Exelixis (NASDAQ:EXEL) Stock Rating Lowered by BMO Capital Markets

Exelixis (NASDAQ:EXEL - Get Free Report) was downgraded by equities researchers at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a research note issued on Friday, Marketbeat reports. They currently have a $40.00 price target on the biotechnology company's stock, up from their prior price target of $36.00. BMO Capital Markets' target price would indicate a potential upside of 20.16% from the company's previous close.

EXEL has been the subject of a number of other research reports. Stifel Nicolaus lifted their target price on shares of Exelixis from $26.00 to $30.00 and gave the stock a "hold" rating in a research note on Wednesday, October 16th. Piper Sandler lifted their price objective on Exelixis from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Guggenheim upped their target price on Exelixis from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Morgan Stanley raised their target price on Exelixis from $26.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Friday, October 11th. Finally, UBS Group began coverage on Exelixis in a research note on Thursday, September 19th. They issued a "neutral" rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $32.44.

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded down $0.39 during mid-day trading on Friday, reaching $33.29. 7,648,822 shares of the company's stock were exchanged, compared to its average volume of 2,082,318. The firm has a market capitalization of $9.51 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 0.89 and a beta of 0.52. Exelixis has a twelve month low of $19.20 and a twelve month high of $36.97. The business's fifty day moving average price is $33.36 and its 200-day moving average price is $27.47.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The business had revenue of $539.50 million for the quarter, compared to analysts' expectations of $490.31 million. During the same period in the prior year, the business posted $0.10 earnings per share. The firm's revenue was up 14.3% on a year-over-year basis. Analysts predict that Exelixis will post 1.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Dana Aftab sold 96,986 shares of the company's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $35.00, for a total value of $3,394,510.00. Following the completion of the sale, the executive vice president now owns 498,945 shares in the company, valued at $17,463,075. This represents a 16.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president now directly owns 486,059 shares in the company, valued at $17,823,783.53. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 339,736 shares of company stock worth $11,508,610 in the last quarter. Insiders own 2.85% of the company's stock.

Institutional Investors Weigh In On Exelixis

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in shares of Exelixis by 5.7% in the third quarter. Covestor Ltd now owns 6,335 shares of the biotechnology company's stock valued at $164,000 after acquiring an additional 341 shares in the last quarter. Resonant Capital Advisors LLC grew its stake in Exelixis by 3.6% in the 2nd quarter. Resonant Capital Advisors LLC now owns 13,746 shares of the biotechnology company's stock valued at $309,000 after purchasing an additional 477 shares during the period. Cornercap Investment Counsel Inc. increased its position in shares of Exelixis by 1.1% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 50,497 shares of the biotechnology company's stock valued at $1,135,000 after purchasing an additional 539 shares during the last quarter. Creative Planning raised its stake in shares of Exelixis by 0.8% during the 2nd quarter. Creative Planning now owns 71,700 shares of the biotechnology company's stock worth $1,611,000 after purchasing an additional 548 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Exelixis by 3.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,853 shares of the biotechnology company's stock worth $515,000 after buying an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

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.