Exelixis, Inc. (NASDAQ:EXEL) Sees Large Decrease in Short Interest

Exelixis, Inc. (NASDAQ:EXEL) saw a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 7,900,000 shares, a decrease of 13.4% from the October 31st total of 9,120,000 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is currently 3.8 days.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Piper Sandler raised their price target on Exelixis from $33.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley lifted their target price on shares of Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. TD Cowen upped their price target on shares of Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company lifted their price objective on shares of Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group raised Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Exelixis currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.44.

Insider Buying and Selling

In other Exelixis news, EVP Dana Aftab sold 96,986 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $35.00, for a total transaction of $3,394,510.00. Following the completion of the sale, the executive vice president now owns 498,945 shares in the company, valued at $17,463,075. This represents a 16.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.39, for a total value of $709,750.00. Following the sale, the executive vice president now directly owns 580,325 shares in the company, valued at approximately $16,475,426.75. The trade was a 4.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 339,736 shares of company stock valued at $11,508,610 in the last ninety days. 2.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Exelixis

Several large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in Exelixis in the third quarter valued at about $30,000. Brooklyn Investment Group bought a new stake in Exelixis during the 3rd quarter valued at $42,000. Park Place Capital Corp bought a new stake in Exelixis during the 2nd quarter valued at $45,000. GAMMA Investing LLC increased its position in shares of Exelixis by 107.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 1,041 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Exelixis during the 3rd quarter valued at $61,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Stock Performance

EXEL stock traded down $0.21 during midday trading on Tuesday, reaching $35.38. 881,477 shares of the company were exchanged, compared to its average volume of 2,065,155. Exelixis has a 1-year low of $19.20 and a 1-year high of $36.97. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 0.92 and a beta of 0.52. The stock’s 50-day simple moving average is $31.00 and its 200 day simple moving average is $26.25.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The firm had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $490.31 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, research analysts anticipate that Exelixis will post 1.69 earnings per share for the current year.

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.