Wall Street Zen Downgrades Exelixis (NASDAQ:EXEL) to Buy

Exelixis (NASDAQ:EXEL) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently weighed in on the stock. Truist Financial raised shares of Exelixis to a “strong-buy” rating in a research report on Wednesday, March 25th. Barclays lifted their target price on Exelixis from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 4th. Citigroup lowered Exelixis from a “market outperform” rating to an “underperform” rating in a report on Monday, January 5th. Bank of America lowered shares of Exelixis from a “neutral” rating to an “underperform” rating and set a $41.00 target price for the company. in a research note on Monday, January 5th. Finally, HC Wainwright increased their target price on shares of Exelixis from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.94.

Exelixis Stock Performance

Shares of Exelixis stock opened at $44.89 on Friday. Exelixis has a twelve month low of $33.76 and a twelve month high of $49.62. The stock has a market capitalization of $11.40 billion, a P/E ratio of 16.21, a PEG ratio of 1.01 and a beta of 0.42. The business’s fifty day moving average price is $43.05 and its 200 day moving average price is $42.46.

Exelixis (NASDAQ:EXEL) last issued its 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 analysts’ expectations of $609.17 million. During the same quarter last year, the firm earned $0.55 earnings per share. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, sell-side analysts predict that Exelixis will post 2.04 EPS for the current year.

Insider Buying and Selling at Exelixis

In related news, Director Jack L. Wyszomierski sold 99,574 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $44.01, for a total transaction of $4,382,251.74. Following the completion of the sale, the director directly owned 279,942 shares of the company’s stock, valued at approximately $12,320,247.42. This represents a 26.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick J. Haley sold 67,814 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $43.52, for a total transaction of $2,951,265.28. Following the sale, the executive vice president directly owned 381,908 shares of the company’s stock, valued at approximately $16,620,636.16. This represents a 15.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 362,849 shares of company stock worth $15,917,463 in the last quarter. 2.85% of the stock is owned by corporate insiders.

Institutional Trading of Exelixis

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Richardson Financial Services Inc. grew its position in Exelixis by 95.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 292 shares during the last quarter. RHS Financial LLC grew its position in Exelixis by 2.4% in the 4th quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company’s stock worth $553,000 after purchasing an additional 293 shares during the last quarter. Meeder Advisory Services Inc. grew its position in Exelixis by 5.8% in the 4th quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock worth $237,000 after purchasing an additional 298 shares during the last quarter. Cim LLC grew its position in 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 purchasing an additional 305 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its position in Exelixis by 6.4% in the 3rd quarter. Evergreen Capital Management LLC now owns 5,450 shares of the biotechnology company’s stock worth $225,000 after purchasing an additional 329 shares during the last quarter. 85.27% of the stock is currently 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.