Exelixis (NASDAQ:EXEL) Price Target Raised to $34.00 at Royal Bank of Canada

Exelixis (NASDAQ:EXEL) had its price objective increased by Royal Bank of Canada from $30.00 to $34.00 in a research report sent to investors on Wednesday morning, Marketbeat.com reports. Royal Bank of Canada currently has an outperform rating on the biotechnology company’s stock.

A number of other analysts also recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $29.00 price objective on shares of Exelixis in a research report on Wednesday, September 18th. UBS Group initiated coverage on shares of Exelixis in a research report on Thursday, September 19th. They set a “neutral” rating and a $30.00 price target for the company. Morgan Stanley upped their price objective on shares of Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Friday, October 11th. Oppenheimer reiterated an “outperform” rating and issued a $29.00 target price on shares of Exelixis in a report on Tuesday, July 30th. Finally, JMP Securities restated a “market outperform” rating and set a $29.00 price target on shares of Exelixis in a research note on Friday, October 11th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.07.

Exelixis Trading Up 3.0 %

Exelixis stock opened at $29.35 on Wednesday. The stock has a market cap of $8.90 billion, a P/E ratio of 45.86, a PEG ratio of 0.54 and a beta of 0.54. The company has a 50-day moving average price of $26.35 and a 200 day moving average price of $23.76. Exelixis has a 12-month low of $18.64 and a 12-month high of $29.60.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.44. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. The business had revenue of $637.18 million during the quarter, compared to the consensus estimate of $468.21 million. As a group, analysts forecast that Exelixis will post 1.59 EPS for the current year.

Insider Buying and Selling

In other Exelixis news, EVP Dana Aftab sold 95,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.00, for a total value of $2,375,000.00. Following the sale, the executive vice president now directly owns 520,990 shares in the company, valued at $13,024,750. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Jeffrey Hessekiel sold 25,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $26.38, for a total value of $659,500.00. Following the transaction, the executive vice president now directly owns 605,325 shares of the company’s stock, valued at $15,968,473.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Aftab sold 95,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.00, for a total transaction of $2,375,000.00. Following the completion of the sale, the executive vice president now directly owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,858 shares of company stock worth $8,640,129. Corporate insiders own 2.85% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several hedge funds have recently made changes to their positions in EXEL. Goldman Sachs Group Inc. grew its stake in Exelixis by 0.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,048,809 shares of the biotechnology company’s stock worth $25,161,000 after buying an additional 5,833 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Exelixis by 25.1% during the fourth quarter. Wellington Management Group LLP now owns 129,935 shares of the biotechnology company’s stock worth $3,117,000 after acquiring an additional 26,049 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Exelixis by 232.6% in the 4th quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 728 shares during the period. Rise Advisors LLC purchased a new stake in Exelixis in the 1st quarter valued at $28,000. Finally, Alaska Permanent Fund Corp boosted its stake in Exelixis by 1.2% during the 1st quarter. Alaska Permanent Fund Corp now owns 53,239 shares of the biotechnology company’s stock worth $1,263,000 after purchasing an additional 617 shares during the period. Hedge funds and other institutional investors own 85.27% of the company’s stock.

About Exelixis

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.