis (NASDAQ:EXEL - Free Report) in a research note released on Wednesday, Marketbeat.com reports. The firm issued a buy rating and a $47.00 price target on the biotechnology company's stock.

Several other equities analysts have also recently issued reports on the stock. Benchmark restated a "neutral" rating on shares of Exelixis in a research note on Monday, June 23rd. JMP Securities restated a "market outperform" rating and set a $50.00 target price on shares of Exelixis in a research note on Tuesday, July 29th. Morgan Stanley lowered their target price on shares of Exelixis from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. Bank of America upped their price target on shares of Exelixis from $45.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, June 5th. Finally, Jefferies Financial Group set a $50.00 price target on shares of Exelixis and gave the company a "buy" rating in a research report on Tuesday, June 24th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.42.

Exelixis Price Performance

Exelixis stock traded down $0.35 during mid-day trading on Wednesday, reaching $40.10. The stock had a trading volume of 7,751,452 shares, compared to its average volume of 2,270,912. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 0.83 and a beta of 0.32. The company has a 50-day moving average price of $39.52 and a two-hundred day moving average price of $39.69. Exelixis has a one year low of $25.17 and a one year high of $49.62.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Byrne Asset Management LLC boosted its position in shares of Exelixis by 129.0% during the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company's stock valued at $31,000 after acquiring an additional 400 shares during the last quarter. Luminist Capital LLC lifted its position in Exelixis by 2,740.0% in the second quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company's stock worth $31,000 after buying an additional 685 shares during the last quarter. Family Legacy Financial Solutions LLC bought a new stake in Exelixis in the second quarter worth $33,000. Hemington Wealth Management lifted its position in shares of Exelixis by 211.3% during the first 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 bought a new stake in shares of Exelixis during the first quarter worth $37,000. 85.27% of the stock is currently owned by institutional investors.

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.