Truist Financial Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Exelixis (NASDAQ:EXEL - Free Report) had its price objective lifted by Truist Financial from $38.00 to $42.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

Several other research analysts also recently issued reports on EXEL. Guggenheim upped their price target on shares of Exelixis from $33.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, January 7th. UBS Group initiated coverage on shares of Exelixis in a report on Thursday, September 19th. They set a "neutral" rating and a $30.00 price target for the company. JMP Securities boosted their price objective on shares of Exelixis from $34.00 to $41.00 and gave the stock a "market outperform" rating in a research note on Wednesday. Stifel Nicolaus raised their target price on Exelixis from $26.00 to $30.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets lowered Exelixis from an "outperform" rating to a "market perform" rating and raised their target price for the stock from $36.00 to $40.00 in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Exelixis presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.75.

Exelixis Stock Up 4.5 %

Shares of NASDAQ:EXEL traded up $1.62 during trading on Wednesday, hitting $37.27. 4,923,204 shares of the company were exchanged, compared to its average volume of 2,424,554. The business's 50 day moving average is $34.92 and its 200-day moving average is $29.08. The company has a market capitalization of $10.64 billion, a P/E ratio of 23.89, a price-to-earnings-growth ratio of 0.88 and a beta of 0.53. Exelixis has a 1-year low of $20.01 and a 1-year high of $37.31.

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

Insiders Place Their Bets

In other news, EVP Jeffrey Hessekiel sold 50,000 shares of the firm's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $34.13, for a total value of $1,706,500.00. Following the completion of the sale, the executive vice president now directly owns 530,325 shares in the company, valued at $18,099,992.25. This trade represents a 8.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Dana Aftab sold 1,162 shares of the firm's stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the completion of the sale, the executive vice president now owns 498,945 shares of the company's stock, valued at approximately $15,666,873. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 314,736 shares of company stock worth $10,849,110. Company insiders own 2.85% of the company's stock.

Institutional Trading of Exelixis

Several large investors have recently made changes to their positions in the company. HB Wealth Management LLC grew its stake in shares of Exelixis by 26.6% in the 4th quarter. HB Wealth Management LLC now owns 20,936 shares of the biotechnology company's stock valued at $697,000 after buying an additional 4,394 shares during the period. Merit Financial Group LLC bought a new position in Exelixis in the 4th quarter valued at about $437,000. Tallon Kerry Patrick bought a new position in Exelixis in the 4th quarter valued at about $2,619,000. USA Financial Formulas bought a new position in Exelixis in the 4th quarter valued at about $32,000. Finally, Burney Co. bought a new position in Exelixis in the 4th quarter valued at about $12,267,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

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.