Exelixis, Inc. (NASDAQ:EXEL) to Post Q2 2024 Earnings of $0.29 Per Share, Leerink Partnrs Forecasts

Exelixis, Inc. (NASDAQ:EXEL) – Investment analysts at Leerink Partnrs increased their Q2 2024 earnings estimates for shares of Exelixis in a research note issued to investors on Wednesday, April 24th. Leerink Partnrs analyst A. Berens now anticipates that the biotechnology company will post earnings per share of $0.29 for the quarter, up from their previous forecast of $0.28. The consensus estimate for Exelixis’ current full-year earnings is $1.21 per share. Leerink Partnrs also issued estimates for Exelixis’ Q4 2024 earnings at $0.36 EPS and FY2025 earnings at $1.55 EPS.

A number of other research firms have also weighed in on EXEL. Royal Bank of Canada lifted their price objective on shares of Exelixis from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. TheStreet upgraded shares of Exelixis from a “c+” rating to a “b-” rating in a research note on Monday, March 18th. Barclays lowered shares of Exelixis from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a research note on Thursday, April 11th. JMP Securities reiterated a “market outperform” rating and issued a $27.00 price objective on shares of Exelixis in a research note on Wednesday, April 10th. Finally, William Blair reiterated an “outperform” rating on shares of Exelixis in a research note on Friday, January 26th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.29.

Exelixis Stock Up 0.7 %

Shares of EXEL stock opened at $23.70 on Friday. The company has a 50 day moving average of $22.80 and a 200-day moving average of $22.18. Exelixis has a 12-month low of $18.08 and a 12-month high of $24.34. The firm has a market cap of $6.99 billion, a P/E ratio of 37.03, a PEG ratio of 0.63 and a beta of 0.54.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. Exelixis had a net margin of 11.35% and a return on equity of 8.57%. The company had revenue of $479.65 million during the quarter, compared to analyst estimates of $481.23 million.

Insider Transactions at Exelixis

In related news, Director David Edward Johnson bought 190,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was bought at an average cost of $20.70 per share, for a total transaction of $3,933,000.00. Following the completion of the transaction, the director now owns 1,100,730 shares of the company’s stock, valued at $22,785,111. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Patrick J. Haley sold 47,020 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $21.45, for a total value of $1,008,579.00. Following the completion of the transaction, the executive vice president now directly owns 384,866 shares in the company, valued at $8,255,375.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Edward Johnson bought 190,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was bought at an average price of $20.70 per share, with a total value of $3,933,000.00. Following the completion of the transaction, the director now directly owns 1,100,730 shares of the company’s stock, valued at approximately $22,785,111. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its position in Exelixis by 232.6% during the fourth quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 728 shares during the period. Contravisory Investment Management Inc. purchased a new stake in Exelixis during the fourth quarter valued at about $26,000. GAMMA Investing LLC purchased a new stake in Exelixis during the fourth quarter valued at about $27,000. Rise Advisors LLC purchased a new stake in Exelixis during the first quarter valued at about $28,000. Finally, Denali Advisors LLC boosted its position in Exelixis by 7,995.2% during the third quarter. Denali Advisors LLC now owns 1,700 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 1,679 shares during the period. 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.