Royal Bank Of Canada Cuts Exelixis (NASDAQ:EXEL) Price Target to $45.00

by · The Cerbat Gem

Exelixis (NASDAQ:EXEL – Get Free Report) had its target price reduced by analysts at Royal Bank Of Canada from $46.00 to $45.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price objective indicates a potential downside of 22.73% from the company’s current price.

Several other research analysts have also recently issued reports on EXEL. Weiss Ratings raised Exelixis from a “buy (b)” rating to a “buy (a-)” rating in a research report on Tuesday, August 11th. Stifel Nicolaus boosted their target price on Exelixis from $47.00 to $51.00 and gave the stock a “hold” rating in a research note on Thursday, August 6th. Citizens Jmp upped their price target on Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, William Blair restated an “outperform” rating on shares of Exelixis in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Exelixis presently has a consensus rating of “Hold” and an average target price of $50.36.

View Our Latest Report on Exelixis

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded down $0.20 during trading hours on Thursday, reaching $58.24. The stock had a trading volume of 258,742 shares, compared to its average volume of 2,590,622. Exelixis has a 1 year low of $33.76 and a 1 year high of $61.14. The firm’s 50 day moving average is $56.07 and its 200-day moving average is $52.03. The stock has a market capitalization of $14.43 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 1.73 and a beta of 0.47.

Exelixis (NASDAQ:EXEL – Get Free Report) last issued its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $628.69 million during the quarter, compared to the consensus estimate of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Analysts forecast that Exelixis will post 3.19 EPS for the current year.

Insider Buying and Selling at Exelixis

In other news, Director Mary Beckerle sold 9,812 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total transaction of $526,511.92. Following the transaction, the director directly owned 16,079 shares in the company, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company’s stock.

Institutional Trading of Exelixis

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Exelixis during the 2nd quarter worth $1,581,991,000. Dimensional Fund Advisors LP raised its holdings in shares of Exelixis by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company’s stock valued at $184,391,000 after buying an additional 39,920 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Exelixis by 1.7% in the first quarter. Assetmark Inc. now owns 3,388,920 shares of the biotechnology company’s stock valued at $145,351,000 after buying an additional 58,149 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Exelixis by 30.7% during the second quarter. Bank of America Corp DE now owns 2,149,397 shares of the biotechnology company’s stock worth $116,949,000 after buying an additional 504,660 shares during the period. Finally, Caisse de depot et placement du Quebec acquired a new stake in shares of Exelixis during the second quarter worth about $113,951,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

(Get Free Report)

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company’s research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis’ principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.

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