Exelixis (NASDAQ:EXEL) Price Target Raised to $53.00

Exelixis (NASDAQ:EXEL) had its price target hoisted by HC Wainwright from $47.00 to $53.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Several other analysts have also weighed in on EXEL. Guggenheim set a $45.00 target price on shares of Exelixis and gave the company a “buy” rating in a research note on Thursday, May 15th. Jefferies Financial Group set a $50.00 price objective on Exelixis and gave the stock a “buy” rating in a research note on Tuesday, June 24th. Truist Financial reiterated a “buy” rating and issued a $55.00 target price (up from $43.00) on shares of Exelixis in a report on Monday, June 23rd. JMP Securities increased their price target on Exelixis from $47.00 to $50.00 and gave the company a “market outperform” rating in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $40.00 target price on shares of Exelixis in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Exelixis currently has a consensus rating of “Moderate Buy” and an average price target of $43.56.

Exelixis Price Performance

Exelixis stock opened at $44.30 on Monday. Exelixis has a 1-year low of $21.82 and a 1-year high of $49.62. The firm has a 50 day simple moving average of $41.54 and a 200-day simple moving average of $37.51. The stock has a market cap of $12.08 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 0.88 and a beta of 0.28.

Insider Buying and Selling

In related news, CMO Amy C. Peterson sold 72,776 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $45.47, for a total value of $3,309,124.72. Following the completion of the transaction, the chief marketing officer directly owned 465,393 shares of the company’s stock, valued at $21,161,419.71. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Patrick J. Haley sold 126,383 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $47.96, for a total transaction of $6,061,328.68. Following the completion of the sale, the executive vice president directly owned 446,459 shares in the company, valued at approximately $21,412,173.64. The trade was a 22.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 458,113 shares of company stock valued at $21,024,817 in the last three months. Insiders own 2.82% of the company’s stock.

Hedge Funds Weigh In On Exelixis

A number of institutional investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC bought a new position in shares of Exelixis in the 4th quarter valued at about $25,000. Hemington Wealth Management lifted its stake in shares of Exelixis by 211.3% in the 1st quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 522 shares during the period. Colonial Trust Co SC grew its stake in shares of Exelixis by 616.9% during the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 765 shares during the period. Bartlett & CO. Wealth Management LLC bought a new stake in Exelixis in the first quarter valued at about $37,000. Finally, Costello Asset Management INC acquired a new position in Exelixis in the first quarter valued at about $39,000. 85.27% of the stock is owned by institutional investors.

About Exelixis

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.