Exelixis (NASDAQ:EXEL) Releases Earnings Results, Misses Estimates By $0.16 EPS

Exelixis (NASDAQ:EXEL) announced its earnings results on Tuesday. The biotechnology company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16), Briefing.com reports. The company had revenue of $425.23 million during the quarter, compared to analysts’ expectations of $461.04 million. Exelixis had a return on equity of 8.57% and a net margin of 11.35%. Exelixis’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 EPS. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Performance

NASDAQ:EXEL traded down $2.35 during mid-day trading on Wednesday, hitting $21.11. 3,094,919 shares of the company’s stock traded hands, compared to its average volume of 2,256,075. The company has a fifty day moving average of $22.86 and a 200 day moving average of $22.21. Exelixis has a twelve month low of $18.52 and a twelve month high of $24.34. The company has a market capitalization of $6.22 billion, a P/E ratio of 33.30, a P/E/G ratio of 0.62 and a beta of 0.54.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. William Blair reiterated an “outperform” rating on shares of Exelixis in a report on Wednesday. Royal Bank of Canada boosted their price objective on Exelixis from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. JMP Securities restated a “market outperform” rating and set a $27.00 price objective on shares of Exelixis in a report on Wednesday, April 10th. TheStreet upgraded Exelixis from a “c+” rating to a “b-” rating in a report on Monday, March 18th. Finally, Barclays cut Exelixis from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a report on Thursday, April 11th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and a consensus target price of $26.29.

Insider Activity at Exelixis

In other Exelixis news, Director David Edward Johnson bought 190,000 shares of Exelixis stock in a transaction that occurred on Wednesday, February 21st. The shares were bought at an average cost of $20.70 per share, with a total value of $3,933,000.00. Following the transaction, the director now directly owns 1,100,730 shares of the company’s stock, valued at approximately $22,785,111. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Exelixis news, EVP Patrick J. Haley sold 47,020 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $21.45, for a total transaction of $1,008,579.00. Following the sale, the executive vice president now owns 384,866 shares in the company, valued at approximately $8,255,375.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Edward Johnson purchased 190,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were purchased at an average price of $20.70 per share, for a total transaction of $3,933,000.00. Following the purchase, the director now owns 1,100,730 shares in the company, valued at approximately $22,785,111. The disclosure for this purchase can be found here. 2.85% of the stock is currently owned by corporate insiders.

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.