Q1 2017 EPS Estimates for Exelixis, Inc. Boosted by Oppenheimer Holdings (EXEL)
Exelixis, Inc. (NASDAQ:EXEL) – Equities researchers at Oppenheimer Holdings increased their Q1 2017 earnings per share estimates for shares of Exelixis in a report released on Wednesday. Oppenheimer Holdings analyst L. Cann now expects that the biotechnology company will earn ($0.03) per share for the quarter, up from their previous forecast of ($0.05). Oppenheimer Holdings currently has a “Market Perform” rating on the stock. Oppenheimer Holdings also issued estimates for Exelixis’ Q2 2017 earnings at $0.02 EPS.
Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC started coverage on shares of Exelixis in a report on Friday, March 31st. They issued a “buy” rating and a $28.00 price target for the company. Zacks Investment Research upgraded shares of Exelixis from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Monday, February 6th. Cann restated a “hold” rating on shares of Exelixis in a report on Wednesday. Stifel Nicolaus cut shares of Exelixis from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a report on Tuesday, February 28th. They noted that the move was a valuation call. Finally, CIBC started coverage on shares of Exelixis in a report on Thursday, March 16th. They issued a “market perform” rating for the company. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $18.37.
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Exelixis (NASDAQ:EXEL) opened at 21.32 on Friday. Exelixis has a one year low of $4.25 and a one year high of $23.49. The stock has a 50 day moving average of $21.38 and a 200 day moving average of $17.69. The firm’s market cap is $6.20 billion.
Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Monday, February 27th. The biotechnology company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm earned $77.58 million during the quarter, compared to analyst estimates of $64.88 million. During the same period last year, the firm earned ($0.19) EPS. Exelixis’s quarterly revenue was up 680.7% on a year-over-year basis.
In other Exelixis news, insider Michael Morrissey sold 200,000 shares of the firm’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $22.72, for a total value of $4,544,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director George Poste sold 76,250 shares of the firm’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $22.53, for a total transaction of $1,717,912.50. Following the completion of the transaction, the director now directly owns 86,405 shares in the company, valued at $1,946,704.65. The disclosure for this sale can be found here. Insiders sold 393,071 shares of company stock worth $8,784,085 over the last ninety days. Insiders own 5.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Exelixis by 24.2% in the fourth quarter. FMR LLC now owns 42,910,087 shares of the biotechnology company’s stock worth $639,789,000 after buying an additional 8,361,226 shares during the period. Baker BROS. Advisors LP acquired a new position in Exelixis during the third quarter worth $63,048,000. Norges Bank acquired a new position in Exelixis during the fourth quarter worth $36,882,000. Two Sigma Investments LP raised its position in Exelixis by 81.4% in the fourth quarter. Two Sigma Investments LP now owns 4,557,738 shares of the biotechnology company’s stock worth $67,956,000 after buying an additional 2,044,889 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Exelixis during the fourth quarter worth $16,057,000. 78.40% of the stock is currently owned by hedge funds and other institutional investors.
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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