Royal Bank of Canada Increases Exelixis (NASDAQ:EXEL) Price Target to $30.00

Exelixis (NASDAQ:EXEL) had its target price increased by investment analysts at Royal Bank of Canada from $27.00 to $30.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.53% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Truist Financial reissued a “buy” rating and set a $33.00 target price (up from $32.00) on shares of Exelixis in a report on Thursday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $29.00 target price on shares of Exelixis in a report on Tuesday, July 30th. StockNews.com upgraded Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. JMP Securities reiterated a “market outperform” rating and set a $29.00 price target on shares of Exelixis in a research report on Friday, September 20th. Finally, HC Wainwright restated a “buy” rating and set a $29.00 price objective on shares of Exelixis in a research report on Wednesday, September 18th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.87.

Exelixis Stock Performance

Shares of EXEL stock opened at $26.66 on Friday. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 0.56 and a beta of 0.54. Exelixis has a one year low of $18.64 and a one year high of $27.83. The company’s 50-day simple moving average is $25.92 and its 200-day simple moving average is $23.59.

Exelixis (NASDAQ:EXEL) last released its 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. Exelixis had a return on equity of 15.54% and a net margin of 17.38%. The company had revenue of $637.18 million for the quarter, compared to the consensus estimate of $468.21 million. As a group, research analysts forecast that Exelixis will post 1.59 EPS for the current year.

Insider Activity at Exelixis

In related news, Director Maria C. Freire sold 8,250 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the completion of 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 filing with the SEC, which is available at this hyperlink. In related news, Director Maria C. Freire sold 8,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total transaction of $219,120.00. Following the sale, the director now owns 91,007 shares of the company’s stock, valued at $2,417,145.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. 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. 2.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Allianz Asset Management GmbH lifted its holdings in Exelixis by 12.4% in the 4th quarter. Allianz Asset Management GmbH now owns 124,724 shares of the biotechnology company’s stock valued at $2,992,000 after acquiring an additional 13,722 shares during the last quarter. KBC Group NV bought a new stake in Exelixis during the fourth quarter worth approximately $145,000. First Trust Advisors LP grew its position in Exelixis by 18.5% in the fourth quarter. First Trust Advisors LP now owns 3,152,755 shares of the biotechnology company’s stock worth $75,635,000 after buying an additional 492,613 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Exelixis by 14.1% in the fourth quarter. Crossmark Global Holdings Inc. now owns 59,188 shares of the biotechnology company’s stock valued at $1,419,000 after buying an additional 7,308 shares in the last quarter. Finally, Pinebridge Investments L.P. increased its holdings in shares of Exelixis by 1,026.3% in the fourth quarter. Pinebridge Investments L.P. now owns 331,831 shares of the biotechnology company’s stock valued at $7,961,000 after buying an additional 302,370 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

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.