Exelixis (NASDAQ:EXEL) Posts Quarterly Earnings Results

Exelixis (NASDAQ:EXEL) posted its quarterly earnings results on Tuesday. The biotechnology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04, Zacks reports. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The company had revenue of $539.50 million during the quarter, compared to the consensus estimate of $490.31 million. During the same quarter in the prior year, the company earned $0.10 EPS. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Trading Up 1.9 %

Shares of NASDAQ:EXEL traded up $0.62 on Friday, reaching $33.82. 2,378,396 shares of the company traded hands, compared to its average volume of 2,060,170. Exelixis has a 52 week low of $19.20 and a 52 week high of $34.45. The business’s 50-day simple moving average is $26.96 and its 200 day simple moving average is $24.21. The stock has a market capitalization of $9.66 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 0.69 and a beta of 0.54.

Analyst Ratings Changes

Several analysts have recently issued reports on EXEL shares. Bank of America boosted their price target on shares of Exelixis from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. UBS Group began coverage on Exelixis in a report on Thursday, September 19th. They issued a “neutral” rating and a $30.00 price target for the company. The Goldman Sachs Group upgraded Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. Stifel Nicolaus increased their price objective on Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $29.00 target price on shares of Exelixis in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.44.

Insider Transactions at Exelixis

In other Exelixis news, EVP Dana Aftab sold 95,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total value of $2,375,000.00. Following the sale, the executive vice president now owns 520,990 shares of the company’s stock, valued at $13,024,750. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Exelixis news, EVP Dana Aftab sold 95,000 shares of Exelixis stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the sale, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the sale, the chief financial officer now directly owns 721,680 shares in the company, valued at $19,622,479.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 352,858 shares of company stock worth $9,349,879. Insiders own 2.85% of the company’s stock.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers 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 progressive and metastatic medullary thyroid cancer.