Piper Sandler Forecasts Strong Price Appreciation for Exelixis (NASDAQ:EXEL) Stock

Exelixis (NASDAQ:EXEL - Free Report) had its price objective upped by Piper Sandler from $36.00 to $37.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the biotechnology company's stock.

A number of other analysts also recently weighed in on the company. The Goldman Sachs Group upgraded Exelixis to a "strong sell" rating in a research note on Tuesday, October 15th. Royal Bank of Canada restated an "outperform" rating and set a $34.00 target price on shares of Exelixis in a research report on Wednesday, October 30th. UBS Group started coverage on shares of Exelixis in a research note on Thursday, September 19th. They set a "neutral" rating and a $30.00 price target on the stock. TD Cowen raised their price objective on shares of Exelixis from $27.00 to $34.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Finally, HC Wainwright boosted their price objective on shares of Exelixis from $29.00 to $40.00 and gave the stock a "buy" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.75.

Exelixis Stock Performance

EXEL traded down $0.72 during trading on Monday, hitting $35.30. The stock had a trading volume of 2,602,541 shares, compared to its average volume of 2,130,063. The firm has a market capitalization of $10.08 billion, a P/E ratio of 22.63, a PEG ratio of 0.88 and a beta of 0.53. Exelixis has a twelve month low of $20.01 and a twelve month high of $36.97. The company's 50-day moving average price is $34.90 and its 200 day moving average price is $28.99.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.04. The business had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business's revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.10 earnings per share. As a group, equities analysts expect that Exelixis will post 1.69 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In related news, EVP Dana Aftab sold 1,162 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the sale, the executive vice president now directly owns 498,945 shares of the company's stock, valued at approximately $15,666,873. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George Poste sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the transaction, the director now directly owns 169,020 shares of the company's stock, valued at $5,746,680. This trade represents a 15.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,736 shares of company stock valued at $10,849,110. Company insiders own 2.85% of the company's stock.

Institutional Trading of Exelixis

Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in Exelixis by 15.2% in the second quarter. Victory Capital Management Inc. now owns 116,806 shares of the biotechnology company's stock valued at $2,625,000 after buying an additional 15,368 shares during the period. Federated Hermes Inc. raised its stake in shares of Exelixis by 1.0% in the 2nd quarter. Federated Hermes Inc. now owns 227,909 shares of the biotechnology company's stock valued at $5,121,000 after acquiring an additional 2,333 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Exelixis by 3.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 465,048 shares of the biotechnology company's stock valued at $10,450,000 after acquiring an additional 14,443 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Exelixis by 7.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,137,201 shares of the biotechnology company's stock valued at $115,434,000 after acquiring an additional 349,837 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Exelixis by 0.4% during the 2nd quarter. Renaissance Technologies LLC now owns 15,163,066 shares of the biotechnology company's stock worth $340,714,000 after purchasing an additional 61,350 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Company Profile

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.