Exelixis (NASDAQ:EXEL) Given New $42.00 Price Target at Guggenheim

Exelixis (NASDAQ:EXEL - Free Report) had its price objective upped by Guggenheim from $33.00 to $42.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a buy rating on the biotechnology company's stock.

Other analysts also recently issued research reports about the company. Stephens lifted their price objective on Exelixis from $23.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. Bank of America downgraded shares of Exelixis from a "buy" rating to a "neutral" rating and upped their price target for the company from $35.00 to $39.00 in a research note on Tuesday, December 17th. Piper Sandler lifted their price objective on shares of Exelixis from $33.00 to $36.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Stifel Nicolaus upped their target price on shares of Exelixis from $26.00 to $30.00 and gave the company a "hold" rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets downgraded shares of Exelixis from an "outperform" rating to a "market perform" rating and increased their price target for the company from $36.00 to $40.00 in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $33.00.

Exelixis Price Performance

Shares of EXEL stock traded up $1.01 during mid-day trading on Tuesday, hitting $34.21. The company had a trading volume of 2,441,371 shares, compared to its average volume of 1,907,988. The stock's 50 day moving average price is $34.78 and its 200-day moving average price is $28.63. Exelixis has a 52-week low of $19.20 and a 52-week high of $36.97. The company has a market capitalization of $9.77 billion, a P/E ratio of 21.93, a P/E/G ratio of 0.89 and a beta of 0.53.

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

Insider Activity at Exelixis

In other news, EVP Dana Aftab sold 1,162 shares of the business'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 in the company, valued at approximately $15,666,873. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Patrick J. Haley sold 41,588 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $34.36, for a total transaction of $1,428,963.68. Following the transaction, the executive vice president now owns 288,665 shares in the company, valued at approximately $9,918,529.40. This represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 314,736 shares of company stock worth $10,849,110. Company insiders own 2.85% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in Exelixis during the 3rd quarter worth $30,000. Brooklyn Investment Group purchased a new stake in shares of Exelixis during the third quarter worth about $42,000. Capital Performance Advisors LLP acquired a new position in shares of Exelixis during the third quarter valued at about $61,000. Essex Investment Management Co. LLC purchased a new position in shares of Exelixis in the 3rd quarter valued at approximately $74,000. Finally, GAMMA Investing LLC boosted its stake in Exelixis by 50.0% in the 3rd quarter. GAMMA Investing LLC now owns 3,010 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 1,004 shares in the last quarter. 85.27% of the stock is owned by 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.