Exelixis (NASDAQ:EXEL) Given New $78.00 Price Target at HC Wainwright

Exelixis (NASDAQ:EXEL) had its price objective lifted by analysts at HC Wainwright from $56.00 to $78.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright‘s price target suggests a potential upside of 12.41% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on EXEL. Zacks Research upgraded Exelixis from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. Wells Fargo & Company boosted their target price on Exelixis from $40.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, July 13th. Barclays raised their price target on Exelixis from $49.00 to $54.00 and gave the company an “equal weight” rating in a research report on Friday. TD Cowen lifted their price target on Exelixis from $55.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Truist Financial increased their price objective on shares of Exelixis from $54.00 to $60.00 and gave the company a “hold” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.79.

Exelixis Price Performance

NASDAQ EXEL opened at $69.39 on Monday. Exelixis has a 52-week low of $36.00 and a 52-week high of $72.10. The firm has a 50-day moving average price of $59.39 and a 200 day moving average price of $50.92. The stock has a market capitalization of $16.93 billion, a P/E ratio of 20.78, a P/E/G ratio of 1.95 and a beta of 0.45.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.05. Exelixis had a return on equity of 45.54% and a net margin of 35.45%. The business had revenue of $658.70 million during the quarter, compared to the consensus estimate of $646.51 million. During the same period in the prior year, the business posted $0.78 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Exelixis will post 3.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Exelixis 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 value of $526,511.92. Following the completion of the transaction, the director directly owned 16,079 shares in the company, valued at approximately $862,799.14. The trade was a 37.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently bought and sold shares of EXEL. Chicago Partners Investment Group LLC boosted its holdings in Exelixis by 3.3% in the third quarter. Chicago Partners Investment Group LLC now owns 19,376 shares of the biotechnology company’s stock valued at $1,250,000 after acquiring an additional 624 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new position in shares of Exelixis in the 3rd quarter valued at about $60,000. Tucker Asset Management LLC acquired a new position in shares of Exelixis in the 3rd quarter valued at about $557,000. Signature Equity Partners LLC grew its holdings in shares of Exelixis by 194.0% during the 3rd quarter. Signature Equity Partners LLC now owns 4,134 shares of the biotechnology company’s stock worth $241,000 after purchasing an additional 2,728 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Exelixis during the 3rd quarter worth about $1,402,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Company Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer and other serious diseases. The company’s research programs center primarily on targeted therapies, including treatments designed to inhibit signaling pathways involved in tumor growth and progression.

Exelixis’ lead product is CABOMETYX (cabozantinib), an oral medicine approved in the United States for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer.