Piper Sandler Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Exelixis (NASDAQ:EXEL) had its price objective lifted by Piper Sandler from $36.00 to $37.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on EXEL. JMP Securities reaffirmed a “market outperform” rating and issued a $29.00 price objective on shares of Exelixis in a research note on Friday, October 11th. BMO Capital Markets cut Exelixis from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $36.00 to $40.00 in a research note on Friday, December 20th. Morgan Stanley boosted their target price on Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Guggenheim lifted their price target on Exelixis from $33.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Finally, Truist Financial boosted their price objective on Exelixis from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Exelixis has an average rating of “Moderate Buy” and an average price target of $33.75.

Exelixis Stock Performance

Exelixis stock opened at $35.30 on Monday. Exelixis has a fifty-two week low of $20.01 and a fifty-two week high of $36.97. The firm’s fifty day moving average price is $34.90 and its 200-day moving average price is $28.99. The stock has a market cap of $10.08 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 0.88 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. The firm had revenue of $539.50 million during the quarter, compared to analyst estimates of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The company’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 earnings per share. On average, analysts predict that Exelixis will post 1.69 earnings per share for the current year.

Insider Activity

In related news, EVP Jeffrey Hessekiel sold 60,000 shares of Exelixis stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the completion of the transaction, the executive vice president now directly owns 486,059 shares of the company’s stock, valued at $17,823,783.53. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Patrick J. Haley sold 10,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $35.27, for a total transaction of $352,700.00. Following the completion of the sale, the executive vice president now owns 278,665 shares in the company, valued at approximately $9,828,514.55. This trade represents a 3.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 314,736 shares of company stock worth $10,849,110 in the last quarter. 2.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC increased its holdings in shares of Exelixis by 1.6% during the second quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after acquiring an additional 424,000 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Exelixis by 0.4% in the second quarter. Renaissance Technologies LLC now owns 15,163,066 shares of the biotechnology company’s stock worth $340,714,000 after buying an additional 61,350 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Exelixis by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,137,201 shares of the biotechnology company’s stock worth $115,434,000 after buying an additional 349,837 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Exelixis by 12.7% during the second quarter. AQR Capital Management LLC now owns 3,281,578 shares of the biotechnology company’s stock valued at $73,425,000 after buying an additional 370,199 shares during the last quarter. Finally, FMR LLC increased its position in shares of Exelixis by 6.1% during the third quarter. FMR LLC now owns 2,462,072 shares of the biotechnology company’s stock valued at $63,891,000 after acquiring an additional 140,568 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.