Exelixis (NASDAQ:EXEL) Sets New 52-Week High Following Analyst Upgrade

Exelixis, Inc. (NASDAQ:EXEL) shares reached a new 52-week high on Thursday after UBS Group raised their price target on the stock from $43.00 to $52.00. UBS Group currently has a neutral rating on the stock. Exelixis traded as high as $56.11 and last traded at $55.9670, with a volume of 362658 shares trading hands. The stock had previously closed at $53.96.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company upped their target price on shares of Exelixis from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Citizens Jmp upped their price target on Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a report on Wednesday, June 24th. Morgan Stanley reissued a “positive” rating on shares of Exelixis in a report on Monday, June 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Exelixis in a research note on Tuesday, May 19th. Finally, Stifel Nicolaus raised their target price on Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Exelixis presently has a consensus rating of “Hold” and a consensus target price of $47.60.

Insider Activity at Exelixis

In other news, Director Jack L. Wyszomierski sold 3,925 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $50.55, for a total value of $198,408.75. Following the sale, the director directly owned 284,384 shares in the company, valued at approximately $14,375,611.20. This represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Dana Aftab sold 43,451 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total value of $2,187,757.85. Following the completion of the transaction, the executive vice president directly owned 594,741 shares of the company’s stock, valued at approximately $29,945,209.35. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 219,170 shares of company stock valued at $10,620,641. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of hedge funds have recently made changes to their positions in the company. Motiv8 Investments LLC bought a new stake in Exelixis during the fourth quarter worth about $26,000. Anchor Investment Management LLC increased its holdings in Exelixis by 500.0% during the 3rd quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 500 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Exelixis in the 1st quarter valued at $27,000. Acumen Wealth Advisors LLC acquired a new position in Exelixis in the fourth quarter worth $29,000. Finally, Western Wealth Management LLC bought a new stake in shares of Exelixis during the first quarter worth $29,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Price Performance

The stock has a 50 day moving average price of $50.18 and a two-hundred day moving average price of $45.80. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The firm had revenue of $610.81 million for the quarter, compared to analyst estimates of $607.51 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The company’s revenue was up 10.0% on a year-over-year basis. Sell-side analysts forecast that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

Exelixis Company Profile

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.