Exelixis Inc. (EXEL) Sees Strong Trading Volume After Analyst Upgrade
Shares of Exelixis Inc. (NASDAQ:EXEL) saw unusually-high trading volume on Thursday after S&P Equity Research raised their price target on the stock from $13.41 to $15.57. Approximately 12,953,050 shares traded hands during trading, an increase of 65% from the previous session’s volume of 7,827,562 shares.The stock last traded at $12.26 and had previously closed at $13.35.
Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus increased their price objective on shares of Exelixis from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Leerink Swann reissued a “buy” rating and issued a $10.00 price objective on shares of Exelixis in a research note on Tuesday, July 19th. Cowen and Company reissued a “buy” rating on shares of Exelixis in a research note on Wednesday, August 10th. Zacks Investment Research raised shares of Exelixis from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Tuesday, September 13th. Finally, Piper Jaffray Cos. reissued a “neutral” rating and issued a $8.00 price objective (up previously from $5.00) on shares of Exelixis in a research note on Thursday, August 4th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $12.35.
In other news, insider Gisela Schwab sold 42,338 shares of the firm’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $11.00, for a total transaction of $465,718.00. Following the completion of the transaction, the insider now owns 174,354 shares of the company’s stock, valued at $1,917,894. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Seven Eight Capital LLC purchased a new position in shares of Exelixis during the second quarter worth $105,000. GSA Capital Partners LLP purchased a new position in shares of Exelixis during the second quarter worth $117,000. Acrospire Investment Management LLC increased its position in shares of Exelixis by 444.4% in the second quarter. Acrospire Investment Management LLC now owns 15,253 shares of the biotechnology company’s stock worth $119,000 after buying an additional 12,451 shares in the last quarter. Legal & General Group Plc increased its position in shares of Exelixis by 11.4% in the first quarter. Legal & General Group Plc now owns 33,497 shares of the biotechnology company’s stock worth $136,000 after buying an additional 3,440 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Exelixis by 25.7% in the second quarter. Stifel Financial Corp now owns 17,600 shares of the biotechnology company’s stock worth $138,000 after buying an additional 3,600 shares in the last quarter. 81.80% of the stock is owned by institutional investors and hedge funds.
The firm has a 50-day moving average price of $12.25 and a 200 day moving average price of $7.85. The stock’s market capitalization is $2.83 billion.
Exelixis (NASDAQ:EXEL) last released its earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.11. The firm had revenue of $36.25 million for the quarter, compared to the consensus estimate of $16.76 million. During the same quarter in the previous year, the business posted ($0.22) EPS. Exelixis’s revenue was up 353.7% on a year-over-year basis. On average, analysts expect that Exelixis Inc. will post ($0.62) EPS for the current fiscal year.
Exelixis, Inc is a biopharmaceutical company. The Company is engaged in developing small molecule therapies for the treatment of cancer. It focuses on the development and commercialization of cabozantinib, an inhibitor of multiple receptor tyrosine kinases, in various tumor indications. Cabozantinib is indicated for the treatment of progressive, metastatic medullary thyroid cancer, and is sold under the brand name COMETRIQ.
Receive News & Stock Ratings for Exelixis Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Exelixis Inc. and related stocks with our FREE daily email newsletter.