Truist Financial Boosts Exelixis (NASDAQ:EXEL) Price Target to $42.00

Exelixis (NASDAQ:EXEL) had its price target upped by Truist Financial from $38.00 to $42.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other research firms also recently weighed in on EXEL. Stifel Nicolaus raised their price target on Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. JMP Securities lifted their price target on Exelixis from $34.00 to $41.00 and gave the company a “market outperform” rating in a report on Wednesday. Morgan Stanley lifted their price target on Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Guggenheim lifted their price target on Exelixis from $33.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $34.00 price target on shares of Exelixis in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.75.

Exelixis Stock Performance

EXEL stock opened at $37.27 on Wednesday. The stock has a market cap of $10.64 billion, a P/E ratio of 23.89, a P/E/G ratio of 0.87 and a beta of 0.53. The firm has a 50 day simple moving average of $34.95 and a 200 day simple moving average of $29.14. Exelixis has a 52 week low of $20.01 and a 52 week high of $37.31.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business had revenue of $539.50 million for the quarter, compared to analysts’ expectations of $490.31 million. During the same period in the previous year, the company posted $0.10 EPS. Exelixis’s revenue was up 14.3% on a year-over-year basis. Sell-side analysts predict that Exelixis will post 1.7 EPS for the current year.

Insiders Place Their Bets

In other Exelixis news, EVP Dana Aftab sold 1,162 shares of Exelixis stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total value of $36,486.80. Following the transaction, the executive vice president now directly owns 498,945 shares of the company’s stock, valued at $15,666,873. The trade was a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.39, for a total value of $709,750.00. Following the completion of the transaction, the executive vice president now directly owns 580,325 shares in the company, valued at approximately $16,475,426.75. This represents a 4.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 314,736 shares of company stock valued at $10,849,110 in the last three months. Company insiders own 2.85% of the company’s stock.

Institutional Trading of Exelixis

A number of institutional investors and hedge funds have recently modified their holdings of EXEL. V Square Quantitative Management LLC bought a new stake in shares of Exelixis during the third quarter valued at approximately $30,000. USA Financial Formulas bought a new stake in shares of Exelixis during the fourth quarter valued at approximately $32,000. Brooklyn Investment Group bought a new stake in shares of Exelixis during the third quarter valued at approximately $42,000. Capital Performance Advisors LLP bought a new stake in shares of Exelixis during the third quarter valued at approximately $61,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Exelixis during the third quarter valued at approximately $74,000. 85.27% of the stock is currently owned by institutional investors.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.