Exelixis (NASDAQ:EXEL) Given New $38.00 Price Target at Truist Financial

Exelixis (NASDAQ:EXEL) had its target price lifted by Truist Financial from $33.00 to $38.00 in a report published on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the biotechnology company’s stock.

Several other equities analysts have also commented on the company. Bank of America increased their price objective on Exelixis from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Morgan Stanley lifted their price target on shares of Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Friday, October 11th. StockNews.com raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. Oppenheimer reiterated an “outperform” rating and issued a $29.00 target price on shares of Exelixis in a research report on Tuesday, July 30th. Finally, UBS Group began 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Exelixis has an average rating of “Moderate Buy” and a consensus price target of $31.44.

Exelixis Price Performance

Shares of EXEL opened at $32.44 on Wednesday. Exelixis has a 1-year low of $19.20 and a 1-year high of $33.32. The company has a market capitalization of $9.25 billion, a P/E ratio of 27.97, a P/E/G ratio of 0.61 and a beta of 0.54. The firm’s 50 day simple moving average is $26.81 and its 200 day simple moving average is $24.15.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.44. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. The firm had revenue of $637.18 million for the quarter, compared to analysts’ expectations of $468.21 million. On average, equities analysts anticipate that Exelixis will post 1.58 earnings per share for the current year.

Insider Activity at Exelixis

In other news, Director Maria C. Freire sold 8,250 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total value of $219,120.00. Following the completion of the sale, the director now directly owns 91,007 shares of the company’s stock, valued at approximately $2,417,145.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Exelixis news, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the transaction, the chief financial officer now owns 721,680 shares in the company, valued at approximately $19,622,479.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maria C. Freire sold 8,250 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $26.56, for a total value of $219,120.00. Following the completion of the transaction, the director now directly owns 91,007 shares of the company’s stock, valued at $2,417,145.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 352,858 shares of company stock worth $9,349,879 over the last quarter. Corporate insiders own 2.85% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC boosted its holdings in shares of Exelixis by 1.6% during the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after buying an additional 424,000 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Exelixis by 0.4% during the second quarter. Renaissance Technologies LLC now owns 15,163,066 shares of the biotechnology company’s stock worth $340,714,000 after acquiring an additional 61,350 shares in the last quarter. LSV Asset Management grew its holdings in Exelixis by 107.7% in the second quarter. LSV Asset Management now owns 5,763,728 shares of the biotechnology company’s stock worth $129,511,000 after purchasing an additional 2,989,021 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Exelixis by 7.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,137,201 shares of the biotechnology company’s stock valued at $115,434,000 after purchasing an additional 349,837 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Exelixis by 12.7% during the second quarter. AQR Capital Management LLC now owns 3,281,578 shares of the biotechnology company’s stock valued at $73,425,000 after purchasing an additional 370,199 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.

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.