Exelixis (NASDAQ:EXEL) Hits New 1-Year High – Here’s Why

Exelixis, Inc. (NASDAQ:EXEL)’s stock price hit a new 52-week high during trading on Wednesday. The company traded as high as $60.13 and last traded at $60.29, with a volume of 566252 shares traded. The stock had previously closed at $58.65.

Analyst Ratings Changes

Several research analysts recently issued reports on EXEL shares. 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. UBS Group set a $55.00 price target on shares of Exelixis in a report on Monday, August 3rd. Morgan Stanley upped their target price on Exelixis from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Citigroup reissued a “market outperform” rating on shares of Exelixis in a report on Monday, September 14th. Finally, Leerink Partners downgraded shares of Exelixis from an “outperform” rating to a “market perform” rating and set a $52.00 price objective on the stock. in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.29.

Exelixis Price Performance

The company’s fifty day moving average is $55.73 and its 200-day moving average is $51.31. The stock has a market cap of $14.99 billion, a PE ratio of 19.02, a PEG ratio of 1.74 and a beta of 0.42.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The firm had revenue of $628.69 million during the quarter, compared to analysts’ expectations of $636.40 million. During the same period in the previous year, the business posted $0.75 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Exelixis, Inc. will post 3.19 EPS for the current year.

Insider Transactions at Exelixis

In other Exelixis news, Director Mary Beckerle sold 9,812 shares of the stock in a transaction that occurred 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 transaction, the director owned 16,079 shares of the company’s stock, valued at $862,799.14. This represents a 37.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Exelixis

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new position in shares of Exelixis during the 1st quarter valued at about $27,000. Western Wealth Management LLC acquired a new stake in Exelixis during the first quarter worth about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Exelixis during the second quarter worth about $46,000. Northwestern Mutual Wealth Management Co. purchased a new position in Exelixis during the second quarter worth about $57,000. Finally, Continuum Advisory LLC acquired a new position in Exelixis in the 2nd quarter valued at about $76,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company’s research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis’ principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.