Exelixis (NASDAQ:EXEL) Cut to Market Perform at BMO Capital Markets

by · The Markets Daily

BMO Capital Markets downgraded shares of Exelixis (NASDAQ:EXEL – Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Friday, Marketbeat.com reports. The firm currently has $40.00 price target on the biotechnology company’s stock, up from their previous price target of $36.00.

Other research analysts have also recently issued reports about the stock. Piper Sandler boosted their price target on shares of Exelixis from $33.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their target price on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Truist Financial lifted their price target on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Guggenheim upped their price objective on Exelixis from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Stifel Nicolaus lifted their target price on Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Exelixis currently has a consensus rating of “Moderate Buy” and an average target price of $32.44.

Get Our Latest Stock Analysis on Exelixis

Exelixis Stock Performance

Shares of EXEL opened at $33.29 on Friday. The firm has a market capitalization of $9.51 billion, a P/E ratio of 21.34, a P/E/G ratio of 0.89 and a beta of 0.52. Exelixis has a 52 week low of $19.20 and a 52 week high of $36.97. The stock has a 50 day moving average price of $33.36 and a two-hundred day moving average price of $27.47.

Exelixis (NASDAQ:EXEL – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. The business had revenue of $539.50 million during the quarter, compared to analyst estimates of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. Exelixis’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 EPS. On average, equities analysts forecast that Exelixis will post 1.69 earnings per share for the current year.

Insider Buying and Selling at Exelixis

In other news, EVP Jeffrey Hessekiel sold 25,000 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $26.38, for a total value of $659,500.00. Following the sale, the executive vice president now directly owns 605,325 shares of the company’s stock, valued at approximately $15,968,473.50. This represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick J. Haley sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total transaction of $352,700.00. Following the transaction, the executive vice president now directly owns 278,665 shares of the company’s stock, valued at approximately $9,828,514.55. This represents a 3.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 339,736 shares of company stock valued at $11,508,610 in the last 90 days. 2.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Exelixis

Several large investors have recently added to or reduced their stakes in EXEL. Retirement Systems of Alabama raised its holdings in shares of Exelixis by 24.6% in the 3rd quarter. Retirement Systems of Alabama now owns 911,497 shares of the biotechnology company’s stock valued at $23,653,000 after acquiring an additional 180,021 shares in the last quarter. Tri Ri Asset Management Corp bought a new position in shares of Exelixis in the third quarter worth approximately $4,396,000. Tidal Investments LLC raised its stake in Exelixis by 2.3% in the third quarter. Tidal Investments LLC now owns 36,366 shares of the biotechnology company’s stock valued at $944,000 after purchasing an additional 823 shares in the last quarter. Sanctuary Advisors LLC lifted its position in Exelixis by 42.7% during the third quarter. Sanctuary Advisors LLC now owns 39,261 shares of the biotechnology company’s stock valued at $1,019,000 after purchasing an additional 11,757 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in Exelixis by 376.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 9,756 shares of the biotechnology company’s stock worth $253,000 after buying an additional 7,710 shares in the last quarter. Institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

(Get Free Report)

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.

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