Exelixis (NASDAQ:EXEL) Shares Up 6.2% – Still a Buy?

Exelixis, Inc. (NASDAQ:EXEL) shares shot up 6.2% on Wednesday . The company traded as high as $51.41 and last traded at $51.5560. 1,316,339 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 2,719,704 shares. The stock had previously closed at $48.54.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EXEL. Truist Financial upgraded Exelixis to a “strong-buy” rating in a research report on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of Exelixis in a research report on Tuesday, May 19th. Royal Bank Of Canada cut their target price on Exelixis from $46.00 to $43.00 and set a “sector perform” rating for the company in a research report on Monday, March 2nd. Wells Fargo & Company upped their target price on Exelixis from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Stifel Nicolaus upped their price target on Exelixis from $44.00 to $47.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $47.35.

Exelixis Price Performance

The company has a market cap of $12.95 billion, a P/E ratio of 17.10, a PEG ratio of 1.05 and a beta of 0.41. The company has a fifty day simple moving average of $46.19 and a 200-day simple moving average of $44.29.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.12. The company had revenue of $610.81 million for the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 earnings per share. On average, analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current year.

Insider Buying and Selling

In other Exelixis news, Director George Poste sold 60,000 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $45.71, for a total transaction of $2,742,600.00. Following the sale, the director directly owned 118,832 shares of the company’s stock, valued at $5,431,810.72. The trade was a 33.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher J. Senner sold 34,901 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the sale, the chief financial officer directly owned 952,317 shares in the company, valued at approximately $47,615,850. This trade represents a 3.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 205,433 shares of company stock valued at $9,930,259 in the last three months. Insiders own 2.60% of the company’s stock.

Institutional Trading of Exelixis

Large investors have recently added to or reduced their stakes in the company. BridgePort Financial Solutions LLC acquired a new stake in Exelixis during the 3rd quarter valued at $517,000. Candriam S.C.A. raised its stake in Exelixis by 18.4% during 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 during the period. Dimensional Fund Advisors LP raised its stake in Exelixis by 11.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,180,912 shares of the biotechnology company’s stock valued at $172,658,000 after purchasing an additional 419,596 shares during the period. Allianz Asset Management GmbH raised its stake in Exelixis by 153.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company’s stock valued at $101,720,000 after purchasing an additional 1,490,520 shares during the period. Finally, Illinois Municipal Retirement Fund raised its stake in Exelixis by 19.1% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 204,211 shares of the biotechnology company’s stock valued at $8,434,000 after purchasing an additional 32,737 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

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.