Exelixis, Inc. (EXEL) Rating Reiterated by Needham & Company LLC
Exelixis, Inc. (NASDAQ:EXEL)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report released on Monday. They currently have a $30.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 23.81% from the stock’s current price.
Several other brokerages have also issued reports on EXEL. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Exelixis in a research report on Monday, June 5th. William Blair reiterated an “outperform” rating on shares of Exelixis in a research note on Friday, June 16th. BidaskClub upgraded Exelixis from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. Zacks Investment Research upgraded Exelixis from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a research note on Tuesday, June 27th. Finally, SunTrust Banks, Inc. began coverage on shares of Exelixis in a research note on Thursday, July 13th. They issued a “buy” rating and a $33.00 price target for the company. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Exelixis currently has an average rating of “Buy” and a consensus target price of $29.50.
Exelixis (EXEL) traded down 0.58% during midday trading on Monday, reaching $24.09. The company’s stock had a trading volume of 1,950,592 shares. Exelixis has a 52-week low of $10.04 and a 52-week high of $29.50. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 121.67 and a beta of 1.92. The firm has a 50-day moving average price of $27.08 and a 200 day moving average price of $23.49.
Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Exelixis had a net margin of 18.20% and a return on equity of 80.43%. The business had revenue of $99.01 million for the quarter, compared to analyst estimates of $85.27 million. During the same period in the prior year, the business posted ($0.15) earnings per share. Exelixis’s revenue was up 173.1% compared to the same quarter last year. Equities research analysts predict that Exelixis will post $0.27 EPS for the current fiscal year.
In related news, insider Michael Morrissey sold 300,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $26.90, for a total value of $8,070,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Hessekiel sold 27,302 shares of the company’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $24.28, for a total transaction of $662,892.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 970,152 shares of company stock valued at $25,923,457. Corporate insiders own 5.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Exelixis by 33,678.5% in the 1st quarter. BlackRock Inc. now owns 19,155,466 shares of the biotechnology company’s stock valued at $415,099,000 after buying an additional 19,098,757 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Exelixis by 12.8% during the 1st quarter. Vanguard Group Inc. now owns 23,735,071 shares of the biotechnology company’s stock worth $514,339,000 after acquiring an additional 2,696,877 shares in the last quarter. Matrix Capital Management Company LP boosted its position in shares of Exelixis by 8.8% during the 2nd quarter. Matrix Capital Management Company LP now owns 15,117,460 shares of the biotechnology company’s stock worth $372,343,000 after acquiring an additional 1,225,000 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Exelixis during the 2nd quarter worth approximately $28,689,000. Finally, Meditor Group Ltd boosted its position in shares of Exelixis by 5.5% during the 2nd quarter. Meditor Group Ltd now owns 20,229,713 shares of the biotechnology company’s stock worth $498,258,000 after acquiring an additional 1,046,000 shares in the last quarter. Hedge funds and other institutional investors own 79.20% 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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