Exelixis, Inc. (EXEL) Sees Strong Trading Volume on Analyst Upgrade
Exelixis, Inc. (NASDAQ:EXEL) saw strong trading volume on Tuesday after Needham & raised their price target on the stock from $30.00 to $33.00. Needham & currently has a buy rating on the stock. 4,433,962 shares were traded during mid-day trading, an increase of 32% from the previous session’s volume of 3,371,070 shares.The stock last traded at $28.98 and had previously closed at $29.02.
Several other equities analysts have also recently weighed in on the company. Royal Bank Of Canada lifted their price target on Exelixis from $33.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday. Stifel Nicolaus reiterated a “hold” rating and issued a $26.00 price target on shares of Exelixis in a research report on Tuesday. Piper Jaffray Companies reiterated an “overweight” rating on shares of Exelixis in a research report on Monday. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Exelixis in a research report on Monday. Finally, SunTrust Banks, Inc. lifted their price target on Exelixis from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Monday. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Exelixis currently has a consensus rating of “Buy” and a consensus price target of $31.00.
In related news, Director Stelios Papadopoulos sold 72,210 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $27.76, for a total transaction of $2,004,549.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gisela Schwab sold 100,000 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $23.79, for a total value of $2,379,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 970,152 shares of company stock valued at $25,923,457. 5.10% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the business. Prudential Financial Inc. lifted its stake in Exelixis by 262.0% during the second quarter. Prudential Financial Inc. now owns 627,530 shares of the biotechnology company’s stock worth $15,456,000 after purchasing an additional 454,197 shares during the last quarter. BlackRock Inc. lifted its stake in Exelixis by 33,678.5% during the first quarter. BlackRock Inc. now owns 19,155,466 shares of the biotechnology company’s stock worth $415,099,000 after purchasing an additional 19,098,757 shares during the last quarter. GAM Holding AG bought a new stake in Exelixis during the second quarter worth about $1,256,000. Credit Suisse AG lifted its stake in Exelixis by 20.1% during the first quarter. Credit Suisse AG now owns 768,110 shares of the biotechnology company’s stock worth $16,646,000 after purchasing an additional 128,398 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in Exelixis by 26.6% during the second quarter. Meeder Asset Management Inc. now owns 9,957 shares of the biotechnology company’s stock worth $245,000 after purchasing an additional 2,091 shares during the last quarter. 79.20% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $8.32 billion, a PE ratio of 142.93 and a beta of 1.92. The stock has a 50 day moving average of $26.24 and a 200 day moving average of $23.95.
Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. The firm had revenue of $99.01 million during the quarter, compared to analyst estimates of $85.27 million. Exelixis had a return on equity of 80.43% and a net margin of 18.20%. The business’s quarterly revenue was up 173.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.15) earnings per share. On average, equities research analysts forecast that Exelixis, Inc. will post $0.28 EPS for the current year.
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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