Exelixis (NASDAQ:EXEL) Given Equal Weight Rating at Morgan Stanley

Morgan Stanley restated their equal weight rating on shares of Exelixis (NASDAQ:EXEL) in a research report released on Thursday, Marketbeat reports. The firm currently has a $48.00 price target on the biotechnology company’s stock, up from their prior price target of $45.00.

EXEL has been the topic of several other reports. TD Cowen boosted their price target on Exelixis from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Exelixis in a research note on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Exelixis in a research report on Wednesday, September 17th. They set a “buy” rating and a $47.00 target price on the stock. HC Wainwright increased their target price on shares of Exelixis from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, Guggenheim downgraded shares of Exelixis from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $45.84.

Exelixis Stock Down 4.4%

EXEL stock opened at $44.15 on Thursday. The firm has a market cap of $11.84 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 0.85 and a beta of 0.40. The company’s fifty day simple moving average is $42.92 and its 200 day simple moving average is $41.12. Exelixis has a 12-month low of $31.90 and a 12-month high of $49.62.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.10. The firm had revenue of $597.76 million during the quarter, compared to analyst estimates of $590.04 million. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the company posted $0.47 EPS. Research analysts expect that Exelixis will post 2.04 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Patrick J. Haley sold 28,043 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $42.58, for a total value of $1,194,070.94. Following the completion of the sale, the executive vice president owned 374,029 shares in the company, valued at $15,926,154.82. This represents a 6.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mary C. Beckerle sold 24,622 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $41.93, for a total transaction of $1,032,400.46. Following the completion of the sale, the director owned 21,380 shares of the company’s stock, valued at approximately $896,463.40. This represents a 53.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 245,235 shares of company stock worth $10,490,600. 2.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXEL. Truist Financial Corp increased its stake in Exelixis by 1.1% in the 2nd quarter. Truist Financial Corp now owns 22,292 shares of the biotechnology company’s stock valued at $983,000 after buying an additional 250 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Exelixis by 0.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 102,581 shares of the biotechnology company’s stock valued at $4,521,000 after acquiring an additional 274 shares in the last quarter. Richardson Financial Services Inc. increased its position in shares of Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 292 shares during the last quarter. Cim LLC increased its position in shares of Exelixis by 0.9% during the third quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock valued at $1,462,000 after acquiring an additional 305 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in Exelixis by 6.4% during the third quarter. Evergreen Capital Management LLC now owns 5,450 shares of the biotechnology company’s stock worth $225,000 after acquiring an additional 329 shares during the period. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.