Brokers Set Expectations for Exelixis, Inc.’s FY2024 Earnings (NASDAQ:EXEL)

Exelixis, Inc. (NASDAQ:EXEL) – Equities research analysts at William Blair lowered their FY2024 EPS estimates for Exelixis in a report released on Wednesday, May 1st. William Blair analyst A. Hsieh now anticipates that the biotechnology company will earn $0.95 per share for the year, down from their previous forecast of $1.12. William Blair has a “Outperform” rating on the stock. The consensus estimate for Exelixis’ current full-year earnings is $1.17 per share. William Blair also issued estimates for Exelixis’ FY2025 earnings at $1.18 EPS.

Several other research analysts have also commented on EXEL. Royal Bank of Canada lifted their price target on Exelixis from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Stifel Nicolaus increased their price target on shares of Exelixis from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Friday, February 2nd. TD Cowen lifted their price objective on shares of Exelixis from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. JMP Securities reiterated a “market outperform” rating and set a $27.00 target price on shares of Exelixis in a research note on Wednesday, April 10th. Finally, TheStreet upgraded Exelixis from a “c+” rating to a “b-” rating in a research report on Monday, March 18th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

Exelixis Stock Performance

Exelixis stock opened at $21.90 on Monday. The stock has a 50-day simple moving average of $22.98 and a 200-day simple moving average of $22.23. The company has a market capitalization of $6.38 billion, a P/E ratio of 34.22, a PEG ratio of 0.56 and a beta of 0.57. Exelixis has a fifty-two week low of $18.52 and a fifty-two week high of $24.34.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.16). Exelixis had a return on equity of 8.85% and a net margin of 11.10%. The company had revenue of $425.23 million for the quarter, compared to analyst estimates of $461.04 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. Exelixis’s revenue was up 4.0% compared to the same quarter last year.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently added to or reduced their stakes in EXEL. Norges Bank purchased a new stake in shares of Exelixis during the 4th quarter worth about $73,449,000. Los Angeles Capital Management LLC grew its stake in Exelixis by 948.3% during the first quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock worth $58,240,000 after buying an additional 2,220,150 shares during the period. Acadian Asset Management LLC grew its stake in Exelixis by 1,043.9% during the third quarter. Acadian Asset Management LLC now owns 1,957,848 shares of the biotechnology company’s stock worth $42,750,000 after buying an additional 1,786,687 shares during the period. abrdn plc acquired a new stake in shares of Exelixis in the fourth quarter worth $15,997,000. Finally, California Public Employees Retirement System raised its stake in shares of Exelixis by 42.3% in the 3rd quarter. California Public Employees Retirement System now owns 1,771,128 shares of the biotechnology company’s stock valued at $38,699,000 after acquiring an additional 526,814 shares during the period. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Insider Transactions at Exelixis

In related news, Director David Edward Johnson bought 190,000 shares of Exelixis stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average price of $20.70 per share, with a total value of $3,933,000.00. Following the purchase, the director now owns 1,100,730 shares in the company, valued at $22,785,111. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Patrick J. Haley sold 47,020 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $21.45, for a total transaction of $1,008,579.00. Following the sale, the executive vice president now owns 384,866 shares in the company, valued at $8,255,375.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Edward Johnson acquired 190,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were acquired at an average price of $20.70 per share, for a total transaction of $3,933,000.00. Following the acquisition, the director now directly owns 1,100,730 shares of the company’s stock, valued at $22,785,111. The disclosure for this purchase can be found here. Corporate insiders own 2.85% of the company’s stock.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.