Wells Fargo & Company Issues Pessimistic Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Key Points

• Wells Fargo & Company has reduced its price target for Exelixis (NASDAQ:EXEL) from $36.00 to $30.00, indicating a potential downside of 13.14% from the current stock price.
• Exelixis reported a 10.8% decline in quarterly revenue year-over-year, with earnings of $0.75 EPS exceeding the consensus estimate of $0.63 by $0.12.
• Research ratings on Exelixis are mixed, with 14 analysts giving it a Buy rating and a consensus price target of $44.84, reflecting differing views on the stock's future performance.

Exelixis (NASDAQ:EXEL - Get Free Report) had its price objective dropped by Wells Fargo & Company from $36.00 to $30.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the biotechnology company's stock. Wells Fargo & Company's price target points to a potential downside of 13.14% from the stock's current price.

EXEL has been the subject of several other research reports. Royal Bank Of Canada lowered their price objective on shares of Exelixis from $50.00 to $45.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Benchmark reiterated a "neutral" rating on shares of Exelixis in a research report on Monday, June 23rd. UBS Group set a $38.00 price objective on shares of Exelixis and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Guggenheim reiterated a "buy" rating and set a $45.00 price objective on shares of Exelixis in a research report on Tuesday, July 29th. Finally, Citigroup restated a "market outperform" rating on shares of Exelixis in a report on Tuesday. Fourteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.84.

Exelixis Stock Performance

EXEL opened at $34.54 on Tuesday. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 0.79 and a beta of 0.38. The company has a fifty day moving average of $38.76 and a 200 day moving average of $40.04. Exelixis has a fifty-two week low of $27.86 and a fifty-two week high of $49.62.

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

Institutional Investors Weigh In On Exelixis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXEL. 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 valued at $28,000 after buying an additional 522 shares in the last quarter. 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 valued at $31,000 after buying an additional 400 shares in the last quarter. Luminist Capital LLC raised its holdings in shares of Exelixis by 2,740.0% in 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 in the last quarter. Family Legacy Financial Solutions LLC bought a new stake in shares of Exelixis in the 2nd quarter valued at about $33,000. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in shares of Exelixis in the 1st quarter valued at about $37,000. Institutional investors own 85.27% of the company's stock.

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.

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