Exelixis (NASDAQ:EXEL) Price Target Raised to $47.00

Exelixis (NASDAQ:EXEL) had its target price lifted by HC Wainwright from $40.00 to $47.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other analysts also recently issued reports on the stock. Guggenheim set a $45.00 price target on shares of Exelixis and gave the stock a “buy” rating in a report on Thursday, May 15th. Wall Street Zen downgraded Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th. Bank of America lifted their price target on shares of Exelixis from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, June 5th. JMP Securities reissued a “market outperform” rating and issued a $41.00 price target on shares of Exelixis in a report on Thursday, April 17th. Finally, Stifel Nicolaus increased their price objective on shares of Exelixis from $36.00 to $38.00 and gave the company a “hold” rating in a report on Wednesday, May 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $39.76.

Exelixis Price Performance

Shares of Exelixis stock opened at $41.59 on Thursday. Exelixis has a 1 year low of $21.36 and a 1 year high of $48.85. The stock has a market cap of $11.34 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.13 and a beta of 0.28. The firm has a fifty day moving average price of $39.69 and a 200 day moving average price of $36.87.

Insider Transactions at Exelixis

In related news, CMO Amy C. Peterson sold 72,776 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $45.47, for a total value of $3,309,124.72. Following the sale, the chief marketing officer now directly owns 465,393 shares in the company, valued at approximately $21,161,419.71. The trade was a 13.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tomas J. Heyman sold 4,544 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $44.29, for a total transaction of $201,253.76. Following the completion of the transaction, the director now owns 32,470 shares in the company, valued at approximately $1,438,096.30. This represents a 12.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 458,113 shares of company stock worth $21,024,817 in the last 90 days. Insiders own 2.82% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently modified their holdings of the company. Tallon Kerry Patrick acquired a new stake in shares of Exelixis during the fourth quarter worth about $2,619,000. Savant Capital LLC increased its position in shares of Exelixis by 1.2% during the fourth quarter. Savant Capital LLC now owns 70,831 shares of the biotechnology company’s stock worth $2,359,000 after acquiring an additional 849 shares during the period. Sapient Capital LLC acquired a new stake in shares of Exelixis in the fourth quarter valued at $256,000. Summit Trail Advisors LLC purchased a new position in Exelixis in the fourth quarter valued at $230,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Exelixis by 82.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock valued at $52,884,000 after purchasing an additional 704,786 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

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.