Truist Financial Boosts Exelixis (NASDAQ:EXEL) Price Target to $38.00

Exelixis (NASDAQ:EXEL) had its price objective increased by Truist Financial from $33.00 to $38.00 in a report published on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the biotechnology company’s stock.

EXEL has been the topic of several other reports. Oppenheimer restated an “outperform” rating and set a $29.00 price objective on shares of Exelixis in a research report on Tuesday, July 30th. The Goldman Sachs Group upgraded shares of Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. Bank of America raised their price objective 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. TD Cowen raised their price objective on shares of Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Stifel Nicolaus raised their price objective on shares of Exelixis from $26.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Exelixis has an average rating of “Moderate Buy” and an average target price of $31.44.

Exelixis Price Performance

Shares of Exelixis stock opened at $34.12 on Wednesday. The company’s fifty day simple moving average is $27.13 and its 200-day simple moving average is $24.29. The stock has a market capitalization of $9.74 billion, a PE ratio of 21.87, a P/E/G ratio of 0.89 and a beta of 0.51. Exelixis has a 1-year low of $19.20 and a 1-year high of $34.45.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. The business had revenue of $539.50 million for the quarter, compared to analysts’ expectations of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The company’s revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. As a group, research analysts anticipate that Exelixis will post 1.59 EPS for the current year.

Insider Transactions at Exelixis

In other news, EVP Dana Aftab sold 1,162 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total value of $36,486.80. Following the sale, the executive vice president now directly owns 498,945 shares in the company, valued at $15,666,873. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Christopher J. Senner sold 125,000 shares of Exelixis stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the transaction, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dana Aftab sold 1,162 shares of Exelixis stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total transaction of $36,486.80. Following the transaction, the executive vice president now directly owns 498,945 shares of the company’s stock, valued at approximately $15,666,873. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 354,020 shares of company stock worth $9,386,366 in the last three months. Insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

A number of large investors have recently made changes to their positions in EXEL. LSV Asset Management boosted its stake in shares of Exelixis by 107.7% during the 2nd quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after purchasing an additional 2,989,021 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Exelixis by 148.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 2,267,894 shares of the biotechnology company’s stock worth $53,817,000 after purchasing an additional 1,354,062 shares during the period. Swedbank AB purchased a new stake in Exelixis in the 1st quarter valued at about $22,455,000. Susquehanna Fundamental Investments LLC purchased a new stake in Exelixis in the 1st quarter valued at about $10,906,000. Finally, Farallon Capital Management LLC boosted its position in Exelixis by 1.6% in the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after buying an additional 424,000 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Company Profile

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.