Royal Bank of Canada Reiterates Outperform Rating for Exelixis (NASDAQ:EXEL)

Royal Bank of Canada restated their outperform rating on shares of Exelixis (NASDAQ:EXEL - Free Report) in a research note released on Wednesday, Benzinga reports. They currently have a $34.00 price target on the biotechnology company's stock.

Other research analysts have also recently issued research reports about the stock. TD Cowen boosted their price objective on shares of Exelixis from $27.00 to $34.00 and gave the company a "buy" rating in a report on Monday, October 21st. JMP Securities reissued a "market outperform" rating and issued a $29.00 price target on shares of Exelixis in a report on Friday, October 11th. StockNews.com raised Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 13th. HC Wainwright reissued a "buy" rating and issued a $29.00 target price on shares of Exelixis in a research note on Wednesday, September 18th. Finally, Oppenheimer restated an "outperform" rating and issued a $29.00 price target on shares of Exelixis in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.44.

Exelixis Stock Up 12.9 %

EXEL stock traded up $3.71 during midday trading on Wednesday, reaching $32.44. The company's stock had a trading volume of 6,737,999 shares, compared to its average volume of 2,047,408. The business's 50-day simple moving average is $26.81 and its 200-day simple moving average is $24.15. Exelixis has a 52 week low of $19.20 and a 52 week high of $33.32. The stock has a market cap of $9.25 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 0.61 and a beta of 0.54.

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

Insider Activity

In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the sale, the chief financial officer now owns 721,680 shares of the company's stock, valued at $19,622,479.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now directly owns 721,680 shares of the company's stock, valued at $19,622,479.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maria C. Freire sold 8,250 shares of the business's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total value of $219,120.00. Following the sale, the director now owns 91,007 shares of the company's stock, valued at approximately $2,417,145.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,858 shares of company stock worth $8,640,129 in the last quarter. Corporate insiders own 2.85% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management boosted its position in shares of Exelixis by 107.7% in the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company's stock valued at $129,511,000 after acquiring an additional 2,989,021 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in Exelixis by 148.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company's stock valued at $53,817,000 after purchasing an additional 1,354,062 shares during the period. Swedbank AB acquired a new position in shares of Exelixis during the 1st quarter worth approximately $22,455,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Exelixis during the first quarter worth approximately $10,906,000. Finally, Farallon Capital Management LLC raised its position in shares of Exelixis by 1.6% in the second quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company's stock valued at $608,993,000 after buying an additional 424,000 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

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.