Zacks Investment Research upgraded shares of Exelixis Inc. (NASDAQ:EXEL) from a hold rating to a buy rating in a report published on Tuesday morning. The brokerage currently has $14.00 price objective on the biotechnology company’s stock.

According to Zacks, “Exelixis received a major boost with the FDA approval of Cabometyx. It is currently focused on launching Cabometyx tablets as a treatment for patients with advanced RCC. Initial uptake of the drug was encouraging and will propel the top line in the forthcoming quarters. Meanwhile, the European Medicines Agency has also accepted a Marketing Authorisation Application (MAA) for Cabometyx for review in the same indication. Upon a potential approval, the product will be marketed in the EU by Exelixis’ partner, Ipsen. Exelixis is developing cabozantinib in a broad development program comprising over 45 clinical studies across multiple indications. Moreover, successful commercialization of other drug, Cotellic in the U.S. will boost the top line. However, expenses are expected to increase as the company prepares for the commercialization of Cabometyx in the U.S.”

Other research analysts also recently issued research reports about the company. Stifel Nicolaus lifted their price target on Exelixis from $10.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, August 4th. Leerink Swann reaffirmed a buy rating and set a $10.00 price target on shares of Exelixis in a research note on Tuesday, July 19th. Cowen and Company reaffirmed a buy rating on shares of Exelixis in a research note on Wednesday, August 10th. Finally, Piper Jaffray Cos. reaffirmed a neutral rating and set a $8.00 price target (up previously from $5.00) on shares of Exelixis in a research note on Thursday, August 4th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $11.10.

Shares of Exelixis (NASDAQ:EXEL) opened at 13.55 on Tuesday. The firm’s market cap is $3.12 billion. Exelixis has a 12 month low of $3.55 and a 12 month high of $13.66. The stock’s 50 day moving average is $10.80 and its 200 day moving average is $7.03.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.11. The firm had revenue of $36.25 million for the quarter, compared to analyst estimates of $16.76 million. The company’s quarterly revenue was up 353.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.22) EPS. On average, analysts anticipate that Exelixis will post ($0.65) earnings per share for the current fiscal year.

In related news, insider Gisela Schwab sold 42,338 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $11.00, for a total value of $465,718.00. Following the completion of the transaction, the insider now owns 174,354 shares of the company’s stock, valued at approximately $1,917,894. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.90% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of EXEL. Vanguard Group Inc. boosted its stake in Exelixis by 2.3% in the second quarter. Vanguard Group Inc. now owns 16,457,824 shares of the biotechnology company’s stock valued at $128,536,000 after buying an additional 375,754 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Exelixis by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,357,463 shares of the biotechnology company’s stock valued at $41,842,000 after buying an additional 28,145 shares during the period. Farallon Capital Management LLC acquired a new stake in Exelixis during the second quarter valued at approximately $38,386,000. Janus Capital Management LLC acquired a new stake in Exelixis during the second quarter valued at approximately $25,702,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Exelixis during the second quarter valued at approximately $22,690,000. Institutional investors own 81.80% of the company’s stock.

About Exelixis

Exelixis, Inc is a biopharmaceutical company. The Company is engaged in developing small molecule therapies for the treatment of cancer. It focuses on the development and commercialization of cabozantinib, an inhibitor of multiple receptor tyrosine kinases, in various tumor indications. Cabozantinib is indicated for the treatment of progressive, metastatic medullary thyroid cancer, and is sold under the brand name COMETRIQ.

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