BMO Capital Markets Cuts Exelixis (NASDAQ:EXEL) Price Target to $19.00

Exelixis (NASDAQ:EXEL) had its target price decreased by BMO Capital Markets from $23.00 to $19.00 in a report published on Tuesday morning, The Fly reports. BMO Capital Markets currently has a market perform rating on the biotechnology company’s stock.

A number of other research firms have also recently issued reports on EXEL. Stifel Nicolaus lifted their target price on shares of Exelixis from $22.00 to $23.00 and gave the company a hold rating in a research note on Thursday, August 1st. Cowen set a $25.00 target price on shares of Exelixis and gave the company a buy rating in a research note on Wednesday, July 31st. ValuEngine cut shares of Exelixis from a sell rating to a strong sell rating in a research note on Monday, September 16th. BidaskClub cut shares of Exelixis from a hold rating to a sell rating in a research note on Wednesday, August 28th. Finally, Zacks Investment Research cut shares of Exelixis from a hold rating to a sell rating and set a $19.00 target price for the company. in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $27.43.

NASDAQ:EXEL opened at $16.52 on Tuesday. Exelixis has a 1 year low of $13.42 and a 1 year high of $25.31. The firm has a 50 day moving average of $18.83 and a 200-day moving average of $20.52. The company has a current ratio of 8.64, a quick ratio of 8.53 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $4.93 billion, a P/E ratio of 11.55 and a beta of 1.81.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Wednesday, July 31st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Exelixis had a net margin of 70.52% and a return on equity of 31.31%. The company had revenue of $240.28 million during the quarter, compared to analysts’ expectations of $226.97 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. Exelixis’s quarterly revenue was up 29.1% compared to the same quarter last year. As a group, analysts forecast that Exelixis will post 0.92 EPS for the current fiscal year.

In related news, insider Patrick J. Haley sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $20.02, for a total value of $500,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Morrissey sold 34,721 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $21.37, for a total transaction of $741,987.77. The disclosure for this sale can be found here. Insiders sold 385,695 shares of company stock valued at $7,747,909 in the last quarter. 4.50% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in shares of Exelixis by 1.2% in the third quarter. Pacer Advisors Inc. now owns 165,951 shares of the biotechnology company’s stock valued at $2,935,000 after purchasing an additional 1,889 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Exelixis by 56.7% in the third quarter. State of Alaska Department of Revenue now owns 53,830 shares of the biotechnology company’s stock valued at $951,000 after purchasing an additional 19,484 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in shares of Exelixis in the second quarter valued at approximately $227,000. Nomura Holdings Inc. acquired a new stake in shares of Exelixis in the second quarter valued at approximately $698,000. Finally, Natixis acquired a new stake in shares of Exelixis in the second quarter valued at approximately $924,000. 77.39% of the stock is owned by institutional investors and hedge funds.

Exelixis Company Profile

Exelixis, Inc, an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. 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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