Exelixis (EXEL) Upgraded by Zacks Investment Research to “Hold”

Exelixis (NASDAQ:EXEL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Exelixis put up a strong performance in 2017 driven by gain in market share for Cabometyx. Sales are expected to get a further boost as the company will launch the drug for first-line RCC which will increases the eligible patient population for Caobometyx in the United States. A potential label expansion for advanced HCC will further boost the growth prospects. Shares of the company have outperformed the industry in the past one year. However, Exelixis is heavily dependent on Cabometyx for growth. Competition should stiffen up in 2018 as the FDA accepted Bristol-Myers’ supplemental Biologics License Application for priority review of Opdivo plus Yervoy to treat intermediate- and poor-risk patients with advanced RCC with an action date in Apr 2018. Moreover, there has been a slowdown in demand of Cabometyx in recent times and hence the company might find it tough to gain further market share.”

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Other equities research analysts have also recently issued reports about the stock. BidaskClub raised shares of Exelixis from a “hold” rating to a “buy” rating in a research note on Thursday, January 25th. SunTrust Banks reissued a “buy” rating and issued a $38.00 price objective on shares of Exelixis in a research note on Thursday, December 21st. Cann reissued a “buy” rating and issued a $40.00 price objective on shares of Exelixis in a research note on Thursday, March 8th. TheStreet cut shares of Exelixis from a “b” rating to a “c+” rating in a research note on Thursday, March 15th. Finally, Oppenheimer reissued a “hold” rating on shares of Exelixis in a research note on Thursday, January 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Exelixis has a consensus rating of “Hold” and an average price target of $34.10.

Exelixis stock opened at $24.51 on Monday. Exelixis has a 12 month low of $18.03 and a 12 month high of $32.50. The firm has a market cap of $7,301.01, a price-to-earnings ratio of 50.02, a PEG ratio of 1.34 and a beta of 1.96.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Monday, February 26th. The biotechnology company reported $0.12 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.12. The business had revenue of $120.10 million for the quarter, compared to analysts’ expectations of $120.25 million. Exelixis had a net margin of 34.08% and a return on equity of 81.05%. The business’s revenue for the quarter was up 54.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 EPS. research analysts predict that Exelixis will post 0.57 EPS for the current year.

In other Exelixis news, Director Alan M. Garber sold 15,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $30.30, for a total value of $454,500.00. Following the transaction, the director now directly owns 64,829 shares in the company, valued at approximately $1,964,318.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lance Willsey sold 30,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $23.91, for a total transaction of $717,300.00. Following the completion of the transaction, the director now owns 483,273 shares in the company, valued at $11,555,057.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 120,029 shares of company stock worth $3,158,287. 5.10% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Mark Sheptoff Financial Planning LLC purchased a new position in Exelixis in the 3rd quarter valued at about $120,000. Sigma Planning Corp purchased a new position in Exelixis in the 4th quarter valued at about $208,000. American International Group Inc. purchased a new position in Exelixis in the 4th quarter valued at about $208,000. Klingenstein Fields & Co. LLC purchased a new position in Exelixis in the 4th quarter valued at about $213,000. Finally, Globeflex Capital L P purchased a new position in Exelixis in the 4th quarter valued at about $246,000. Institutional investors own 80.49% of the company’s stock.

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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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