Barclays Boosts Exelixis (NASDAQ:EXEL) Price Target to $29.00

Exelixis (NASDAQ:EXEL) had its target price increased by Barclays from $25.00 to $29.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

Several other research firms also recently weighed in on EXEL. Wells Fargo & Company increased their price target on Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. HC Wainwright reiterated a “buy” rating and issued a $40.00 price target on shares of Exelixis in a research report on Thursday. TD Cowen lifted their target price on Exelixis from $27.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. StockNews.com lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Piper Sandler raised their price target on shares of Exelixis from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.24.

Exelixis Stock Performance

Exelixis stock opened at $34.49 on Thursday. Exelixis has a fifty-two week low of $20.14 and a fifty-two week high of $37.59. The firm’s 50-day simple moving average is $34.21 and its 200 day simple moving average is $30.75. The stock has a market cap of $9.85 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 0.63 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a return on equity of 20.99% and a net margin of 22.43%. As a group, analysts predict that Exelixis will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jeffrey Hessekiel sold 60,000 shares of Exelixis stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the sale, the executive vice president now directly owns 486,059 shares in the company, valued at approximately $17,823,783.53. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick J. Haley sold 41,588 shares of Exelixis stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.36, for a total transaction of $1,428,963.68. Following the completion of the sale, the executive vice president now owns 288,665 shares in the company, valued at approximately $9,918,529.40. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,588 shares of company stock worth $3,981,864 in the last 90 days. 2.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Exelixis

Several hedge funds and other institutional investors have recently modified their holdings of EXEL. Invesco Ltd. boosted its position in shares of Exelixis by 308.1% during the fourth quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock valued at $132,376,000 after purchasing an additional 3,001,204 shares in the last quarter. Norges Bank purchased a new stake in shares of Exelixis in the fourth quarter worth $94,867,000. Arrowstreet Capital Limited Partnership increased its stake in Exelixis by 104.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company’s stock valued at $105,208,000 after purchasing an additional 1,613,482 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Exelixis by 124.0% in the third quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock worth $46,473,000 after buying an additional 991,494 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Exelixis by 82.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock worth $52,884,000 after buying an additional 704,786 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

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.