Exelixis (NASDAQ:EXEL) Hits New 52-Week High – What’s Next?

Exelixis, Inc. (NASDAQ:EXEL)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $54.51 and last traded at $54.8110, with a volume of 104955 shares. The stock had previously closed at $53.23.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EXEL. Barclays raised their price target on shares of Exelixis from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, April 20th. TD Cowen upped their price objective on shares of Exelixis from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. HC Wainwright increased their price objective on shares of Exelixis from $54.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Wall Street Zen raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Finally, Citizens Jmp boosted their target price on Exelixis from $50.00 to $55.00 and gave the stock a “market outperform” rating in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $46.87.

Exelixis Trading Up 3.0%

The firm has a fifty day moving average price of $49.38 and a 200 day moving average price of $45.44. The firm has a market cap of $13.78 billion, a PE ratio of 18.20, a price-to-earnings-growth 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 net margin of 35.08% and a return on equity of 39.89%. The firm had revenue of $610.81 million during the quarter, compared to analyst estimates of $607.51 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Exelixis’s quarterly revenue was up 10.0% on a year-over-year basis. As a group, equities analysts predict that Exelixis, Inc. will post 3.16 earnings per share for the current year.

Insider Buying and Selling at Exelixis

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

Hedge Funds Weigh In On Exelixis

Several large investors have recently modified their holdings of EXEL. Anchor Investment Management LLC raised 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 valued at $25,000 after buying an additional 500 shares during the period. Motiv8 Investments LLC purchased a new position in Exelixis during the fourth quarter worth about $26,000. Cassaday & Co Wealth Management LLC purchased a new position in Exelixis during the first quarter worth about $27,000. Western Wealth Management LLC acquired a new stake in shares of Exelixis during the first quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Exelixis during the fourth quarter valued at about $29,000. Institutional investors and hedge funds 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.