Exelixis (NASDAQ:EXEL) Stock Rating Upgraded by Zacks Research

Exelixis (NASDAQ:EXEL) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.

Several other research firms have also issued reports on EXEL. Weiss Ratings raised Exelixis from a “buy (b)” rating to a “buy (a-)” rating in a report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on Exelixis from $40.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 13th. Wall Street Zen lowered Exelixis from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. Citigroup reaffirmed a “market outperform” rating on shares of Exelixis in a research note on Wednesday, July 22nd. Finally, BMO Capital Markets initiated coverage on Exelixis in a research note on Tuesday, August 18th. They set a “market perform” rating and a $54.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.07.

Exelixis Trading Up 2.9%

Shares of EXEL opened at $58.53 on Tuesday. The firm has a fifty day simple moving average of $54.86 and a 200 day simple moving average of $49.33. Exelixis has a 12 month low of $33.76 and a 12 month high of $59.11. The stock has a market capitalization of $14.50 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.69 and a beta of 0.42.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The firm had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. During the same period in the prior year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Exelixis will post 3.19 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In other Exelixis news, Director Mary C. Beckerle sold 9,812 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the transaction, the director owned 16,079 shares in the company, valued at $862,799.14. This trade represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Exelixis

A number of hedge funds and other institutional investors have recently modified their holdings of EXEL. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Exelixis by 0.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company’s stock valued at $2,549,000 after purchasing an additional 281 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Exelixis by 5.8% during the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock valued at $237,000 after purchasing an additional 298 shares in the last quarter. Cim LLC grew its position in shares of Exelixis by 0.9% in the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock worth $1,462,000 after buying an additional 305 shares during the period. J.W. Cole Advisors Inc. grew its holdings in Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company’s stock worth $235,000 after purchasing an additional 329 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its position in Exelixis by 3.8% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company’s stock valued at $389,000 after buying an additional 333 shares in the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

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.