Exelixis, Inc. (EXEL) Upgraded by Zacks Investment Research to Buy

Exelixis, Inc. (NASDAQ:EXEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $29.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.02% from the company’s previous close.

According to Zacks, “Exelixis received a significant boost with the approval of the tablet formulation of cabozantinib, (distinct from the capsule form) under the brand name Cabometyx for the treatment of RCC in patients. New patient starts, refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug’s sales. Meanwhile, Exelixis is developing cabozantinib in a broad development program and hassubmitted a supplemental New Drug Application (sNDA) for advanced RCC. A potential label expansion of Cabometyx will significantly boost the growth prospects. Exelixis also has collaborations with Bristol-Myers and Roche on the development of the drug in combination with immunotherapy agents. Moreover, Exelixis’ share price has outperformed the industry year to date. However, the company is heavily dependent on Cabometyx for growth.”

A number of other research analysts also recently issued reports on the company. Oppenheimer Holdings, Inc. assumed coverage on Exelixis in a report on Monday, June 12th. They set a “hold” rating for the company. William Blair reiterated an “outperform” rating on shares of Exelixis in a report on Friday, June 16th. BidaskClub upgraded Exelixis from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. SunTrust Banks, Inc. assumed coverage on Exelixis in a report on Thursday, July 13th. They set a “buy” rating and a $33.00 price objective for the company. Finally, Cann reiterated a “hold” rating on shares of Exelixis in a report on Thursday, July 20th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Exelixis presently has a consensus rating of “Buy” and a consensus price target of $29.50.

Shares of Exelixis (NASDAQ:EXEL) traded down 0.16% during midday trading on Tuesday, reaching $25.62. The company’s stock had a trading volume of 581,241 shares. Exelixis has a 12 month low of $10.04 and a 12 month high of $29.50. The stock has a 50-day moving average of $26.45 and a 200 day moving average of $23.83. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 129.39 and a beta of 1.92.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share (EPS) for the quarter, topping the 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 the consensus estimate of $85.27 million. During the same period in the prior year, the company earned ($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, analysts predict that Exelixis will post $0.27 earnings per share for the current fiscal year.

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In related news, EVP Jeffrey Hessekiel sold 27,302 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $24.28, for a total transaction of $662,892.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Christopher J. Senner sold 100,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.79, for a total value of $2,679,000.00. The disclosure for this sale can be found here. Insiders have sold 970,152 shares of company stock valued at $25,923,457 over the last three months. Insiders own 5.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc boosted its position in Exelixis by 1.3% during the first quarter. Legal & General Group Plc now owns 84,763 shares of the biotechnology company’s stock valued at $1,834,000 after purchasing an additional 1,078 shares during the last quarter. Aperio Group LLC boosted its position in Exelixis by 2.7% during the second quarter. Aperio Group LLC now owns 58,345 shares of the biotechnology company’s stock valued at $1,437,000 after purchasing an additional 1,514 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Exelixis by 7.0% during the second quarter. Teacher Retirement System of Texas now owns 23,251 shares of the biotechnology company’s stock valued at $573,000 after purchasing an additional 1,517 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Exelixis by 26.6% during the second quarter. Meeder Asset Management Inc. now owns 9,957 shares of the biotechnology company’s stock valued at $245,000 after purchasing an additional 2,091 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in Exelixis by 17.7% during the second quarter. Oppenheimer & Co. Inc. now owns 14,128 shares of the biotechnology company’s stock valued at $348,000 after purchasing an additional 2,129 shares during the last quarter. 79.20% of the stock is owned by hedge funds and other institutional investors.

Exelixis Company Profile

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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