Exelixis (NASDAQ:EXEL) Rating Lowered to “Market Perform” at Oppenheimer

Exelixis (NASDAQ:EXEL) was downgraded by analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued on Friday, MarketBeat.com reports. They currently have a $33.00 price objective on the biotechnology company’s stock, down from their prior price objective of $41.00. Oppenheimer’s price target points to a potential upside of 1.91% from the stock’s previous close.

EXEL has been the topic of several other research reports. TD Cowen lifted their target price on shares of Exelixis from $27.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, October 21st. HC Wainwright increased their target price on Exelixis from $29.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, January 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $41.00 target price on shares of Exelixis in a report on Thursday. Piper Sandler upped their price target on Exelixis from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Truist Financial raised their price objective on shares of Exelixis from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Exelixis currently has an average rating of “Moderate Buy” and an average target price of $35.00.

Exelixis Stock Down 5.1 %

EXEL stock opened at $32.38 on Friday. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 20.76, a P/E/G ratio of 0.72 and a beta of 0.53. The firm has a 50 day moving average of $34.87 and a two-hundred day moving average of $29.77. Exelixis has a 12 month low of $20.01 and a 12 month high of $37.59.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The firm had revenue of $539.50 million for the quarter, compared to the consensus estimate of $490.31 million. During the same period in the prior year, the business posted $0.10 earnings per share. The business’s quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts expect that Exelixis will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In related news, EVP Jeffrey Hessekiel sold 50,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $34.13, for a total transaction of $1,706,500.00. Following the completion of the sale, the executive vice president now owns 530,325 shares in the company, valued at $18,099,992.25. This trade represents a 8.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Dana Aftab sold 96,986 shares of Exelixis stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $35.00, for a total transaction of $3,394,510.00. Following the transaction, the executive vice president now directly owns 498,945 shares of the company’s stock, valued at $17,463,075. This represents a 16.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 314,736 shares of company stock valued at $10,849,110. 2.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Exelixis

Hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Exelixis during the 3rd quarter worth about $30,000. USA Financial Formulas bought a new position in shares of Exelixis in the fourth quarter worth about $32,000. Brooklyn Investment Group acquired a new position in shares of Exelixis during the third quarter worth approximately $42,000. UMB Bank n.a. boosted its position in Exelixis by 68.4% in the 4th quarter. UMB Bank n.a. now owns 1,361 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 553 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Exelixis in the 3rd quarter valued at $61,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Company Profile

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.