Exelixis (NASDAQ:EXEL) Earns Market Outperform Rating from JMP Securities

Exelixis (NASDAQ:EXEL)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research note issued to investors on Friday, Benzinga reports. They currently have a $29.00 target price on the biotechnology company’s stock. JMP Securities’ price objective points to a potential upside of 9.77% from the stock’s current price.

EXEL has been the subject of a number of other reports. Royal Bank of Canada restated an “outperform” rating and issued a $27.00 target price on shares of Exelixis in a research note on Wednesday, August 7th. Oppenheimer restated an “outperform” rating and issued a $29.00 target price on shares of Exelixis in a research note on Tuesday, July 30th. UBS Group assumed coverage on Exelixis in a research note on Thursday. They issued a “neutral” rating and a $30.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $29.00 target price on shares of Exelixis in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and issued a $33.00 target price (up from $32.00) on shares of Exelixis in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Exelixis Stock Performance

NASDAQ:EXEL opened at $26.42 on Friday. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 41.28, a price-to-earnings-growth ratio of 0.58 and a beta of 0.54. Exelixis has a one year low of $18.64 and a one year high of $27.83. The stock has a 50-day simple moving average of $25.20 and a 200 day simple moving average of $23.35.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.44. The business had revenue of $637.18 million during the quarter, compared to the consensus estimate of $468.21 million. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. On average, equities research analysts forecast that Exelixis will post 1.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Dana Aftab sold 95,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the sale, the executive vice president now owns 520,990 shares of the company’s stock, valued at $13,024,750. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Exelixis news, EVP Jeffrey Hessekiel sold 20,000 shares of Exelixis stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $25.79, for a total transaction of $515,800.00. Following the transaction, the executive vice president now directly owns 630,325 shares in the company, valued at approximately $16,256,081.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Dana Aftab sold 95,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the transaction, the executive vice president now owns 520,990 shares in the company, valued at $13,024,750. The disclosure for this sale can be found here. Insiders have sold a total of 302,858 shares of company stock valued at $7,980,629 over the last quarter. Corporate insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several institutional investors and hedge funds have recently modified their holdings of EXEL. LSV Asset Management increased its position in Exelixis by 1,651.4% during the first quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock worth $65,844,000 after buying an additional 2,616,278 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Exelixis by 948.3% during the first 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. True Wealth Design LLC acquired a new position in Exelixis during the fourth quarter worth $828,000. Intech Investment Management LLC increased its position in Exelixis by 155.8% during the first quarter. Intech Investment Management LLC now owns 100,039 shares of the biotechnology company’s stock worth $2,374,000 after buying an additional 60,925 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Exelixis during the first quarter worth $1,281,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

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.