Exelixis (NASDAQ:EXEL) Given New $78.00 Price Target at HC Wainwright

Exelixis (NASDAQ:EXEL) had its price objective hoisted by equities research analysts at HC Wainwright from $56.00 to $78.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright‘s target price would suggest a potential upside of 12.41% from the stock’s current price.

Several other brokerages have also weighed in on EXEL. Citigroup reissued a “market outperform” rating on shares of Exelixis in a report on Monday, October 19th. Leerink Partners lowered Exelixis from an “outperform” rating to a “market perform” rating and set a $52.00 target price for the company. in a research report on Thursday, August 6th. Morgan Stanley boosted their price target on Exelixis from $53.00 to $60.00 and gave the company an “equal weight” rating in a report on Friday. Wall Street Zen lowered Exelixis from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Finally, Truist Financial raised their price objective on Exelixis from $54.00 to $60.00 and gave the stock a “hold” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis presently has an average rating of “Hold” and a consensus target price of $56.79.

Exelixis Price Performance

NASDAQ:EXEL opened at $69.39 on Monday. The business’s 50-day moving average is $59.39 and its two-hundred day moving average is $50.92. The firm has a market capitalization of $16.93 billion, a PE ratio of 20.78, a price-to-earnings-growth ratio of 1.95 and a beta of 0.45. Exelixis has a 12 month low of $36.00 and a 12 month high of $72.10.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05. Exelixis had a return on equity of 45.54% and a net margin of 35.45%. The business had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. During the same quarter last year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities analysts anticipate that Exelixis will post 3.19 EPS for the current year.

Insider Activity

In related news, Director Mary Beckerle sold 9,812 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the transaction, the director owned 16,079 shares in the company, valued at $862,799.14. The trade was a 37.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several hedge funds and other institutional investors have recently modified their holdings of EXEL. Cassaday & Co Wealth Management LLC bought a new position in shares of Exelixis during the first quarter worth about $27,000. Western Wealth Management LLC bought a new stake in Exelixis in the 1st quarter valued at about $29,000. Mather Group LLC. lifted its position in Exelixis by 124.6% in the 3rd quarter. Mather Group LLC. now owns 757 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 420 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Exelixis during the 2nd quarter valued at about $46,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Exelixis during the 2nd quarter valued at about $57,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company’s research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression.

Exelixis’ lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.