Cann Reiterates “Hold” Rating for Exelixis, Inc. (EXEL)
Exelixis, Inc. (NASDAQ:EXEL)‘s stock had its “hold” rating reissued by equities researchers at Cann in a note issued to investors on Wednesday.
The analysts wrote, “Based on indications that Cabometyx is being adopted more quickly in Q1 2017 than we had anticipated, we are adjusting our expected market penetration ramp.””
A number of other equities analysts have also recently issued reports on EXEL. Zacks Investment Research cut Exelixis from a “buy” rating to a “hold” rating in a report on Tuesday, January 3rd. Cowen and Company reiterated an “outperform” rating on shares of Exelixis in a report on Tuesday, January 24th. William Blair reiterated an “outperform” rating on shares of Exelixis in a report on Saturday, January 28th. Stifel Nicolaus cut Exelixis from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a report on Tuesday, February 28th. They noted that the move was a valuation call. Finally, Oppenheimer Holdings Inc. started coverage on Exelixis in a report on Thursday, March 16th. They issued a “market perform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $18.37.
Exelixis (NASDAQ:EXEL) opened at 21.32 on Wednesday. Exelixis has a 1-year low of $4.25 and a 1-year high of $23.49. The company has a 50-day moving average of $21.38 and a 200-day moving average of $17.69. The firm’s market capitalization is $6.20 billion.
Exelixis (NASDAQ:EXEL) last issued its earnings results on Monday, February 27th. The biotechnology company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm earned $77.58 million during the quarter, compared to the consensus estimate of $64.88 million. During the same quarter in the prior year, the business earned ($0.19) earnings per share. Exelixis’s revenue for the quarter was up 680.7% on a year-over-year basis. On average, equities analysts predict that Exelixis will post $0.05 earnings per share for the current year.
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In other Exelixis news, Director George Poste sold 76,250 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $22.53, for a total transaction of $1,717,912.50. Following the transaction, the director now directly owns 86,405 shares in the company, valued at approximately $1,946,704.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Christopher J. Senner sold 11,000 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $22.80, for a total value of $250,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 393,071 shares of company stock worth $8,784,085. Company insiders own 5.90% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Highbridge Capital Management LLC boosted its position in shares of Exelixis by 114.4% in the fourth quarter. Highbridge Capital Management LLC now owns 15,223 shares of the biotechnology company’s stock valued at $227,000 after buying an additional 8,123 shares during the period. Norges Bank bought a new position in shares of Exelixis during the fourth quarter valued at $36,882,000. Pittenger & Anderson Inc. bought a new position in shares of Exelixis during the fourth quarter valued at $149,000. Boothbay Fund Management LLC bought a new position in shares of Exelixis during the fourth quarter valued at $247,000. Finally, AQR Capital Management LLC boosted its position in shares of Exelixis by 23.8% in the fourth quarter. AQR Capital Management LLC now owns 517,660 shares of the biotechnology company’s stock valued at $7,719,000 after buying an additional 99,617 shares during the period. Institutional investors and hedge funds own 78.40% of the company’s stock.
Exelixis Company Profile
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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