Exelixis (NASDAQ:EXEL) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Exelixis (NASDAQ:EXEL) from a buy rating to a strong-buy rating in a report released on Monday,Wall Street Zen reports.

Several other research firms have also recently commented on EXEL. Citigroup restated a “market outperform” rating on shares of Exelixis in a research report on Monday, October 19th. TD Cowen raised their price target on Exelixis from $55.00 to $76.00 and gave the company a “buy” rating in a report on Friday, October 30th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $60.00 price target on shares of Exelixis in a report on Friday, October 30th. William Blair reiterated an “outperform” rating on shares of Exelixis in a research report on Friday, September 11th. Finally, Truist Financial boosted their price objective on Exelixis from $54.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $58.85.

Exelixis Price Performance

NASDAQ EXEL opened at $71.74 on Monday. Exelixis has a 1 year low of $39.71 and a 1 year high of $73.69. The stock has a market capitalization of $17.51 billion, a PE ratio of 21.48, a P/E/G ratio of 1.88 and a beta of 0.45. The company’s 50 day simple moving average is $61.27 and its two-hundred day simple moving average is $51.71.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Thursday, October 29th. The biotechnology company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05. The firm had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. Exelixis had a net margin of 35.45% and a return on equity of 45.54%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 EPS. On average, research analysts anticipate that Exelixis will post 3.42 EPS for the current year.

Institutional Trading of Exelixis

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arkadios Wealth Advisors bought a new stake in shares of Exelixis during the 1st quarter valued at about $476,000. Corient Private Wealth LP purchased a new position in shares of Exelixis during the second quarter valued at about $4,324,000. L2 Asset Management LLC bought a new position in Exelixis in the second quarter worth about $6,839,000. BlackRock Inc. bought a new position in Exelixis in the second quarter worth about $1,581,991,000. Finally, JLB & Associates Inc. bought a new position in Exelixis in the second quarter worth about $2,658,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

Exelixis, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies.

Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.