Exelixis (NASDAQ:EXEL) Announces Quarterly Earnings Results

Exelixis (NASDAQ:EXEL) released its quarterly earnings data on Tuesday. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04, Zacks reports. The company had revenue of $539.50 million during the quarter, compared to analyst estimates of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 earnings per share. Exelixis updated its FY 2024 guidance to EPS.

Exelixis Trading Up 2.3 %

Exelixis stock traded up $0.75 during mid-day trading on Friday, reaching $33.95. The company’s stock had a trading volume of 2,476,334 shares, compared to its average volume of 2,059,920. Exelixis has a twelve month low of $19.20 and a twelve month high of $34.45. The business has a 50 day moving average price of $26.96 and a 200-day moving average price of $24.21. The firm has a market cap of $9.70 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 0.69 and a beta of 0.54.

Insiders Place Their Bets

In related news, EVP Dana Aftab sold 95,000 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 520,990 shares in the company, valued at $13,024,750. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Dana Aftab sold 95,000 shares of the firm’s stock in a transaction that occurred 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 owns 520,990 shares of the company’s stock, valued at approximately $13,024,750. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher J. Senner sold 125,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the transaction, the chief financial officer now owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,858 shares of company stock valued at $9,349,879. Company insiders own 2.85% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on EXEL shares. Wells Fargo & Company increased their price target on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley boosted their price target on Exelixis from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Exelixis in a research report on Tuesday, July 30th. BMO Capital Markets boosted their target price on shares of Exelixis from $29.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.44.

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.