HC Wainwright Increases Exelixis (NASDAQ:EXEL) Price Target to $47.00

Exelixis (NASDAQ:EXEL) had its price objective lifted by analysts at HC Wainwright from $40.00 to $47.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 13.44% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and set a $47.00 price target (up previously from $40.00) on shares of Exelixis in a research note on Wednesday, May 14th. Stephens reaffirmed an “equal weight” rating and issued a $29.00 target price on shares of Exelixis in a report on Wednesday, February 12th. Wells Fargo & Company reiterated a “market outperform” rating on shares of Exelixis in a research report on Thursday, April 17th. Piper Sandler boosted their price objective on Exelixis from $37.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Guggenheim set a $45.00 target price on shares of Exelixis and gave the stock a “buy” rating in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Exelixis has an average rating of “Moderate Buy” and an average price target of $39.76.

Exelixis Stock Down 2.6%

EXEL opened at $41.43 on Thursday. Exelixis has a twelve month low of $21.36 and a twelve month high of $48.85. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 1.13 and a beta of 0.28. The firm has a 50 day moving average price of $39.41 and a 200-day moving average price of $36.79.

Insider Activity at Exelixis

In other news, CFO Christopher J. Senner sold 100,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $46.00, for a total value of $4,600,000.00. Following the transaction, the chief financial officer now directly owns 967,842 shares in the company, valued at approximately $44,520,732. This represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction, the executive vice president now owns 446,459 shares in the company, valued at $21,412,173.64. This represents a 22.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 458,113 shares of company stock valued at $21,024,817. 2.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Exelixis

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Exelixis during the fourth quarter valued at $2,619,000. Savant Capital LLC boosted its holdings in Exelixis by 1.2% during the fourth quarter. Savant Capital LLC now owns 70,831 shares of the biotechnology company’s stock worth $2,359,000 after buying an additional 849 shares in the last quarter. Sapient Capital LLC acquired a new stake in Exelixis during the fourth quarter valued at $256,000. Summit Trail Advisors LLC purchased a new position in Exelixis in the fourth quarter valued at $230,000. Finally, Allspring Global Investments Holdings LLC raised its position 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 acquiring an additional 704,786 shares during the period. Institutional investors and hedge funds 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.