HC Wainwright Reiterates “Buy” Rating for Exelixis (NASDAQ:EXEL)

Exelixis (NASDAQ:EXEL)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $47.00 target price on the biotechnology company’s stock, up from their previous target price of $40.00. HC Wainwright’s price target would suggest a potential upside of 12.67% from the company’s current price.

EXEL has been the subject of a number of other research reports. Wells Fargo & Company reissued a “market outperform” rating on shares of Exelixis in a report on Thursday, April 17th. Guggenheim set a $45.00 price target on Exelixis and gave the company a “buy” rating in a report on Thursday, May 15th. Bank of America boosted their price target on Exelixis from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, June 5th. UBS Group restated an “underperform” rating on shares of Exelixis in a research report on Thursday, April 17th. Finally, Stephens restated an “equal weight” rating and issued a $29.00 price objective on shares of Exelixis in a research report on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.76.

Exelixis Stock Performance

Shares of EXEL traded up $0.13 on Thursday, reaching $41.72. The stock had a trading volume of 568,881 shares, compared to its average volume of 2,353,308. The firm has a market capitalization of $11.38 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 1.13 and a beta of 0.28. The company has a 50-day simple moving average of $39.69 and a 200-day simple moving average of $36.88. Exelixis has a 12-month low of $21.36 and a 12-month high of $48.85.

Insider Activity

In other Exelixis news, Director Jack L. Wyszomierski sold 7,535 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $43.09, for a total transaction of $324,683.15. Following the completion of the sale, the director now owns 358,882 shares in the company, valued at $15,464,225.38. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Patrick J. Haley sold 126,383 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $47.96, for a total value of $6,061,328.68. Following the sale, the executive vice president now owns 446,459 shares of the company’s stock, valued at approximately $21,412,173.64. This represents a 22.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 458,113 shares of company stock valued at $21,024,817. 2.82% of the stock is currently owned by insiders.

Institutional Trading of Exelixis

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in shares of Exelixis during the 4th quarter valued at about $17,046,000. Allspring Global Investments Holdings LLC increased its stake in shares of Exelixis by 82.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock valued at $52,884,000 after purchasing an additional 704,786 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Exelixis during the 4th quarter worth approximately $706,000. Wells Fargo & Company MN increased its stake in Exelixis by 1,637.9% during the 4th quarter. Wells Fargo & Company MN now owns 746,286 shares of the biotechnology company’s stock worth $24,851,000 after buying an additional 703,343 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in Exelixis by 958.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,942 shares of the biotechnology company’s stock worth $99,000 after buying an additional 2,664 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers 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 progressive and metastatic medullary thyroid cancer.