Exelixis (NASDAQ:EXEL) Reaches New 52-Week High – Time to Buy?

Exelixis, Inc. (NASDAQ:EXEL) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $52.98 and last traded at $52.6390, with a volume of 744506 shares changing hands. The stock had previously closed at $52.49.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EXEL. Stifel Nicolaus upped their target price on Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Exelixis in a research report on Tuesday, May 19th. HC Wainwright upped their target price on Exelixis from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. TD Cowen upped their target price on Exelixis from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company upped their target price on Exelixis from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $47.35.

Exelixis Price Performance

The company has a fifty day moving average of $46.96 and a 200-day moving average of $44.53. The firm has a market cap of $13.25 billion, a P/E ratio of 17.51, a P/E/G ratio of 1.52 and a beta of 0.41.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The firm had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same quarter in the prior year, the company earned $0.55 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, sell-side analysts expect that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In related news, EVP Dana Aftab sold 43,451 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the sale, the executive vice president owned 594,741 shares of the company’s stock, valued at approximately $29,945,209.35. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Senner sold 34,901 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $50.00, for a total value of $1,745,050.00. Following the completion of the sale, the chief financial officer directly owned 952,317 shares in the company, valued at approximately $47,615,850. The trade was a 3.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 219,170 shares of company stock worth $10,620,641 in the last three months. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exelixis

Institutional investors and hedge funds have recently bought and sold shares of the business. Anchor Investment Management LLC lifted its holdings in Exelixis by 500.0% in the 3rd quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock worth $25,000 after buying an additional 500 shares during the period. Motiv8 Investments LLC purchased a new position in shares of Exelixis in the 4th quarter valued at approximately $26,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Exelixis in the 1st quarter valued at approximately $27,000. Western Wealth Management LLC purchased a new position in shares of Exelixis in the 1st quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Exelixis in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.