On October 12, 2023, Exelixis (NASDAQ:EXEL), a biotechnology company, received a reaffirmation of its “buy” rating from Guggenheim in a report released to the public. The equities researchers at Guggenheim also maintained their target price of $30.00 for the stock. This suggests a potential upside of 39.28% from the current price of the company’s shares.
As of Wednesday, EXEL traded down $0.07 and reached $21.54 per share. A total of 569,465 shares were exchanged on that day compared to the average volume of 2,673,899 shares. Over the past twelve months, Exelixis’ stock has experienced a low of $15.09 and a high of $22.80. Currently, the stock has a fifty-day moving average price of $21.70 and a two-hundred day moving average price of $20.15. Exelixis boasts a market capitalization of approximately $6.86 billion with a PE ratio standing at 42.24 and a P/E/G ratio at 1.44. Additionally, it holds a beta value of 0.66.
Notably, institutional investors and hedge funds have made recent adjustments to their stakes in Exelixis’ stock. Barclays PLC increased its holdings by 48.6% during Q2, which now amounts to owning 416,785 shares worth $7,963,000 after acquiring an additional 136,314 shares during that period.
Similarly, Virginia Retirement Systems ET AL purchased new stocks during Q2 valued at around $3,124,000 concerning Exelixis.
Furthermore, Teachers Retirement System of The State of Kentucky grew its holdings in Exelixis by 10.3% or owning now approximately 56,785 shares valued at roughly $1,086.
000 after purchasing an additional 5,303 shares during the preceding quarter.
Another noteworthy investment made was by Nuveen Asset Management LLC. The company increased its position in Exelixis by 17.5% during Q2 of 2023 and currently owns 3,510,043 shares valued at $67,077,000 after acquiring an additional 522,132 shares.
Lastly, Neo Ivy Capital Management took a new position during Q2 worth $509,000 in shares of Exelixis. Institutional investors and hedge funds currently own around 93.09% of the stock.
Turning our attention to financial performance, Exelixis last reported its quarterly earnings data on Tuesday, August 1st. The biotechnology company exceeded analysts’ consensus estimates by posting earnings per share of $0.25 for the quarter, amounting to a beat of $0.10 from the expected $0.15. Moreover, Exelixis achieved a return on equity of 6.53% with a net margin of 9.58%. The company generated revenue of $469.85 million during the quarter compared to analysts’ expectations of $448.59 million.
Looking ahead to the current fiscal year’s expectations, research analysts anticipate that Exelixis will post earnings per share of approximately $0.72.
In summary, Guggenheim’s reaffirmation of the “buy” rating for Exelixis reflects confidence in the biotechnology company’s potential growth as it continues to show positive financial performance and attract interest from institutional investors and hedge funds.
Equities Research Update: Exelixis Inc.’s Performance, Ratings, and Insider Activity
October 12, 2023 – In recent equities research, analysts have provided updates on Exelixis Inc. (EXEL), shedding light on the company’s performance and future prospects. JMP Securities raised their target price from $24.00 to $27.00, giving the stock an “outperform” rating on August 22nd. SVB Leerink initiated coverage of Exelixis on August 8th, with a “market perform” rating and a price target of $18.00. Truist Financial reconfirmed its “buy” recommendation for the stock, setting a target price of $32.00 on September 13th.
HC Wainwright also initiated coverage on Exelixis on September 26th, assigning a “buy” rating and a $28.00 price target to the company’s shares. Additionally, Stifel Nicolaus reiterated its “hold” rating and set a $23.00 price objective for Exelixis on September 13th.
These reports indicate that five analysts have given the stock a hold rating, while twelve rated it as a buy. Combining these assessments, Bloomberg data reveals that EXEL currently holds an average rating of “Moderate Buy,” with a consensus target price of $25.24.
In other news pertaining to the company, EVP Jeffrey Hessekiel sold 55,710 shares of Exelixis’ stock in an August 1st transaction at an average sale price of $19.63 per share, amounting to a total value of $1,093,587.30. Following this transaction, Hessekiel now owns 571,976 shares in Exelixis valued at $11,227,888.88.
Another insider transaction involved EVP Patrick J. Haley selling 30,553 shares of EXEL stock on August 3rd at an average price of $20.67 per share, totaling $631,530.51. Following this sale, Haley now holds 285,467 shares of the company’s stock valued at approximately $5,900,602.89.
These transactions have been duly disclosed with the Securities and Exchange Commission (SEC) and can be accessed through the SEC website or the provided hyperlinks.
Overall, insider transactions in the past three months saw a total of 150,863 shares sold by company insiders, worth $3,059,080. Notably, insiders currently own 2.90% of Exelixis’ outstanding stock.
These updates provide investors and stakeholders with essential information related to Exelixis Inc.’s target price revisions, ratings by industry experts, and recent insider activities.