Needham & Company LLC Reaffirms “Buy” Rating for Exelixis, Inc. (EXEL)
Needham & Company LLC restated their buy rating on shares of Exelixis, Inc. (NASDAQ:EXEL) in a report issued on Tuesday morning, Marketbeat reports. Needham & Company LLC currently has a $30.00 target price on the biotechnology company’s stock, up from their prior target price of $28.00.
Several other analysts have also weighed in on the company. Zacks Investment Research upgraded Exelixis from a hold rating to a strong-buy rating and set a $28.00 price target on the stock in a report on Tuesday, July 4th. BidaskClub upgraded Exelixis from a buy rating to a strong-buy rating in a report on Friday, August 25th. Deutsche Bank AG lowered Exelixis from a buy rating to a hold rating and increased their price target for the company from $26.00 to $29.00 in a report on Thursday, August 3rd. SunTrust Banks, Inc. started coverage on Exelixis in a report on Thursday, July 13th. They set a buy rating and a $33.00 price target on the stock. Finally, Stifel Nicolaus restated a hold rating and set a $26.00 price target on shares of Exelixis in a report on Thursday, September 7th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $26.51.
Exelixis (NASDAQ:EXEL) traded up 1.40% on Tuesday, hitting $27.62. 1,903,150 shares of the company’s stock traded hands. The stock has a market cap of $8.12 billion, a P/E ratio of 139.49 and a beta of 1.97. Exelixis has a 12 month low of $10.04 and a 12 month high of $29.50. The stock has a 50 day moving average price of $27.05 and a 200-day moving average price of $23.36.
Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Exelixis had a return on equity of 80.43% and a net margin of 18.20%. The company had revenue of $99.01 million for the quarter, compared to analyst estimates of $85.27 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. Exelixis’s quarterly revenue was up 173.1% compared to the same quarter last year. Equities analysts predict that Exelixis will post $0.27 earnings per share for the current fiscal year.
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In other news, CFO Christopher J. Senner sold 100,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $26.79, for a total transaction of $2,679,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael Morrissey sold 300,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $26.90, for a total value of $8,070,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,000 shares of company stock worth $13,437,000. Insiders own 5.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. First Quadrant L P CA purchased a new position in shares of Exelixis during the second quarter valued at $144,000. Meeder Asset Management Inc. purchased a new position in shares of Exelixis during the first quarter valued at $170,000. Wetherby Asset Management Inc. purchased a new position in shares of Exelixis during the second quarter valued at $218,000. Caxton Associates LP purchased a new position in shares of Exelixis during the second quarter valued at $227,000. Finally, Private Advisor Group LLC purchased a new position in shares of Exelixis during the second quarter valued at $247,000. Hedge funds and other institutional investors own 79.20% 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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