SunTrust Banks Analysts Boost Earnings Estimates for Exelixis, Inc. (EXEL)
Exelixis, Inc. (NASDAQ:EXEL) – Stock analysts at SunTrust Banks increased their FY2017 earnings estimates for Exelixis in a research report issued to clients and investors on Thursday. SunTrust Banks analyst P. Lawson now anticipates that the biotechnology company will post earnings per share of $0.47 for the year, up from their previous estimate of $0.19. SunTrust Banks currently has a “Buy” rating and a $35.00 target price on the stock. SunTrust Banks also issued estimates for Exelixis’ Q4 2017 earnings at $0.10 EPS, Q1 2018 earnings at $0.09 EPS, Q2 2018 earnings at $0.11 EPS, Q3 2018 earnings at $0.16 EPS, Q4 2018 earnings at $0.29 EPS, FY2018 earnings at $0.65 EPS, FY2019 earnings at $0.94 EPS, FY2020 earnings at $1.45 EPS and FY2021 earnings at $1.96 EPS.
Exelixis (NASDAQ:EXEL) last issued its earnings results on Wednesday, November 1st. The biotechnology company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.18. The firm had revenue of $152.50 million for the quarter, compared to analyst estimates of $104.91 million. Exelixis had a return on equity of 105.47% and a net margin of 36.80%. Exelixis’s revenue for the quarter was up 145.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) earnings per share.
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A number of other equities research analysts have also commented on the company. Zacks Investment Research upgraded Exelixis from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research report on Tuesday, July 11th. BidaskClub upgraded Exelixis from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 25th. Deutsche Bank AG lowered Exelixis from a “buy” rating to a “hold” rating and upped their target price for the company from $26.00 to $29.00 in a research report on Thursday, August 3rd. Stifel Nicolaus reiterated a “hold” rating and issued a $26.00 target price on shares of Exelixis in a research report on Thursday, September 7th. Finally, Leerink Swann lowered Exelixis from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $34.00 to $28.00 in a research report on Friday, September 22nd. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Exelixis presently has a consensus rating of “Buy” and an average price target of $31.38.
Shares of Exelixis (NASDAQ:EXEL) opened at $27.38 on Monday. The stock has a market cap of $7,766.15, a P/E ratio of 51.47, a P/E/G ratio of 1.33 and a beta of 1.89.
Several hedge funds have recently made changes to their positions in EXEL. Teachers Advisors LLC raised its stake in shares of Exelixis by 1.7% during the 1st quarter. Teachers Advisors LLC now owns 990,514 shares of the biotechnology company’s stock worth $21,464,000 after buying an additional 16,690 shares during the period. Legal & General Group Plc raised its stake in shares of Exelixis by 1.3% during the 1st quarter. Legal & General Group Plc now owns 84,763 shares of the biotechnology company’s stock worth $1,834,000 after buying an additional 1,078 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Exelixis by 11.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 591,901 shares of the biotechnology company’s stock worth $12,826,000 after buying an additional 60,548 shares during the period. Bank of America Corp DE raised its stake in shares of Exelixis by 428.4% during the 1st quarter. Bank of America Corp DE now owns 132,505 shares of the biotechnology company’s stock worth $2,871,000 after buying an additional 172,854 shares during the period. Finally, Paloma Partners Management Co acquired a new position in shares of Exelixis during the 1st quarter worth approximately $847,000. 79.03% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Jeffrey Hessekiel sold 27,302 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $24.28, for a total transaction of $662,892.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher J. Senner sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $26.79, for a total value of $2,679,000.00. The disclosure for this sale can be found here. Insiders sold 970,152 shares of company stock valued at $25,923,457 over the last three months. 5.10% of the stock is currently owned by corporate insiders.
Exelixis Company Profile
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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