Investors Sell Exelixis (EXEL) on Strength on Analyst Downgrade

Investors sold shares of Exelixis, Inc. (NASDAQ:EXEL) on strength during trading hours on Wednesday after Oppenheimer lowered their price target on the stock from $40.00 to $31.00. $46.67 million flowed into the stock on the tick-up and $65.99 million flowed out of the stock on the tick-down, for a money net flow of $19.32 million out of the stock. Of all stocks tracked, Exelixis had the 0th highest net out-flow for the day. Exelixis traded up $0.37 for the day and closed at $22.05

EXEL has been the topic of several other reports. BidaskClub raised shares of Exelixis from a “sell” rating to a “hold” rating in a research note on Saturday, December 1st. ValuEngine downgraded shares of Exelixis from a “hold” rating to a “sell” rating in a research note on Saturday, January 19th. Zacks Investment Research downgraded shares of Exelixis from a “buy” rating to a “hold” rating in a research note on Monday. TheStreet raised shares of Exelixis from a “c+” rating to a “b-” rating in a research note on Monday, December 17th. Finally, Piper Jaffray Companies decreased their price target on shares of Exelixis from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, November 5th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $27.25.

In other Exelixis news, EVP Jeffrey Hessekiel sold 11,759 shares of Exelixis stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $19.12, for a total transaction of $224,832.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director George A. Scangos sold 40,000 shares of Exelixis stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $23.53, for a total transaction of $941,200.00. Following the transaction, the director now directly owns 1,363,031 shares in the company, valued at $32,072,119.43. The disclosure for this sale can be found here. Insiders have sold 337,807 shares of company stock worth $7,248,232 over the last ninety days. 4.80% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of EXEL. Bank of New York Mellon Corp raised its stake in Exelixis by 143.0% during the second quarter. Bank of New York Mellon Corp now owns 3,042,525 shares of the biotechnology company’s stock worth $65,476,000 after purchasing an additional 1,790,454 shares during the period. Northern Trust Corp raised its stake in Exelixis by 8.5% during the second quarter. Northern Trust Corp now owns 1,475,263 shares of the biotechnology company’s stock worth $31,748,000 after purchasing an additional 116,171 shares during the period. Bank of Montreal Can raised its stake in Exelixis by 8.4% during the third quarter. Bank of Montreal Can now owns 407,200 shares of the biotechnology company’s stock worth $7,215,000 after purchasing an additional 31,466 shares during the period. Louisiana State Employees Retirement System raised its stake in Exelixis by 6.8% during the third quarter. Louisiana State Employees Retirement System now owns 81,600 shares of the biotechnology company’s stock worth $1,446,000 after purchasing an additional 5,200 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd raised its stake in Exelixis by 27.1% during the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 4,666,961 shares of the biotechnology company’s stock worth $82,698,000 after purchasing an additional 995,133 shares during the period. 78.28% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.54 and a current ratio of 8.66. The company has a market capitalization of $6.44 billion, a P/E ratio of 43.24, a PEG ratio of 1.34 and a beta of 2.21.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, February 12th. The biotechnology company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.14. Exelixis had a net margin of 49.53% and a return on equity of 55.71%. The company had revenue of $228.60 million for the quarter, compared to the consensus estimate of $188.44 million. During the same period in the previous year, the firm earned $0.12 earnings per share. Exelixis’s quarterly revenue was up 90.4% compared to the same quarter last year. On average, analysts predict that Exelixis, Inc. will post 1.3 EPS for the current fiscal year.

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About Exelixis (NASDAQ:EXEL)

Exelixis, Inc, a biotechnology company, engages in the discovery, development, and commercialization of new medicines to enhance care and outcomes for people with cancer. The company's products include 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 patients with progressive and metastatic medullary thyroid cancer.

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