BMO Capital Markets Downgrades Exelixis (NASDAQ:EXEL) to Market Perform

Exelixis (NASDAQ:EXEL) was downgraded by equities research analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday,Briefing.com Automated Import reports. They currently have a $40.00 price objective on the biotechnology company’s stock, up from their previous price objective of $36.00. BMO Capital Markets’ price objective would indicate a potential upside of 18.76% from the stock’s previous close.

A number of other analysts have also recently weighed in on EXEL. Guggenheim increased their price target on Exelixis from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JMP Securities reiterated a “market outperform” rating and issued a $29.00 target price on shares of Exelixis 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 stock a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada reissued an “outperform” rating and set a $34.00 target price on shares of Exelixis in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company raised their price target on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.44.

Exelixis Stock Performance

NASDAQ:EXEL opened at $33.68 on Friday. The stock has a 50-day simple moving average of $33.36 and a 200 day simple moving average of $27.47. Exelixis has a one year low of $19.20 and a one year high of $36.97. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 21.59, a price-to-earnings-growth ratio of 0.89 and a beta of 0.52.

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, topping the consensus estimate of $0.36 by $0.04. The firm had revenue of $539.50 million for 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 firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the business posted $0.10 earnings per share. On average, equities research analysts forecast that Exelixis will post 1.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Exelixis news, EVP Patrick J. Haley sold 10,000 shares of Exelixis stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total transaction of $352,700.00. Following the transaction, the executive vice president now directly owns 278,665 shares in the company, valued at approximately $9,828,514.55. The trade was a 3.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the sale, the executive vice president now directly owns 486,059 shares of the company’s stock, valued at approximately $17,823,783.53. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 339,736 shares of company stock worth $11,508,610 in the last ninety days. 2.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EXEL. Farallon Capital Management LLC increased its holdings in shares of Exelixis by 1.6% in the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after purchasing an additional 424,000 shares during the period. Renaissance Technologies LLC increased its stake in Exelixis by 0.4% in the 2nd quarter. Renaissance Technologies LLC now owns 15,163,066 shares of the biotechnology company’s stock valued at $340,714,000 after buying an additional 61,350 shares during the period. LSV Asset Management lifted its position in Exelixis by 107.7% in the 2nd quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after buying an additional 2,989,021 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Exelixis by 7.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,137,201 shares of the biotechnology company’s stock valued at $115,434,000 after buying an additional 349,837 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Exelixis by 12.7% during the 2nd quarter. AQR Capital Management LLC now owns 3,281,578 shares of the biotechnology company’s stock valued at $73,425,000 after acquiring an additional 370,199 shares in 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.