Exelixis (NASDAQ:EXEL) Issues Quarterly Earnings Results

Exelixis (NASDAQ:EXEL) released its quarterly earnings results on Tuesday. The biotechnology company reported $0.12 earnings per share 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%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 EPS. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Stock Performance

Shares of NASDAQ EXEL traded down $2.32 during trading on Wednesday, reaching $21.14. The stock had a trading volume of 2,944,350 shares, compared to its average volume of 2,254,966. Exelixis has a one year low of $18.52 and a one year high of $24.34. The stock has a market cap of $6.23 billion, a PE ratio of 33.30, a P/E/G ratio of 0.62 and a beta of 0.54. The firm’s 50 day moving average price is $22.86 and its two-hundred day moving average price is $22.21.

Insider Activity

In other news, Director Alan M. Garber sold 19,205 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $24.01, for a total value of $461,112.05. Following the completion of the sale, the director now directly owns 35,703 shares in the company, valued at approximately $857,229.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director David Edward Johnson acquired 190,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was purchased at an average cost of $20.70 per share, for a total transaction of $3,933,000.00. Following the purchase, the director now directly owns 1,100,730 shares in the company, valued at $22,785,111. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan M. Garber sold 19,205 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $24.01, for a total value of $461,112.05. Following the transaction, the director now owns 35,703 shares of the company’s stock, valued at $857,229.03. The disclosure for this sale can be found here. Company insiders own 2.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on EXEL shares. TheStreet upgraded shares of Exelixis from a “c+” rating to a “b-” rating in a research note on Monday, March 18th. Barclays cut shares of Exelixis from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a research report on Thursday, April 11th. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Exelixis in a research note on Wednesday, April 10th. William Blair restated an “outperform” rating on shares of Exelixis in a research note on Wednesday. Finally, Stifel Nicolaus lifted their price objective on Exelixis from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Exelixis currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

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.