Royal Bank of Canada Increases Exelixis (NASDAQ:EXEL) Price Target to $34.00

Exelixis (NASDAQ:EXEL) had its price target raised by equities researchers at Royal Bank of Canada from $30.00 to $34.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 17.00% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. Bank of America increased their target price on shares of Exelixis from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley upped their price target on Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. JMP Securities restated a “market outperform” rating and set a $29.00 price objective on shares of Exelixis in a research report on Friday, October 11th. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of Exelixis in a report on Wednesday, September 18th. Finally, Oppenheimer restated an “outperform” rating and set a $29.00 price target on shares of Exelixis in a report on Tuesday, July 30th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and an average price target of $29.07.

Exelixis Trading Down 1.0 %

Shares of EXEL stock opened at $29.06 on Wednesday. The stock has a 50 day simple moving average of $26.39 and a 200 day simple moving average of $23.79. Exelixis has a 1 year low of $18.64 and a 1 year high of $29.75. The stock has a market cap of $8.81 billion, a P/E ratio of 45.41, a price-to-earnings-growth ratio of 0.54 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.44. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. The company had revenue of $637.18 million for the quarter, compared to analyst estimates of $468.21 million. Analysts forecast that Exelixis will post 1.59 EPS for the current year.

Insider Activity

In other news, CFO Christopher J. Senner sold 125,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the completion of the sale, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maria C. Freire sold 8,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the sale, the director now owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,858 shares of company stock worth $8,640,129. Company insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. LSV Asset Management lifted its position in Exelixis by 107.7% in the 2nd quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock valued at $129,511,000 after acquiring an additional 2,989,021 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of Exelixis by 148.2% in the first quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock worth $53,817,000 after purchasing an additional 1,354,062 shares during the last quarter. Swedbank AB bought a new position in shares of Exelixis in the first quarter valued at approximately $22,455,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Exelixis during the first quarter valued at approximately $10,906,000. Finally, Farallon Capital Management LLC grew its holdings in Exelixis by 1.6% during the second quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock worth $608,993,000 after buying an additional 424,000 shares in the last quarter. 85.27% of the stock is owned by institutional investors.

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.