Exelixis (NASDAQ:EXEL) Price Target Raised to $50.00

Exelixis (NASDAQ:EXEL) had its price objective lifted by Morgan Stanley from $49.00 to $50.00 in a research report report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the biotechnology company’s stock.

Several other research analysts have also commented on EXEL. Wall Street Zen lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 18th. Barclays boosted their price objective on shares of Exelixis from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, April 20th. TD Cowen raised their target price on shares of Exelixis from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of Exelixis from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Zacks Research cut shares of Exelixis from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. One research 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 stock currently has a consensus rating of “Hold” and a consensus target price of $47.83.

Exelixis Trading Up 4.2%

EXEL stock opened at $48.16 on Wednesday. The company has a market cap of $12.11 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 0.99 and a beta of 0.38. The stock has a 50-day moving average price of $43.44 and a two-hundred day moving average price of $42.97. Exelixis has a 12-month low of $33.76 and a 12-month high of $49.62.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12. The company had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $0.55 EPS. Equities analysts forecast that Exelixis will post 3.11 EPS for the current fiscal year.

Insider Activity

In other news, Director Maria C. Freire sold 20,634 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total transaction of $949,164.00. Following the completion of the transaction, the director directly owned 100,819 shares in the company, valued at approximately $4,637,674. This represents a 16.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Dana Aftab sold 47,918 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $44.50, for a total transaction of $2,132,351.00. Following the sale, the executive vice president directly owned 616,106 shares of the company’s stock, valued at $27,416,717. The trade was a 7.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 451,195 shares of company stock worth $19,982,874 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in shares of Exelixis by 48.8% in the 4th quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company’s stock worth $598,647,000 after purchasing an additional 4,477,029 shares during the last quarter. Farallon Capital Management LLC lifted its position in shares of Exelixis by 21.6% during the third quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company’s stock worth $805,412,000 after purchasing an additional 3,466,000 shares during the last quarter. Assetmark Inc. grew its stake in Exelixis by 1,230.8% in the third quarter. Assetmark Inc. now owns 3,195,971 shares of the biotechnology company’s stock worth $131,994,000 after purchasing an additional 2,955,813 shares in the last quarter. Norges Bank acquired a new position in Exelixis in the fourth quarter worth about $106,460,000. Finally, Allianz Asset Management GmbH increased its holdings in Exelixis by 153.3% in the third quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company’s stock valued at $101,720,000 after buying an additional 1,490,520 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.

Key Stories Impacting Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported solid Q1 results, with revenue of $610.8 million and earnings per share of $0.87, both ahead of expectations. The company also completed its prior buyback authorization and launched a new $750 million share repurchase program, which can support the stock by reducing share count. Article Title
• Positive Sentiment: Analysts turned more constructive, with HC Wainwright raising its price target to $56 and Morgan Stanley lifting its target to $50, signaling improved confidence in Exelixis’ outlook. Article Title Article Title
• Positive Sentiment: The company also announced upcoming investor conference appearances in May, which may help keep investor attention on its pipeline and strategy. Article Title
• Neutral Sentiment: Several directors disclosed stock sales on May 7, including George Poste, Maria C. Freire, and Mary C. Beckerle. Insider selling can create some near-term caution, but the transactions were disclosed and do not by themselves indicate a change in the business outlook. Article Title Article Title Article Title

About Exelixis

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.