Exelixis’ (EXEL) “Equal Weight” Rating Reiterated at Stephens

Exelixis (NASDAQ:EXEL)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Stephens in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $29.00 target price on the biotechnology company’s stock. Stephens’ price objective indicates a potential downside of 17.36% from the company’s current price.

A number of other research analysts also recently commented on EXEL. Wells Fargo & Company upped their price objective on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. HC Wainwright reaffirmed a “buy” rating and set a $40.00 price target on shares of Exelixis in a research report on Monday, January 27th. Truist Financial boosted their price objective on shares of Exelixis from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, January 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $41.00 target price on shares of Exelixis in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $34.00 price target on shares of Exelixis in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.50.

Exelixis Price Performance

NASDAQ:EXEL traded up $2.28 during trading hours on Wednesday, reaching $35.09. 822,996 shares of the company traded hands, compared to its average volume of 2,427,834. Exelixis has a 1-year low of $20.14 and a 1-year high of $37.59. The stock has a market cap of $10.02 billion, a P/E ratio of 22.58, a P/E/G ratio of 0.63 and a beta of 0.53. The firm’s 50-day moving average is $34.30 and its 200-day moving average is $30.71.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a net margin of 22.43% and a return on equity of 20.99%. As a group, research analysts predict that Exelixis will post 1.74 earnings per share for the current year.

Insider Activity at Exelixis

In related news, EVP Jeffrey Hessekiel sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the sale, the executive vice president now directly owns 486,059 shares in the company, valued at $17,823,783.53. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Patrick J. Haley sold 10,000 shares of Exelixis stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total value of $352,700.00. Following the sale, the executive vice president now directly owns 278,665 shares in the company, valued at $9,828,514.55. The trade was a 3.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,588 shares of company stock valued at $3,981,864. Corporate insiders own 2.85% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Exelixis during the 4th quarter worth about $94,867,000. Los Angeles Capital Management LLC raised its stake in shares of 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 worth $46,473,000 after buying an additional 991,494 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Exelixis by 82.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock worth $52,884,000 after acquiring an additional 704,786 shares during the period. Globeflex Capital L P raised its position in Exelixis by 203.8% in the fourth quarter. Globeflex Capital L P now owns 975,151 shares of the biotechnology company’s stock worth $32,473,000 after acquiring an additional 654,200 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Exelixis in the 3rd quarter valued at about $14,979,000. 85.27% of the stock is owned by institutional investors and hedge funds.

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.