Exelixis (NASDAQ:EXEL) Issues Earnings Results, Beats Expectations By $0.04 EPS

Exelixis (NASDAQ:EXEL) released its earnings results on Tuesday. The biotechnology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04, Zacks reports. The company had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 EPS. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Up 2.9 %

NASDAQ EXEL traded up $0.95 on Friday, reaching $34.15. The company had a trading volume of 2,799,218 shares, compared to its average volume of 2,062,155. Exelixis has a 52 week low of $19.20 and a 52 week high of $34.45. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 0.69 and a beta of 0.54. The stock’s 50 day moving average is $26.96 and its 200-day moving average is $24.21.

Insider Activity at Exelixis

In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of Exelixis stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the transaction, the chief financial officer now directly owns 721,680 shares in the company, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Jeffrey Hessekiel sold 25,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the sale, the executive vice president now directly owns 580,325 shares in the company, valued at $16,475,426.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 352,858 shares of company stock worth $9,349,879. 2.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on EXEL shares. Piper Sandler raised their target price on shares of Exelixis from $33.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday. Wells Fargo & Company increased their target price on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday. BMO Capital Markets lifted their price target on Exelixis from $29.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday. TD Cowen increased their target price on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and a consensus price target of $31.44.

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.