Exelixis (NASDAQ:EXEL) Given New $54.00 Price Target at Truist Financial

Exelixis (NASDAQ:EXEL) had its target price lifted by Truist Financial from $52.00 to $54.00 in a report released on Wednesday morning,Benzinga reports. They currently have a hold rating on the biotechnology company’s stock.

A number of other research firms also recently issued reports on EXEL. Citizens Jmp upped their target price 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. Barclays lifted their price objective on shares of Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their price target on shares of Exelixis from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Stifel Nicolaus lifted their target price on Exelixis from $47.00 to $51.00 and gave the stock a “hold” rating in a report on Thursday, August 6th. Finally, UBS Group set a $55.00 price objective on Exelixis in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Exelixis currently has an average rating of “Hold” and a consensus target price of $50.43.

Exelixis Stock Performance

Shares of NASDAQ:EXEL opened at $58.44 on Wednesday. The business has a fifty day moving average of $56.07 and a 200-day moving average of $52.03. Exelixis has a twelve month low of $33.76 and a twelve month high of $61.14. The firm has a market cap of $14.48 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.73 and a beta of 0.47.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Exelixis will post 3.19 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In related news, Director Mary Beckerle sold 9,812 shares of Exelixis 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 sale, the director owned 16,079 shares of the company’s stock, valued at approximately $862,799.14. The trade was a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Exelixis

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Exelixis during the second quarter worth $1,581,991,000. Dimensional Fund Advisors LP lifted its stake in Exelixis by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company’s stock valued at $184,391,000 after purchasing an additional 39,920 shares during the last quarter. Assetmark Inc. increased its position in Exelixis by 1.7% during the first quarter. Assetmark Inc. now owns 3,388,920 shares of the biotechnology company’s stock worth $145,351,000 after buying an additional 58,149 shares during the last quarter. First Trust Advisors LP increased its position in Exelixis by 62.0% during the first quarter. First Trust Advisors LP now owns 2,534,992 shares of the biotechnology company’s stock worth $108,726,000 after buying an additional 970,144 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Exelixis by 30.7% in the second quarter. Bank of America Corp DE now owns 2,149,397 shares of the biotechnology company’s stock valued at $116,949,000 after buying an additional 504,660 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company’s research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis’ principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.