Exelixis (NASDAQ:EXEL) Stock Price Target Cut by Morgan Stanley

Exelixis (NASDAQ:EXEL) had its price target cut by investment analysts at Morgan Stanley from $60.00 to $57.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley‘s price objective would suggest a potential downside of 17.39% from the company’s previous close.

Several other research analysts also recently commented on EXEL. Royal Bank Of Canada lifted their price target on Exelixis from $51.00 to $58.00 and gave the stock a “sector perform” rating in a research report on Friday, October 30th. BMO Capital Markets reissued a “market perform” rating and issued a $60.00 target price on shares of Exelixis in a research note on Friday, October 30th. Citizens Jmp increased their price objective on Exelixis from $55.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Monday, October 19th. Stifel Nicolaus lifted their target price on shares of Exelixis from $47.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 6th. Finally, Truist Financial increased their price objective on shares of Exelixis from $54.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Exelixis has a consensus rating of “Hold” and a consensus target price of $58.62.

Exelixis Trading Down 1.2%

EXEL stock traded down $0.84 during mid-day trading on Friday, hitting $69.00. The stock had a trading volume of 1,521,799 shares, compared to its average volume of 2,887,171. Exelixis has a 1-year low of $39.71 and a 1-year high of $73.69. The company has a fifty day moving average of $62.29 and a 200 day moving average of $52.23. The stock has a market capitalization of $16.84 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 1.80 and a beta of 0.45.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.05. The business had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. Exelixis had a return on equity of 45.54% and a net margin of 35.45%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.78 EPS. As a group, sell-side analysts expect that Exelixis will post 3.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EXEL. Arkadios Wealth Advisors bought a new position in shares of Exelixis during the first quarter valued at about $476,000. Corient Private Wealth LP purchased a new position in Exelixis during the 2nd quarter valued at about $4,324,000. L2 Asset Management LLC bought a new position in shares of Exelixis during the second quarter valued at approximately $6,839,000. BlackRock Inc. bought a new position in Exelixis in the 2nd quarter worth $1,581,991,000. Finally, JLB & Associates Inc. bought a new position in Exelixis in the second quarter worth about $2,658,000. 85.27% of the stock is owned by institutional investors and hedge funds.

About Exelixis

Exelixis, Inc. is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies. Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.