Exelixis (NASDAQ:EXEL) Hits New 52-Week High – Here’s Why

Exelixis, Inc. (NASDAQ:EXEL) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $59.08 and last traded at $58.2450, with a volume of 187460 shares traded. The stock had previously closed at $56.89.

Wall Street Analysts Forecast Growth

EXEL has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their price objective on Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Citizens Jmp raised their price target on shares of Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 24th. Stifel Nicolaus boosted their price target on shares of Exelixis from $47.00 to $51.00 and gave the stock a “hold” rating in a report on Thursday, August 6th. UBS Group set a $55.00 price objective on shares of Exelixis in a research report on Monday, August 3rd. Finally, Citigroup reiterated a “market outperform” rating on shares of Exelixis in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Exelixis currently has an average rating of “Hold” and an average price target of $50.07.

Exelixis Stock Performance

The company has a market cap of $14.06 billion, a P/E ratio of 17.87, a P/E/G ratio of 1.63 and a beta of 0.42. The firm has a 50 day moving average price of $54.75 and a two-hundred day moving average price of $49.22.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The business had revenue of $628.69 million for the quarter, compared to analysts’ expectations of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.75 EPS. On average, sell-side analysts predict that Exelixis, Inc. will post 3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mary C. Beckerle sold 9,812 shares of Exelixis stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the transaction, the director directly owned 16,079 shares in the company, valued at approximately $862,799.14. The trade was a 37.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Exelixis

A number of institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. grew its holdings in Exelixis by 0.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company’s stock valued at $2,549,000 after buying an additional 281 shares in the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Exelixis by 5.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock worth $237,000 after buying an additional 298 shares in the last quarter. Cim LLC boosted its position in shares of Exelixis by 0.9% in the third quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock valued at $1,462,000 after acquiring an additional 305 shares during the period. J.W. Cole Advisors Inc. boosted its position in shares of Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company’s stock valued at $235,000 after acquiring an additional 329 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its stake in Exelixis by 3.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company’s stock valued at $389,000 after acquiring an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

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.