Exelixis (NASDAQ:EXEL) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Exelixis (NASDAQ:EXEL) from a neutral rating to an underperform rating in a research report sent to investors on Monday morning, Marketbeat reports. They currently have $41.00 price objective on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $45.00 price objective on shares of Exelixis in a report on Tuesday, October 21st. HC Wainwright raised their price target on shares of Exelixis from $46.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Morgan Stanley lifted their price target on shares of Exelixis from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Citigroup downgraded shares of Exelixis from a “market outperform” rating to an “underperform” rating in a research report on Monday. Finally, UBS Group set a $41.00 target price on shares of Exelixis in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Exelixis presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.53.

Exelixis Stock Up 5.7%

Shares of NASDAQ EXEL opened at $46.19 on Monday. Exelixis has a twelve month low of $31.90 and a twelve month high of $49.62. The firm has a market cap of $12.38 billion, a P/E ratio of 19.49, a PEG ratio of 0.81 and a beta of 0.40. The company has a 50 day moving average of $42.82 and a 200 day moving average of $41.10.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, November 4th. The biotechnology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.68 by $0.10. The business had revenue of $597.76 million for the quarter, compared to the consensus estimate of $590.04 million. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.47 EPS. As a group, equities analysts expect that Exelixis will post 2.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Exelixis

In other news, EVP Patrick J. Haley sold 34,187 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $41.88, for a total transaction of $1,431,751.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary C. Beckerle sold 24,622 shares of the stock in a transaction dated 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 completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 245,235 shares of company stock valued at $10,490,600. 2.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Exelixis

Institutional investors have recently modified their holdings of the stock. Richardson Financial Services Inc. lifted its position in 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 buying an additional 292 shares during the last quarter. Anchor Investment Management LLC boosted its stake in shares of 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 purchasing an additional 500 shares during the period. Root Financial Partners LLC bought a new position in Exelixis during the 3rd quarter valued at about $28,000. Byrne Asset Management LLC raised its position in Exelixis by 129.0% in the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 400 shares during the period. Finally, Luminist Capital LLC lifted its stake in Exelixis by 2,740.0% in the second quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 685 shares during the last quarter. 85.27% of the stock is owned by institutional investors.

About Exelixis

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.