Exelixis (NASDAQ:EXEL) Price Target Raised to $38.00 at Piper Sandler

Exelixis (NASDAQ:EXEL) had its price objective boosted by Piper Sandler from $37.00 to $38.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

EXEL has been the subject of several other research reports. UBS Group lifted their target price on Exelixis from $30.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Bank of America lowered shares of Exelixis from a “buy” rating to a “neutral” rating and boosted their target price for the company from $35.00 to $39.00 in a research note on Tuesday, December 17th. TD Cowen raised their price target on shares of Exelixis from $27.00 to $34.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. JMP Securities reaffirmed a “market outperform” rating and set a $41.00 price objective on shares of Exelixis in a research report on Thursday, January 23rd. Finally, Morgan Stanley raised Exelixis from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $30.00 to $40.00 in a report on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Exelixis Stock Performance

Shares of EXEL opened at $32.80 on Wednesday. The company has a market capitalization of $9.37 billion, a P/E ratio of 21.03, a P/E/G ratio of 0.63 and a beta of 0.53. The stock has a 50-day moving average price of $34.24 and a 200 day moving average price of $30.72. Exelixis has a one year low of $20.14 and a one year high of $37.59.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a net margin of 22.43% and a return on equity of 20.99%. As a group, equities research analysts forecast that Exelixis will post 1.74 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In other Exelixis news, EVP Patrick J. Haley sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total value of $352,700.00. Following the transaction, the executive vice president now owns 278,665 shares in the company, valued at approximately $9,828,514.55. This represents a 3.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Hessekiel sold 60,000 shares of Exelixis stock in a transaction on Friday, November 29th. The shares were sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the sale, the executive vice president now directly owns 486,059 shares of the company’s stock, valued at $17,823,783.53. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,588 shares of company stock valued at $3,981,864. Company insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

Several hedge funds and other institutional investors have recently modified their holdings of EXEL. Hurley Capital LLC purchased a new position in Exelixis in the fourth quarter valued at about $68,000. Envestnet Asset Management Inc. lifted its holdings in shares of Exelixis by 17.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 200,228 shares of the biotechnology company’s stock valued at $6,668,000 after buying an additional 29,892 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Exelixis by 80.2% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 151,153 shares of the biotechnology company’s stock valued at $5,033,000 after buying an additional 67,256 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in Exelixis during the fourth quarter valued at approximately $1,558,000. Finally, Wells Fargo & Company MN increased its stake in shares of Exelixis by 1,637.9% during the 4th quarter. Wells Fargo & Company MN now owns 746,286 shares of the biotechnology company’s stock worth $24,851,000 after purchasing an additional 703,343 shares during the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.