Royal Bank Of Canada Cuts Exelixis (NASDAQ:EXEL) Price Target to $43.00

Exelixis (NASDAQ:EXEL) had its price target reduced by Royal Bank Of Canada from $46.00 to $43.00 in a research report sent to investors on Monday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the biotechnology company’s stock.

Several other equities analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Exelixis from a “strong-buy” rating to a “buy” rating in a report on Monday. TD Cowen reissued a “buy” rating on shares of Exelixis in a research note on Wednesday, November 5th. Morgan Stanley upped their target price on Exelixis from $48.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, February 2nd. Truist Financial set a $51.00 target price on Exelixis in a report on Wednesday, January 14th. Finally, Zacks Research raised Exelixis from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.94.

Exelixis Stock Performance

EXEL stock opened at $41.69 on Monday. The stock has a market capitalization of $10.83 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 0.92 and a beta of 0.41. The company has a fifty day moving average of $43.77 and a 200-day moving average of $41.52. Exelixis has a one year low of $32.38 and a one year high of $49.62.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, February 10th. The biotechnology company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.20. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The firm had revenue of $598.66 million for the quarter, compared to the consensus estimate of $609.17 million. During the same period in the previous year, the business earned $0.55 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities analysts forecast that Exelixis will post 2.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jack L. Wyszomierski sold 99,574 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the completion of the sale, the director owned 279,942 shares of the company’s stock, valued at $12,320,247.42. This represents a 26.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bob Oliver sold 30,250 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $43.81, for a total value of $1,325,252.50. Following the completion of the transaction, the director owned 21,120 shares of the company’s stock, valued at approximately $925,267.20. This represents a 58.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 362,849 shares of company stock worth $15,917,463. 2.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Exelixis

Institutional investors have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey lifted its position in shares of Exelixis by 0.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 102,581 shares of the biotechnology company’s stock worth $4,521,000 after purchasing an additional 274 shares during the last quarter. Richardson Financial Services Inc. increased its holdings in Exelixis by 95.1% in the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 292 shares during the last quarter. RHS Financial LLC raised its stake in Exelixis by 2.4% during the fourth quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company’s stock valued at $553,000 after buying an additional 293 shares in the last quarter. Meeder Advisory Services Inc. lifted its holdings in Exelixis by 5.8% during the 4th quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock worth $237,000 after buying an additional 298 shares during the last quarter. Finally, Cim LLC grew its position in shares of Exelixis by 0.9% in the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock worth $1,462,000 after acquiring an additional 305 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

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.