Brokers Issue Forecasts for Exelixis, Inc.’s FY2023 Earnings (NASDAQ:EXEL)

Exelixis, Inc. (NASDAQ:EXEL) – Stock analysts at Truist Securiti decreased their FY2023 earnings per share estimates for shares of Exelixis in a research note issued to investors on Monday, September 20th. Truist Securiti analyst A. Goonewardene now expects that the biotechnology company will post earnings per share of $1.20 for the year, down from their prior forecast of $1.21. Truist Securiti also issued estimates for Exelixis’ FY2025 earnings at $2.00 EPS.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Thursday, August 5th. The biotechnology company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.25. Exelixis had a net margin of 8.13% and a return on equity of 4.89%. The business had revenue of $385.18 million for the quarter, compared to analysts’ expectations of $296.31 million.

Several other equities analysts have also commented on EXEL. Needham & Company LLC decreased their price objective on shares of Exelixis from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, June 28th. Truist Securities reduced their price target on shares of Exelixis from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Monday. Oppenheimer cut their target price on shares of Exelixis from $35.00 to $27.00 and set an “outperform” rating for the company in a report on Tuesday, June 29th. HC Wainwright reaffirmed a “buy” rating and set a $65.00 target price on shares of Exelixis in a report on Monday. Finally, TheStreet lowered shares of Exelixis from a “b-” rating to a “c” rating in a report on Friday, July 9th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Exelixis currently has a consensus rating of “Buy” and a consensus target price of $34.67.

Shares of Exelixis stock opened at $20.50 on Wednesday. The firm has a market capitalization of $6.46 billion, a P/E ratio of 70.69, a PEG ratio of 0.66 and a beta of 1.07. The company has a 50 day moving average price of $18.50 and a 200 day moving average price of $21.16. Exelixis has a 52 week low of $16.19 and a 52 week high of $25.77.

A number of institutional investors and hedge funds have recently made changes to their positions in EXEL. Amundi Pioneer Asset Management Inc. boosted its holdings in Exelixis by 182.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 176,193 shares of the biotechnology company’s stock valued at $4,193,000 after purchasing an additional 113,733 shares in the last quarter. M&T Bank Corp acquired a new stake in shares of Exelixis in the first quarter valued at approximately $210,000. Alliancebernstein L.P. boosted its holdings in shares of Exelixis by 13.3% in the first quarter. Alliancebernstein L.P. now owns 737,812 shares of the biotechnology company’s stock valued at $16,667,000 after acquiring an additional 86,400 shares during the period. Quantitative Systematic Strategies LLC acquired a new stake in shares of Exelixis in the first quarter valued at approximately $502,000. Finally, Arizona State Retirement System boosted its holdings in shares of Exelixis by 0.8% in the first quarter. Arizona State Retirement System now owns 90,312 shares of the biotechnology company’s stock valued at $2,040,000 after acquiring an additional 703 shares during the period. 83.76% of the stock is owned by hedge funds and other institutional investors.

In other Exelixis news, EVP Patrick J. Haley sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 16th. The shares were sold at an average price of $20.36, for a total transaction of $509,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peter Lamb sold 60,000 shares of the business’s stock in a transaction dated Thursday, July 15th. The stock was sold at an average price of $17.47, for a total value of $1,048,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,000 shares of company stock worth $2,571,400. 3.30% of the stock is owned by insiders.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company, which engages in the development, commercialization, and discovery of new medicines for the treatment of cancer. It offers products under the brands of COMETRIQ, CABOMETYX, COTELLIC, and MINNEBRO. The company was founded by Corey S. Goodman and Stelios B.

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Earnings History and Estimates for Exelixis (NASDAQ:EXEL)

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