Exelixis, Inc. (NASDAQ:EXEL) Earns Outperform Rating from Cowen and Company

Exelixis, Inc. (NASDAQ:EXEL)‘s stock had its “outperform” rating reiterated by analysts at Cowen and Company in a research note issued to investors on Thursday.

Other research analysts have also recently issued research reports about the company. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Exelixis in a research note on Monday, June 5th. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price target on shares of Exelixis in a research note on Thursday, August 3rd. Piper Jaffray Companies reissued a “buy” rating and issued a $29.00 price target on shares of Exelixis in a research note on Thursday, August 3rd. William Blair reissued an “outperform” rating on shares of Exelixis in a research note on Monday, June 26th. Finally, Deutsche Bank AG cut Exelixis from a “buy” rating to a “hold” rating and increased their price target for the stock from $26.00 to $29.00 in a research note on Thursday, August 3rd. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Exelixis presently has an average rating of “Buy” and an average target price of $25.57.

Shares of Exelixis (EXEL) opened at 26.51 on Thursday. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of 133.89 and a beta of 1.89. The firm’s 50 day moving average is $26.12 and its 200 day moving average is $22.29. Exelixis has a 12 month low of $10.04 and a 12 month high of $28.45.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Exelixis had a return on equity of 80.43% and a net margin of 18.20%. The company had revenue of $99.01 million during the quarter, compared to analysts’ expectations of $85.27 million. During the same quarter in the prior year, the business posted ($0.15) earnings per share. The company’s revenue for the quarter was up 173.1% compared to the same quarter last year. On average, equities analysts predict that Exelixis will post $0.26 earnings per share for the current fiscal year.

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In related news, Director Carl B. Feldbaum sold 32,988 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $21.58, for a total transaction of $711,881.04. Following the completion of the transaction, the director now owns 52,721 shares of the company’s stock, valued at $1,137,719.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick J. Haley sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $18.46, for a total value of $92,300.00. The disclosure for this sale can be found here. Company insiders own 5.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in shares of Exelixis by 1.3% in the first quarter. Legal & General Group Plc now owns 84,763 shares of the biotechnology company’s stock valued at $1,834,000 after buying an additional 1,078 shares in the last quarter. Aperio Group LLC boosted its position in shares of Exelixis by 2.7% in the second quarter. Aperio Group LLC now owns 58,345 shares of the biotechnology company’s stock valued at $1,437,000 after buying an additional 1,514 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Exelixis by 7.0% in the second quarter. Teacher Retirement System of Texas now owns 23,251 shares of the biotechnology company’s stock valued at $573,000 after buying an additional 1,517 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Exelixis by 14.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,751 shares of the biotechnology company’s stock valued at $320,000 after buying an additional 1,838 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Exelixis by 26.6% in the second quarter. Meeder Asset Management Inc. now owns 9,957 shares of the biotechnology company’s stock valued at $245,000 after buying an additional 2,091 shares in the last quarter. 80.19% of the stock is owned by institutional investors and hedge funds.

About Exelixis

Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.

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