Exelixis, Inc. (NASDAQ:EXEL) shares gapped up prior to trading on Thursday . The stock had previously closed at $16.26, but opened at $16.70. Exelixis shares last traded at $16.71, with a volume of 4073742 shares changing hands.

A number of brokerages have issued reports on EXEL. ValuEngine raised shares of Exelixis from a “strong sell” rating to a “sell” rating in a report on Thursday, May 17th. Cann reaffirmed a “buy” rating and issued a $40.00 target price on shares of Exelixis in a report on Thursday, May 17th. BidaskClub raised shares of Exelixis from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 16th. Stifel Nicolaus dropped their target price on shares of Exelixis from $29.00 to $25.00 and set a “hold” rating for the company in a report on Wednesday, August 1st. Finally, Zacks Investment Research raised shares of Exelixis from a “hold” rating to a “strong-buy” rating and set a $25.00 target price for the company in a report on Tuesday, July 31st. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Exelixis currently has a consensus rating of “Buy” and a consensus price target of $31.30.

The firm has a market cap of $5.17 billion, a PE ratio of 32.71 and a beta of 1.96.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Wednesday, August 1st. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.12. The company had revenue of $186.10 million during the quarter, compared to analysts’ expectations of $157.37 million. Exelixis had a net margin of 48.17% and a return on equity of 65.68%. The firm’s quarterly revenue was up 88.0% compared to the same quarter last year. During the same period last year, the company posted $0.06 earnings per share. research analysts anticipate that Exelixis, Inc. will post 1.03 EPS for the current fiscal year.

In other news, Director Vincent T. Marchesi sold 40,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $19.50, for a total value of $780,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael Morrissey sold 90,000 shares of the stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $19.62, for a total transaction of $1,765,800.00. The disclosure for this sale can be found here. Insiders sold 714,128 shares of company stock worth $14,496,195 over the last quarter. Company insiders own 4.80% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. James Investment Research Inc. acquired a new stake in shares of Exelixis in the second quarter valued at approximately $133,000. TLP Group LLC acquired a new stake in shares of Exelixis in the first quarter valued at approximately $179,000. Massachusetts Financial Services Co. MA acquired a new stake in Exelixis during the first quarter worth approximately $215,000. Washington Trust Bank acquired a new stake in Exelixis during the second quarter worth approximately $213,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Exelixis during the second quarter worth approximately $217,000. Institutional investors and hedge funds own 80.92% of the company’s stock.

Exelixis Company Profile (NASDAQ:EXEL)

Exelixis, Inc, a biotechnology company, engages in the discovery, development, and commercialization of new medicines to enhance care and outcomes for people with cancer. The company's products include 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 patients with progressive and metastatic medullary thyroid cancer.

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