Exelixis (NASDAQ:EXEL) Price Target Raised to $28.00 at Morgan Stanley

Exelixis (NASDAQ:EXEL) had its price objective raised by stock analysts at Morgan Stanley from $26.00 to $28.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley’s target price would indicate a potential upside of 6.75% from the company’s current price.

Several other research firms have also recently commented on EXEL. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. Truist Financial reissued a “buy” rating and set a $33.00 target price (up from $32.00) on shares of Exelixis in a research note on Thursday, August 8th. Oppenheimer restated an “outperform” rating and issued a $29.00 target price on shares of Exelixis in a research note on Tuesday, July 30th. JMP Securities reiterated a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a report on Friday, September 20th. Finally, Royal Bank of Canada upped their target price on Exelixis from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.20.

Exelixis Stock Performance

Shares of NASDAQ EXEL traded up $0.52 during midday trading on Friday, reaching $26.23. The company’s stock had a trading volume of 411,204 shares, compared to its average volume of 1,990,427. The company has a market cap of $7.48 billion, a P/E ratio of 22.64, a P/E/G ratio of 0.54 and a beta of 0.54. Exelixis has a fifty-two week low of $18.64 and a fifty-two week high of $27.83. The business’s 50 day moving average price is $26.09 and its two-hundred day moving average price is $23.65.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.44. The firm had revenue of $637.18 million for the quarter, compared to analysts’ expectations of $468.21 million. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. Sell-side analysts forecast that Exelixis will post 1.59 earnings per share for the current fiscal year.

Insider Activity

In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $27.19, for a total value of $3,398,750.00. Following the sale, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Maria C. Freire sold 8,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the sale, the director now directly owns 91,007 shares of the company’s stock, valued at $2,417,145.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Christopher J. Senner sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the transaction, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 327,858 shares of company stock worth $8,640,129 over the last ninety days. Company insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management raised its position in Exelixis by 107.7% during the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock valued at $129,511,000 after purchasing an additional 2,989,021 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in Exelixis by 948.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock worth $58,240,000 after buying an additional 2,220,150 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in Exelixis by 148.2% in the first quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock worth $53,817,000 after buying an additional 1,354,062 shares in the last quarter. Swedbank AB bought a new position in Exelixis during the first quarter valued at approximately $22,455,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Exelixis during the first quarter valued at approximately $10,906,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

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.