Wells Fargo & Company Forecasts Strong Price Appreciation for Exelixis (NASDAQ:EXEL) Stock

Exelixis (NASDAQ:EXEL) had its target price boosted by equities research analysts at Wells Fargo & Company from $32.00 to $36.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.22% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Truist Financial increased their target price on shares of Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a report on Tuesday, October 15th. Stifel Nicolaus boosted their target price on shares of Exelixis from $26.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. UBS Group started coverage on Exelixis in a report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 price target for the company. Finally, JMP Securities reiterated a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Exelixis presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.69.

Exelixis Stock Performance

EXEL stock traded up $4.23 during mid-day trading on Wednesday, hitting $32.96. The company had a trading volume of 3,016,788 shares, compared to its average volume of 2,029,688. Exelixis has a 12 month low of $19.20 and a 12 month high of $33.32. The stock’s fifty day moving average price is $26.69 and its two-hundred day moving average price is $24.09. The firm has a market cap of $9.40 billion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.44. The firm had revenue of $637.18 million for the quarter, compared to analyst estimates of $468.21 million. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. Equities analysts anticipate that Exelixis will post 1.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $26.38, for a total transaction of $659,500.00. Following the sale, the executive vice president now owns 605,325 shares in the company, valued at approximately $15,968,473.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Christopher J. Senner sold 125,000 shares of the firm’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 transaction, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $26.38, for a total value of $659,500.00. Following the completion of the transaction, the executive vice president now directly owns 605,325 shares in the company, valued at $15,968,473.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,858 shares of company stock valued at $8,640,129 in the last quarter. Corporate insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Exelixis during the 3rd quarter valued at $30,000. Park Place Capital Corp purchased a new stake in shares of Exelixis during the second quarter worth about $45,000. GAMMA Investing LLC grew its stake in shares of Exelixis by 107.9% in the second quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 1,041 shares during the last quarter. EntryPoint Capital LLC increased its holdings in Exelixis by 537.2% during the 1st quarter. EntryPoint Capital LLC now owns 2,071 shares of the biotechnology company’s stock valued at $49,000 after purchasing an additional 1,746 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in Exelixis in the 3rd quarter worth approximately $74,000. 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.