Research Analysts Set Expectations for Exelixis Inc.’s Q3 2016 Earnings (EXEL)
Exelixis Inc. (NASDAQ:EXEL) – Equities researchers at William Blair boosted their Q3 2016 earnings per share (EPS) estimates for shares of Exelixis in a report released on Thursday. William Blair analyst J. Sonnier now anticipates that the firm will post earnings of ($0.07) per share for the quarter, up from their previous forecast of ($0.17). William Blair currently has a “Outperform” rating on the stock. William Blair also issued estimates for Exelixis’ Q4 2016 earnings at ($0.02) EPS, FY2016 earnings at ($0.52) EPS, Q1 2017 earnings at $0.00 EPS, Q2 2017 earnings at ($0.01) EPS, Q3 2017 earnings at $0.01 EPS, Q4 2017 earnings at $0.04 EPS, FY2017 earnings at $0.04 EPS, FY2018 earnings at $0.34 EPS and FY2019 earnings at $0.54 EPS.
Several other research analysts have also weighed in on the company. Stifel Nicolaus increased their price objective on Exelixis from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research upgraded Exelixis from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, September 13th. Leerink Swann reiterated an “outperform” rating and issued a $10.00 price objective (up from $8.00) on shares of Exelixis in a research report on Tuesday, June 21st. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $8.00 price objective (up from $5.00) on shares of Exelixis in a research report on Thursday, August 4th. Finally, Cowen and Company reiterated a “buy” rating on shares of Exelixis in a research report on Wednesday, August 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Exelixis presently has a consensus rating of “Buy” and an average target price of $11.10.
Exelixis (NASDAQ:EXEL) opened at 13.64 on Monday. The company’s market cap is $3.14 billion. Exelixis has a one year low of $3.55 and a one year high of $13.95. The company’s 50 day moving average price is $11.31 and its 200-day moving average price is $7.30.
Exelixis (NASDAQ:EXEL) last announced its earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.11. The business had revenue of $36.25 million for the quarter, compared to the consensus estimate of $16.76 million. Exelixis’s revenue was up 353.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) EPS.
In related news, insider Gisela Schwab sold 42,338 shares of Exelixis stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $11.00, for a total value of $465,718.00. Following the completion of the transaction, the insider now directly owns 174,354 shares in the company, valued at $1,917,894. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXEL. Seven Eight Capital LLC bought a new position in Exelixis during the second quarter worth about $105,000. GSA Capital Partners LLP bought a new position in Exelixis during the second quarter worth about $117,000. Acrospire Investment Management LLC raised its position in Exelixis by 444.4% in the second quarter. Acrospire Investment Management LLC now owns 15,253 shares of the biotechnology company’s stock worth $119,000 after buying an additional 12,451 shares during the period. Stifel Financial Corp raised its position in Exelixis by 25.7% in the second quarter. Stifel Financial Corp now owns 17,600 shares of the biotechnology company’s stock worth $138,000 after buying an additional 3,600 shares during the period. Finally, Prudential Financial Inc. raised its position in Exelixis by 11.3% in the second quarter. Prudential Financial Inc. now owns 19,643 shares of the biotechnology company’s stock worth $153,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 81.80% of the company’s stock.
Exelixis Company Profile
Exelixis, Inc is a biopharmaceutical company. The Company is engaged in developing small molecule therapies for the treatment of cancer. It focuses on the development and commercialization of cabozantinib, an inhibitor of multiple receptor tyrosine kinases, in various tumor indications. Cabozantinib is indicated for the treatment of progressive, metastatic medullary thyroid cancer, and is sold under the brand name COMETRIQ.
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