Exelixis (NASDAQ:EXEL) Rating Increased to Strong-Buy at Truist Financial

Exelixis (NASDAQ:EXEL) was upgraded by stock analysts at Truist Financial to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Wall Street Zen upgraded Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. UBS Group set a $41.00 price objective on shares of Exelixis in a report on Monday, January 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Exelixis in a research report on Thursday, January 22nd. HC Wainwright boosted their target price on shares of Exelixis from $52.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Finally, Wells Fargo & Company boosted their target price on shares of Exelixis from $30.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.94.

Exelixis Stock Up 2.9%

EXEL stock opened at $42.78 on Wednesday. Exelixis has a 52-week low of $32.38 and a 52-week high of $49.62. The stock’s fifty day simple moving average is $42.88 and its 200-day simple moving average is $41.91. The stock has a market capitalization of $11.11 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 0.93 and a beta of 0.41.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, February 10th. The biotechnology company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.20. The business had revenue of $598.66 million during the quarter, compared to the consensus estimate of $609.17 million. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 earnings per share. As a group, analysts anticipate that Exelixis will post 2.04 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In other news, Director Jack L. Wyszomierski sold 99,574 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the transaction, the director directly owned 279,942 shares in the company, valued at $12,320,247.42. This trade represents a 26.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Brenda Hefti sold 18,669 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $821,622.69. Following the sale, the senior vice president owned 96,512 shares of the company’s stock, valued at $4,247,493.12. The trade was a 16.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 362,849 shares of company stock valued at $15,917,463 over the last three months. Insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Richardson Financial Services Inc. grew its stake in Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock worth $25,000 after buying an additional 292 shares during the period. Anchor Investment Management LLC increased its position in shares of Exelixis by 500.0% in the third quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 500 shares in the last quarter. Motiv8 Investments LLC purchased a new position in shares of Exelixis in the 4th quarter valued at $26,000. Root Financial Partners LLC purchased a new position in shares of Exelixis in the 3rd quarter valued at $28,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Exelixis during the 4th quarter valued at $29,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.