Oppenheimer Forecasts Strong Price Appreciation for Exelixis (NASDAQ:EXEL) Stock

Exelixis (NASDAQ:EXEL) had its target price increased by investment analysts at Oppenheimer from $38.00 to $41.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price target indicates a potential upside of 13.26% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. UBS Group assumed coverage on Exelixis in a research report on Thursday, September 19th. They set a “neutral” rating and a $30.00 price objective for the company. Truist Financial boosted their price target on shares of Exelixis from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday. Stephens increased their price objective on shares of Exelixis from $23.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. Finally, JMP Securities increased their target price on Exelixis from $34.00 to $41.00 and gave the company a “market outperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.50.

Exelixis Price Performance

NASDAQ EXEL opened at $36.20 on Thursday. The company has a market cap of $10.34 billion, a P/E ratio of 23.21, a P/E/G ratio of 0.87 and a beta of 0.53. Exelixis has a 1-year low of $20.01 and a 1-year high of $37.59. The stock has a 50-day moving average of $34.97 and a two-hundred day moving average of $29.28.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $490.31 million. During the same quarter in the previous year, the business posted $0.10 earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Exelixis will post 1.7 EPS for the current fiscal year.

Insider Activity

In other Exelixis news, EVP Dana Aftab sold 1,162 shares of Exelixis stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the transaction, the executive vice president now directly owns 498,945 shares in the company, valued at approximately $15,666,873. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the company’s 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 sale, the executive vice president now directly owns 486,059 shares of the company’s stock, valued at $17,823,783.53. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 314,736 shares of company stock valued at $10,849,110. Insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC lifted its position in Exelixis by 45.3% during the 2nd quarter. Hsbc Holdings PLC now owns 90,211 shares of the biotechnology company’s stock worth $2,031,000 after acquiring an additional 28,126 shares during the period. Farallon Capital Management LLC lifted 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 worth $608,993,000 after purchasing an additional 424,000 shares during the period. Seizert Capital Partners LLC grew its position in Exelixis by 8.0% in the 3rd quarter. Seizert Capital Partners LLC now owns 469,940 shares of the biotechnology company’s stock valued at $12,195,000 after buying an additional 34,875 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Exelixis by 124.0% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock valued at $46,473,000 after buying an additional 991,494 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its position in Exelixis by 60.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 54,863 shares of the biotechnology company’s stock worth $1,424,000 after buying an additional 20,641 shares during the last quarter. 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.