Exelixis (NASDAQ:EXEL) Shares Gap Down – Here’s What Happened

Shares of Exelixis, Inc. (NASDAQ:EXEL) gapped down before the market opened on Monday . The stock had previously closed at $44.04, but opened at $42.59. Exelixis shares last traded at $44.7560, with a volume of 797,024 shares traded.

Analyst Upgrades and Downgrades

EXEL has been the subject of a number of research reports. Barclays raised their target price on shares of Exelixis from $40.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Truist Financial set a $51.00 price objective on shares of Exelixis in a research report on Wednesday. Citigroup downgraded Exelixis from a “market outperform” rating to an “underperform” rating in a research report on Monday, January 5th. Cowen reiterated a “buy” rating on shares of Exelixis in a research note on Wednesday, November 5th. Finally, HC Wainwright boosted their price target on Exelixis from $49.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.95.

Exelixis Stock Up 2.6%

The firm has a 50 day simple moving average of $43.28 and a two-hundred day simple moving average of $41.08. The stock has a market capitalization of $12.13 billion, a P/E ratio of 19.08, a PEG ratio of 0.81 and a beta of 0.40.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.10. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.The company had revenue of $597.76 million during the quarter, compared to analysts’ expectations of $590.04 million. During the same quarter in the previous year, the firm earned $0.47 EPS. Exelixis’s revenue was up 10.8% on a year-over-year basis. On average, research analysts predict that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Insider Activity at Exelixis

In related news, Director Mary C. Beckerle sold 24,622 shares of Exelixis stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $41.93, for a total transaction of $1,032,400.46. Following the sale, the director directly owned 21,380 shares of the company’s stock, valued at approximately $896,463.40. The trade was a 53.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Patrick J. Haley sold 28,043 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $42.58, for a total value of $1,194,070.94. Following the completion of the transaction, the executive vice president owned 374,029 shares of the company’s stock, valued at $15,926,154.82. This represents a 6.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 245,235 shares of company stock valued at $10,490,600. 2.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Exelixis

Several large investors have recently modified their holdings of the business. Richardson Financial Services Inc. grew its stake in shares of Exelixis by 95.1% in the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 292 shares during the last quarter. Anchor Investment Management LLC lifted its holdings in Exelixis by 500.0% during the 3rd quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock worth $25,000 after buying an additional 500 shares during the period. Root Financial Partners LLC bought a new stake in shares of Exelixis in the 3rd quarter valued at about $28,000. Byrne Asset Management LLC increased its stake in shares of Exelixis by 129.0% in the second 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 during the period. Finally, Luminist Capital LLC increased its stake in shares of Exelixis by 2,740.0% in the second quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 685 shares during the period. Institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.