Exelixis (NASDAQ:EXEL) Stock Rating Lowered by BMO Capital Markets

Exelixis (NASDAQ:EXEL) was downgraded by stock analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday,Briefing.com Automated Import reports. They presently have a $40.00 price objective on the biotechnology company’s stock, up from their previous price objective of $36.00. BMO Capital Markets’ price target would suggest a potential upside of 18.76% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Morgan Stanley lifted their price objective on Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. Piper Sandler increased their price objective on Exelixis from $33.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Stephens boosted their target price on shares of Exelixis from $23.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. JMP Securities restated a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a research report on Friday, October 11th. Finally, The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Exelixis currently has an average rating of “Moderate Buy” and a consensus price target of $32.44.

Exelixis Stock Performance

EXEL opened at $33.68 on Friday. The firm has a market cap of $9.62 billion, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 0.89 and a beta of 0.52. The business has a 50 day moving average price of $33.36 and a 200 day moving average price of $27.47. Exelixis has a twelve month low of $19.20 and a twelve month high of $36.97.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $490.31 million. During the same period in the previous year, the company earned $0.10 earnings per share. Exelixis’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, analysts anticipate that Exelixis will post 1.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Exelixis news, EVP Patrick J. Haley sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total value of $352,700.00. Following the transaction, the executive vice president now directly owns 278,665 shares of the company’s stock, valued at approximately $9,828,514.55. This trade represents a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the sale, the executive vice president now owns 580,325 shares of the company’s stock, valued at $16,475,426.75. The trade was a 4.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 339,736 shares of company stock valued at $11,508,610. 2.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Exelixis

A number of institutional investors have recently made changes to their positions in EXEL. Covestor Ltd boosted its holdings in Exelixis by 5.7% during the third quarter. Covestor Ltd now owns 6,335 shares of the biotechnology company’s stock worth $164,000 after buying an additional 341 shares during the last quarter. Resonant Capital Advisors LLC boosted its stake in Exelixis by 3.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 13,746 shares of the biotechnology company’s stock worth $309,000 after acquiring an additional 477 shares during the last quarter. Cornercap Investment Counsel Inc. grew its holdings in Exelixis by 1.1% during the second quarter. Cornercap Investment Counsel Inc. now owns 50,497 shares of the biotechnology company’s stock valued at $1,135,000 after purchasing an additional 539 shares during the period. Creative Planning raised its holdings in Exelixis by 0.8% in the second quarter. Creative Planning now owns 71,700 shares of the biotechnology company’s stock worth $1,611,000 after purchasing an additional 548 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Exelixis by 3.2% during the third quarter. Advisors Asset Management Inc. now owns 19,853 shares of the biotechnology company’s stock worth $515,000 after purchasing an additional 609 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Exelixis Company Profile

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.