Research Analysts Offer Predictions for Exelixis, Inc.’s Q2 2024 Earnings (NASDAQ:EXEL)

Exelixis, Inc. (NASDAQ:EXEL) – Equities researchers at Leerink Partnrs upped their Q2 2024 EPS estimates for shares of Exelixis in a research note issued on Wednesday, July 24th. Leerink Partnrs analyst A. Berens now forecasts that the biotechnology company will post earnings of $0.32 per share for the quarter, up from their previous forecast of $0.30. The consensus estimate for Exelixis’ current full-year earnings is $1.14 per share. Leerink Partnrs also issued estimates for Exelixis’ Q3 2024 earnings at $0.36 EPS.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, April 30th. The biotechnology company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16). Exelixis had a return on equity of 8.85% and a net margin of 11.10%. The firm had revenue of $425.23 million for the quarter, compared to analyst estimates of $461.04 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis.

Several other analysts also recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $28.00 price objective on shares of Exelixis in a research report on Friday, May 3rd. TD Cowen upped their price objective on shares of Exelixis from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Stephens initiated coverage on Exelixis in a research report on Tuesday, May 14th. They set an “equal weight” rating and a $23.00 target price on the stock. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 13th. Finally, JMP Securities restated a “market outperform” rating and set a $27.00 price target on shares of Exelixis in a research note on Wednesday, April 10th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.13.

Exelixis Stock Up 1.9 %

Shares of EXEL opened at $23.39 on Thursday. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of 36.55, a price-to-earnings-growth ratio of 0.55 and a beta of 0.54. Exelixis has a 52-week low of $18.64 and a 52-week high of $24.34. The stock has a 50 day moving average price of $21.93 and a 200 day moving average price of $22.18.

Insider Activity

In other news, Director Jack L. Wyszomierski sold 10,923 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $21.37, for a total transaction of $233,424.51. Following the completion of the transaction, the director now directly owns 338,948 shares of the company’s stock, valued at approximately $7,243,318.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Jack L. Wyszomierski sold 8,287 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $22.00, for a total value of $182,314.00. Following the completion of the transaction, the director now owns 349,499 shares in the company, valued at approximately $7,688,978. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Wyszomierski sold 10,923 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $21.37, for a total transaction of $233,424.51. Following the sale, the director now directly owns 338,948 shares in the company, valued at approximately $7,243,318.76. The disclosure for this sale can be found here. Insiders have sold a total of 30,896 shares of company stock valued at $660,677 over the last quarter. Corporate insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Exelixis in the 4th quarter worth about $73,449,000. LSV Asset Management lifted its holdings in shares of Exelixis by 1,651.4% in the first quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock valued at $65,844,000 after purchasing an additional 2,616,278 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Exelixis by 948.3% in the first quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock valued at $58,240,000 after purchasing an additional 2,220,150 shares during the last quarter. Jupiter Asset Management Ltd. increased 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 in the last quarter. Finally, Swedbank AB acquired a new position in shares of Exelixis during the 1st quarter worth approximately $22,455,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

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.