Exelixis (NASDAQ:EXEL) Sets New 12-Month High – Still a Buy?

Shares of Exelixis, Inc. (NASDAQ:EXEL) hit a new 52-week high during trading on Wednesday . The stock traded as high as $59.08 and last traded at $58.2450, with a volume of 187460 shares. The stock had previously closed at $56.89.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EXEL. HC Wainwright reissued a “buy” rating and issued a $56.00 price target on shares of Exelixis in a research note on Thursday, July 2nd. Truist Financial dropped their price objective on Exelixis from $56.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, August 6th. Stifel Nicolaus increased their price target on shares of Exelixis from $47.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 6th. Royal Bank Of Canada boosted their price objective on shares of Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Finally, Zacks Research lowered Exelixis from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Exelixis presently has a consensus rating of “Hold” and a consensus target price of $50.07.

Exelixis Stock Performance

The company’s fifty day simple moving average is $54.75 and its two-hundred day simple moving average is $49.22. The stock has a market capitalization of $14.06 billion, a P/E ratio of 17.87, a PEG ratio of 1.63 and a beta of 0.42.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $628.69 million during the quarter, compared to analysts’ expectations of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.75 earnings per share. On average, research analysts predict that Exelixis, Inc. will post 3.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Exelixis

In other news, Director Mary C. Beckerle sold 9,812 shares of Exelixis stock in a transaction on Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the sale, the director owned 16,079 shares of the company’s stock, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Exelixis

A number of institutional investors have recently modified their holdings of the stock. Arkadios Wealth Advisors acquired a new stake in shares of Exelixis during the 1st quarter valued at $476,000. Corient Private Wealth LP bought a new position in Exelixis during the 2nd quarter worth approximately $4,324,000. L2 Asset Management LLC bought a new stake in Exelixis during the second quarter valued at $6,839,000. Stephens Investment Management Group LLC grew its stake in Exelixis by 1.1% during the fourth quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company’s stock worth $111,303,000 after purchasing an additional 28,265 shares during the period. Finally, JLB & Associates Inc. bought a new position in shares of Exelixis during the 2nd quarter worth approximately $2,658,000. 85.27% of the stock is currently owned by institutional investors.

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.