Truist Financial Cuts Exelixis (NASDAQ:EXEL) Price Target to $49.00

Exelixis (NASDAQ:EXEL) had its target price lowered by Truist Financial from $56.00 to $49.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other equities analysts also recently weighed in on EXEL. Stifel Nicolaus raised their target price on shares of Exelixis from $38.00 to $41.00 and gave the company a “hold” rating in a research note on Tuesday. Royal Bank Of Canada reduced their price objective on Exelixis from $50.00 to $45.00 and set a “sector perform” rating for the company in a research report on Tuesday. Wall Street Zen cut Exelixis from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 15th. Citigroup increased their target price on Exelixis from $45.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Finally, Wells Fargo & Company reaffirmed a “market outperform” rating on shares of Exelixis in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Exelixis presently has an average rating of “Moderate Buy” and a consensus price target of $44.44.

Exelixis Stock Down 1.7%

Shares of EXEL stock opened at $36.22 on Tuesday. The business’s fifty day moving average is $43.03 and its 200 day moving average is $38.89. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.74 and a beta of 0.28. Exelixis has a twelve month low of $23.13 and a twelve month high of $49.62.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Monday, July 28th. The biotechnology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.12. The firm had revenue of $568.26 million for the quarter, compared to analysts’ expectations of $574.36 million. Exelixis had a net margin of 27.01% and a return on equity of 27.47%. The company’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. Equities research analysts expect that Exelixis will post 2.04 earnings per share for the current fiscal year.

Insider Transactions at Exelixis

In other Exelixis news, CFO Christopher J. Senner sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $46.00, for a total value of $4,600,000.00. Following the transaction, the chief financial officer directly owned 967,842 shares of the company’s stock, valued at approximately $44,520,732. This trade represents a 9.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Patrick J. Haley sold 126,383 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $47.96, for a total transaction of $6,061,328.68. Following the sale, the executive vice president directly owned 446,459 shares of the company’s stock, valued at $21,412,173.64. The trade was a 22.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 456,605 shares of company stock worth $20,966,005. Company insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Byrne Asset Management LLC increased its holdings in Exelixis by 129.0% in the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 400 shares in the last quarter. Coppell Advisory Solutions LLC purchased a new position in Exelixis during the fourth quarter valued at approximately $25,000. Family Legacy Financial Solutions LLC bought a new position in shares of Exelixis in the second quarter worth approximately $33,000. Hemington Wealth Management boosted its position in shares of Exelixis by 211.3% in the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 522 shares during the period. Finally, Colonial Trust Co SC increased its stake in shares of Exelixis by 616.9% in the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 765 shares in the last quarter. Institutional investors own 85.27% of the company’s stock.

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.