Exelixis (NASDAQ:EXEL) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Exelixis (NASDAQ:EXEL) posted its quarterly earnings data on Tuesday. The biotechnology company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04, Zacks reports. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Performance

Shares of EXEL stock traded up $0.75 on Friday, reaching $33.95. 2,476,334 shares of the company’s stock traded hands, compared to its average volume of 2,059,920. The business’s 50 day moving average price is $26.96 and its two-hundred day moving average price is $24.21. The company has a market capitalization of $9.70 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54. Exelixis has a 12-month low of $19.20 and a 12-month high of $34.45.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. Stifel Nicolaus lifted their target price on Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. UBS Group began coverage on shares of Exelixis in a report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Exelixis in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $34.00 target price on shares of Exelixis in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Exelixis has an average rating of “Moderate Buy” and a consensus price target of $31.44.

Insiders Place Their Bets

In other news, Director Maria C. Freire sold 8,250 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total value of $219,120.00. Following the transaction, the director now owns 91,007 shares in the company, valued at $2,417,145.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $219,120.00. Following the completion of the sale, the director now directly owns 91,007 shares in the company, valued at approximately $2,417,145.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the completion of the transaction, the executive vice president now owns 580,325 shares in the company, valued at approximately $16,475,426.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 352,858 shares of company stock worth $9,349,879. 2.85% of the stock is currently owned by company insiders.

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.