Exelixis (NASDAQ:EXEL) Trading Down 9.4% on Analyst Downgrade

Exelixis, Inc. (NASDAQ:EXEL)’s share price dropped 9.4% on Monday after Wall Street Zen downgraded the stock from a strong-buy rating to a buy rating. The stock traded as low as $40.69 and last traded at $39.91. Approximately 1,453,986 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 2,634,605 shares. The stock had previously closed at $44.06.

EXEL has been the topic of several other reports. Stifel Nicolaus lifted their price objective on shares of Exelixis from $43.00 to $44.00 and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Truist Financial set a $51.00 price target on Exelixis in a report on Wednesday, January 14th. HC Wainwright increased their price objective on Exelixis from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Barclays raised their price objective on Exelixis from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 4th. Finally, Wolfe Research began coverage on Exelixis in a report on Tuesday, November 18th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.11.

Insider Activity at Exelixis

In other news, Director Jack L. Wyszomierski sold 99,574 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the completion of the sale, the director directly owned 279,942 shares of the company’s stock, valued at approximately $12,320,247.42. This represents a 26.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bob Oliver sold 30,250 shares of the stock in a transaction on Friday, February 13th. The shares were sold at an average price of $43.81, for a total transaction of $1,325,252.50. Following the completion of the sale, the director directly owned 21,120 shares of the company’s stock, valued at approximately $925,267.20. This trade represents a 58.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 362,849 shares of company stock valued at $15,917,463. 2.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EXEL. TriaGen Wealth Management LLC acquired a new stake in Exelixis in the 3rd quarter valued at $2,024,000. BridgePort Financial Solutions LLC bought a new position in shares of Exelixis during the third quarter valued at $517,000. Candriam S.C.A. boosted its stake in shares of Exelixis by 18.4% in the 3rd quarter. Candriam S.C.A. now owns 696,104 shares of the biotechnology company’s stock valued at $28,749,000 after purchasing an additional 108,367 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Exelixis by 153.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company’s stock worth $101,720,000 after purchasing an additional 1,490,520 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Exelixis during the 2nd quarter worth about $321,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Trading Down 9.6%

The stock has a market capitalization of $10.34 billion, a P/E ratio of 14.41, a P/E/G ratio of 0.99 and a beta of 0.41. The firm’s fifty day moving average is $44.09 and its 200-day moving average is $41.48.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, February 10th. The biotechnology company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.20. The firm had revenue of $598.66 million during the quarter, compared to analysts’ expectations of $609.17 million. Exelixis had a net margin of 33.73% and a return on equity of 36.29%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.55 EPS. Equities research analysts expect that Exelixis, Inc. will post 2.04 EPS for the current year.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.