Zacks Investment Research upgraded shares of Exelixis, Inc. (NASDAQ:EXEL) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $29.00 target price on the biotechnology company’s stock.
According to Zacks, “Exelixis received a significant boost with the approval of the tablet formulation of cabozantinib, (distinct from the capsule form) under the brand name Cabometyx for the treatment of RCC in patients. New patient starts, refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug’s sales. Meanwhile, Exelixis is developing cabozantinib in a broad development program and hassubmitted a supplemental New Drug Application (sNDA) for advanced RCC. A potential label expansion of Cabometyx will significantly boost the growth prospects. Exelixis also has collaborations with Bristol-Myers and Roche on the development of the drug in combination with immunotherapy agents. Moreover, Exelixis’ share price has outperformed the industry year to date. However, the company is heavily dependent on Cabometyx for growth.”
A number of other analysts also recently weighed in on EXEL. TheStreet upgraded shares of Exelixis from a c rating to a b- rating in a report on Monday, August 7th. William Blair restated an outperform rating on shares of Exelixis in a report on Thursday, July 27th. Cowen and Company restated an outperform rating on shares of Exelixis in a report on Thursday, August 10th. Needham & Company LLC restated a buy rating and issued a $30.00 target price on shares of Exelixis in a report on Monday, October 2nd. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Exelixis in a report on Monday, September 25th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $29.50.
Shares of Exelixis (EXEL) traded up 0.12% on Tuesday, hitting $24.76. The stock had a trading volume of 2,074,186 shares. The company has a 50 day moving average price of $26.26 and a 200-day moving average price of $23.91. The stock has a market cap of $7.28 billion, a PE ratio of 125.05 and a beta of 1.91. Exelixis has a 12 month low of $10.04 and a 12 month high of $29.50.
Exelixis (NASDAQ:EXEL) last posted its earnings results on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Exelixis had a net margin of 18.20% and a return on equity of 80.43%. The firm had revenue of $99.01 million for the quarter, compared to the consensus estimate of $85.27 million. During the same period in the previous year, the firm posted ($0.15) EPS. The business’s quarterly revenue was up 173.1% on a year-over-year basis. On average, equities research analysts anticipate that Exelixis will post $0.27 earnings per share for the current year.
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In related news, CFO Christopher J. Senner sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $26.79, for a total transaction of $2,679,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Hessekiel sold 27,302 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $24.28, for a total transaction of $662,892.56. The disclosure for this sale can be found here. Insiders have sold a total of 970,152 shares of company stock worth $25,923,457 over the last quarter. 5.10% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Prudential Financial Inc. grew its holdings in Exelixis by 262.0% during the 2nd quarter. Prudential Financial Inc. now owns 627,530 shares of the biotechnology company’s stock valued at $15,456,000 after purchasing an additional 454,197 shares during the last quarter. BlackRock Inc. grew its stake in Exelixis by 33,678.5% in the 1st quarter. BlackRock Inc. now owns 19,155,466 shares of the biotechnology company’s stock worth $415,099,000 after acquiring an additional 19,098,757 shares in the last quarter. GAM Holding AG bought a new position in Exelixis in the 2nd quarter worth about $1,256,000. Credit Suisse AG grew its stake in Exelixis by 20.1% in the 1st quarter. Credit Suisse AG now owns 768,110 shares of the biotechnology company’s stock worth $16,646,000 after acquiring an additional 128,398 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its stake in Exelixis by 26.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 9,957 shares of the biotechnology company’s stock worth $245,000 after acquiring an additional 2,091 shares in the last quarter. Institutional investors own 79.20% of the company’s stock.
Exelixis Company Profile
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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