Exelixis, Inc. (EXEL) Cut to Hold at Deutsche Bank AG
Deutsche Bank AG cut shares of Exelixis, Inc. (NASDAQ:EXEL) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $29.00 price objective on the biotechnology company’s stock, up from their previous price objective of $26.00.
Several other equities analysts have also commented on the stock. Stifel Nicolaus restated a hold rating and set a $26.00 price target on shares of Exelixis in a research report on Thursday. William Blair restated an outperform rating on shares of Exelixis in a research report on Thursday, July 27th. Cann restated a hold rating on shares of Exelixis in a research report on Thursday, July 20th. SunTrust Banks, Inc. began coverage on shares of Exelixis in a research report on Thursday, July 13th. They set a buy rating and a $33.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Exelixis from a hold rating to a strong-buy rating and set a $29.00 price target for the company in a research report on Tuesday, July 11th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $25.57.
Shares of Exelixis (NASDAQ EXEL) traded up 3.70% during mid-day trading on Thursday, hitting $26.66. 2,758,945 shares of the stock traded hands. The stock has a market cap of $7.84 billion, a P/E ratio of 138.85 and a beta of 1.89. The firm’s 50 day moving average price is $24.89 and its 200-day moving average price is $21.88. Exelixis has a 12-month low of $9.00 and a 12-month high of $28.45.
Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.04 by $0.02. The business had revenue of $99.01 million during the quarter, compared to analyst estimates of $85.27 million. Exelixis had a net margin of 18.20% and a return on equity of 80.43%. The company’s quarterly revenue was up 173.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. Analysts predict that Exelixis will post $0.25 earnings per share for the current year.
In related news, insider Patrick J. Haley sold 5,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $18.46, for a total value of $92,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl B. Feldbaum sold 32,988 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $21.58, for a total transaction of $711,881.04. Following the completion of the transaction, the director now owns 52,721 shares of the company’s stock, valued at approximately $1,137,719.18. The disclosure for this sale can be found here. Insiders sold a total of 360,588 shares of company stock valued at $7,840,765 in the last quarter. 5.10% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Exelixis by 33,678.5% in the first quarter. BlackRock Inc. now owns 19,155,466 shares of the biotechnology company’s stock worth $415,099,000 after buying an additional 19,098,757 shares in the last quarter. Old Mutual Global Investors UK Ltd. raised its position in shares of Exelixis by 237.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 5,041,260 shares of the biotechnology company’s stock worth $109,244,000 after buying an additional 3,547,665 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Exelixis by 12.8% in the first quarter. Vanguard Group Inc. now owns 23,735,071 shares of the biotechnology company’s stock worth $514,339,000 after buying an additional 2,696,877 shares in the last quarter. Meditor Group Ltd raised its position in shares of Exelixis by 5.5% in the second quarter. Meditor Group Ltd now owns 20,229,713 shares of the biotechnology company’s stock worth $498,258,000 after buying an additional 1,046,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Exelixis by 167.1% in the first quarter. Wells Fargo & Company MN now owns 1,460,194 shares of the biotechnology company’s stock worth $31,642,000 after buying an additional 913,454 shares in the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.
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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