Exelixis (NASDAQ:EXEL) Stock Gets Price Target Cut from Royal Bank Of Canada

Exelixis (NASDAQ:EXEL) had its price target trimmed by Royal Bank Of Canada from $46.00 to $45.00 in a report issued on Thursday morning, MarketBeat reports. The brokerage currently has a sector perform rating on the biotechnology company’s stock.

A number of other research firms also recently commented on EXEL. Citigroup reissued a “market outperform” rating on shares of Exelixis in a research note on Monday, September 14th. Zacks Research raised Exelixis from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 1st. UBS Group set a $55.00 target price on Exelixis in a report on Monday, August 3rd. HC Wainwright reiterated a “buy” rating and issued a $56.00 price target on shares of Exelixis in a research report on Thursday, July 2nd. Finally, BMO Capital Markets initiated coverage on shares of Exelixis in a report on Tuesday, August 18th. They issued a “market perform” rating and a $54.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.79.

Exelixis Price Performance

Exelixis stock opened at $59.86 on Thursday. Exelixis has a 12-month low of $33.76 and a 12-month high of $61.14. The stock has a market capitalization of $14.83 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 1.78 and a beta of 0.47. The firm has a 50 day simple moving average of $56.26 and a 200-day simple moving average of $52.21.

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

Insider Activity

In other news, Director Mary Beckerle sold 9,812 shares of the business’s stock in a transaction 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 sale, the director directly owned 16,079 shares of the company’s stock, valued at $862,799.14. The trade was a 37.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Exelixis

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Exelixis during the 2nd quarter worth about $1,581,991,000. Caisse de depot et placement du Quebec purchased a new stake in Exelixis during the second quarter valued at about $113,951,000. Bank of New York Mellon Corp acquired a new position in shares of Exelixis in the second quarter worth about $107,803,000. Jupiter Topco LLC acquired a new position in shares of Exelixis in the second quarter worth about $67,299,000. Finally, First Trust Advisors LP raised its holdings in shares of Exelixis by 62.0% during the first quarter. First Trust Advisors LP now owns 2,534,992 shares of the biotechnology company’s stock valued at $108,726,000 after acquiring an additional 970,144 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis News Roundup

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: RBC said Exelixis’ experimental cancer drug zanzalintinib has a high likelihood of success in ongoing clinical trials. Positive trial expectations could support the company’s future growth prospects beyond its established cabozantinib franchise. Exelixis’ Zanzalintinib Clinical Trials for Cancer Highly Likely to Succeed, RBC Says
• Positive Sentiment: Truist raised its Exelixis price target to $54 from $52, citing its updated view of the company’s outlook. Zacks Research also modestly increased its FY2028 earnings-per-share estimate to $4.22 from $4.21, indicating stable long-term earnings expectations. Exelixis Stock Gets a Higher Truist Target at USD 54
• Neutral Sentiment: RBC subsequently lifted its target to $51 from $45 but maintained a Sector Perform rating. Truist continues to rate the stock Hold. Although the target increases are constructive, both targets remain well below the current share price, limiting their immediate bullish impact. RBC Raises Price Target on Exelixis to $51 From $45, Keeps Sector Perform Rating
• Negative Sentiment: RBC previously cut its target to $45 from $46, while commentary questioned whether Exelixis is fully valued as the patent-protection window for cabozantinib comes into focus. Potential future competition and reliance on the core product could weigh on valuation. Is Exelixis Fully Valued as Its Cabozantinib Patent Window Comes Into Focus?

About Exelixis

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.