Barclays Issues Positive Forecast for Exelixis (NASDAQ:EXEL) Stock Price

Exelixis (NASDAQ:EXEL) had its target price boosted by analysts at Barclays from $25.00 to $29.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the biotechnology company’s stock. Barclays‘s target price points to a potential downside of 14.69% from the company’s previous close.

Several other equities research analysts have also recently issued reports on EXEL. Morgan Stanley upgraded Exelixis from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $30.00 to $40.00 in a report on Monday, January 27th. StockNews.com cut Exelixis from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Brookline Capital Management began coverage on Exelixis in a report on Monday, December 23rd. They issued a “buy” rating for the company. Bank of America lowered Exelixis from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $35.00 to $39.00 in a research note on Tuesday, December 17th. Finally, Piper Sandler raised their price objective on shares of Exelixis from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.24.

Exelixis Price Performance

NASDAQ:EXEL traded up $1.19 during mid-day trading on Thursday, hitting $33.99. The company’s stock had a trading volume of 397,850 shares, compared to its average volume of 2,503,579. The stock has a market cap of $9.71 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 0.63 and a beta of 0.53. Exelixis has a 1 year low of $20.14 and a 1 year high of $37.59. The business’s fifty day moving average is $34.24 and its two-hundred day moving average is $30.72.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings data on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a net margin of 22.43% and a return on equity of 20.99%. Analysts anticipate that Exelixis will post 1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Patrick J. Haley sold 10,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $35.27, for a total value of $352,700.00. Following the transaction, the executive vice president now owns 278,665 shares of the company’s stock, valued at $9,828,514.55. This represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the transaction, the executive vice president now owns 486,059 shares in the company, valued at approximately $17,823,783.53. The trade was a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,588 shares of company stock worth $3,981,864 in the last ninety days. 2.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Exelixis

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Exelixis by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 29,429,252 shares of the biotechnology company’s stock worth $979,994,000 after purchasing an additional 121,750 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Exelixis by 104.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company’s stock valued at $105,208,000 after buying an additional 1,613,482 shares during the last quarter. FMR LLC grew its position in shares of Exelixis by 19.7% in the 4th quarter. FMR LLC now owns 2,947,599 shares of the biotechnology company’s stock valued at $98,155,000 after buying an additional 485,527 shares during the last quarter. Norges Bank acquired a new stake in Exelixis during the 4th quarter worth $94,867,000. Finally, Los Angeles Capital Management LLC lifted its position in Exelixis by 20.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,156,996 shares of the biotechnology company’s stock valued at $71,828,000 after acquiring an additional 366,141 shares during the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

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.