Truist Financial Forecasts Strong Price Appreciation for Exelixis (NASDAQ:EXEL) Stock

Exelixis (NASDAQ:EXEL) had its price objective hoisted by investment analysts at Truist Financial from $38.00 to $42.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s target price suggests a potential upside of 13.88% from the stock’s previous close.

A number of other brokerages have also weighed in on EXEL. Brookline Capital Management began coverage on Exelixis in a research note on Monday, December 23rd. They issued a “buy” rating for the company. BMO Capital Markets downgraded shares of Exelixis from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $36.00 to $40.00 in a research note on Friday, December 20th. Stephens increased their price target on shares of Exelixis from $23.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Guggenheim boosted their price objective on shares of Exelixis from $33.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, January 7th. Finally, Bank of America lowered Exelixis from a “buy” rating to a “neutral” rating and increased their price objective for the company from $35.00 to $39.00 in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.75.

Exelixis Trading Up 3.5 %

EXEL stock traded up $1.23 during trading on Wednesday, hitting $36.88. The company had a trading volume of 411,468 shares, compared to its average volume of 2,157,794. The company has a fifty day moving average price of $34.90 and a two-hundred day moving average price of $28.99. Exelixis has a fifty-two week low of $20.01 and a fifty-two week high of $36.97. The company has a market cap of $10.53 billion, a P/E ratio of 23.64, a P/E/G ratio of 0.88 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. 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 analysts’ expectations of $490.31 million. During the same period last year, the business earned $0.10 earnings per share. The business’s revenue was up 14.3% on a year-over-year basis. On average, analysts expect that Exelixis will post 1.69 earnings per share for the current year.

Insider Transactions at Exelixis

In other news, EVP Dana Aftab sold 96,986 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $35.00, for a total value of $3,394,510.00. Following the completion of the transaction, 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 through the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.39, for a total value of $709,750.00. Following the transaction, the executive vice president now owns 580,325 shares of the company’s stock, valued at $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 a total of 314,736 shares of company stock valued at $10,849,110 over the last three months. 2.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exelixis

Hedge funds and other institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in Exelixis during the 3rd quarter worth about $30,000. USA Financial Formulas acquired a new stake in Exelixis during the fourth quarter worth approximately $32,000. Brooklyn Investment Group bought a new stake in Exelixis in the third quarter worth approximately $42,000. Capital Performance Advisors LLP acquired a new position in Exelixis in the third quarter valued at approximately $61,000. Finally, Essex Investment Management Co. LLC bought a new position in shares of Exelixis during the 3rd quarter worth approximately $74,000. 85.27% of the stock is owned by 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.