Stephens Boosts Exelixis (NASDAQ:EXEL) Price Target to $29.00

Exelixis (NASDAQ:EXEL - Get Free Report) had its price objective upped by analysts at Stephens from $23.00 to $29.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the biotechnology company's stock. Stephens' price target would indicate a potential downside of 11.69% from the company's current price.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada restated an "outperform" rating and set a $34.00 price objective on shares of Exelixis in a research report on Wednesday. TD Cowen upped their target price on shares of Exelixis from $27.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Piper Sandler boosted their target price on shares of Exelixis from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Wednesday. Bank of America boosted their target price on Exelixis from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company upped their target price on Exelixis from $32.00 to $36.00 and gave the stock an "overweight" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $31.44.

Exelixis Price Performance

Shares of EXEL traded up $4.11 during mid-day trading on Wednesday, reaching $32.84. The company had a trading volume of 4,774,635 shares, compared to its average volume of 2,038,059. The company's 50-day moving average is $26.69 and its 200-day moving average is $24.09. Exelixis has a twelve month low of $19.20 and a twelve month high of $33.32. The company has a market capitalization of $9.37 billion, a P/E ratio of 28.31, a P/E/G ratio of 0.61 and a beta of 0.54.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.44. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. The firm had revenue of $637.18 million during the quarter, compared to analysts' expectations of $468.21 million. As a group, equities analysts expect that Exelixis will post 1.58 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In other news, CFO Christopher J. Senner sold 125,000 shares of the firm's stock in a transaction on Friday, August 9th. The shares were sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the sale, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Christopher J. Senner sold 125,000 shares of the business's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the transaction, the chief financial officer now directly owns 721,680 shares of the company's stock, valued at $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George Poste sold 33,725 shares of the company's stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $26.89, for a total value of $906,865.25. Following the completion of the transaction, the director now directly owns 199,020 shares of the company's stock, valued at approximately $5,351,647.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,858 shares of company stock valued at $8,640,129. Company insiders own 2.85% of the company's stock.

Hedge Funds Weigh In On Exelixis

Large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Exelixis during the 3rd quarter valued at about $30,000. Park Place Capital Corp acquired a new stake in Exelixis during the second quarter worth approximately $45,000. GAMMA Investing LLC boosted its holdings in shares of Exelixis by 107.9% in the second quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company's stock valued at $45,000 after acquiring an additional 1,041 shares during the period. EntryPoint Capital LLC raised its stake in Exelixis by 537.2% during the 1st quarter. EntryPoint Capital LLC now owns 2,071 shares of the biotechnology company's stock valued at $49,000 after acquiring an additional 1,746 shares during the last quarter. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Exelixis during the third quarter worth approximately $74,000. 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.

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