Truist Financial Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Exelixis (NASDAQ:EXEL) had its price objective raised by Truist Financial from $42.00 to $43.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts also recently issued reports on EXEL. Stephens reissued an “equal weight” rating and set a $29.00 price target on shares of Exelixis in a research report on Monday. Morgan Stanley raised shares of Exelixis from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $30.00 to $40.00 in a research report on Monday. The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. BMO Capital Markets lowered shares of Exelixis from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $36.00 to $40.00 in a research report on Friday, December 20th. Finally, HC Wainwright restated a “buy” rating and set a $40.00 target price on shares of Exelixis in a report on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.06.

Exelixis Stock Performance

Shares of EXEL stock opened at $32.96 on Monday. The firm has a market capitalization of $9.41 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 0.72 and a beta of 0.53. Exelixis has a one year low of $20.01 and a one year high of $37.59. The company has a 50 day moving average price of $34.77 and a 200 day moving average price of $29.99.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.04. The company had revenue of $539.50 million during 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 business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 EPS. As a group, equities analysts forecast that Exelixis will post 1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 96,986 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 498,945 shares of the company’s stock, valued at approximately $17,463,075. The trade was a 16.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George Poste sold 30,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $34.00, for a total transaction of $1,020,000.00. Following the transaction, the director now directly owns 169,020 shares in the company, valued at $5,746,680. The trade was a 15.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,574 shares of company stock worth $10,102,874 in the last three months. 2.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Exelixis

Several institutional investors and hedge funds have recently made changes to their positions in the company. USA Financial Formulas acquired a new position in Exelixis in the fourth quarter worth $32,000. V Square Quantitative Management LLC acquired a new position in shares of Exelixis in the 3rd quarter valued at about $30,000. UMB Bank n.a. grew its position in shares of Exelixis by 68.4% during the 4th quarter. UMB Bank n.a. now owns 1,361 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 553 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Exelixis during the third quarter worth about $42,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Exelixis by 18.1% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,890 shares of the biotechnology company’s stock worth $63,000 after acquiring an additional 290 shares during the last quarter. 85.27% of the stock is 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.