Exelixis (NASDAQ:EXEL) Shares Gap Down – Should You Sell?

Exelixis, Inc. (NASDAQ:EXEL) gapped down before the market opened on Monday . The stock had previously closed at $44.04, but opened at $42.59. Exelixis shares last traded at $44.7560, with a volume of 797,024 shares.

Analysts Set New Price Targets

Several research firms have issued reports on EXEL. Wolfe Research initiated coverage on Exelixis in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $48.00 price objective (up previously from $45.00) on shares of Exelixis in a report on Thursday. Oppenheimer reiterated a “market perform” rating and issued a $36.00 price objective on shares of Exelixis in a research report on Wednesday, November 5th. Weiss Ratings restated a “buy (b)” rating on shares of Exelixis in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.84.

Exelixis Stock Up 0.0%

The stock has a fifty day moving average price of $43.03 and a two-hundred day moving average price of $41.07. The company has a market capitalization of $11.81 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.81 and a beta of 0.40.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.10. The firm had revenue of $597.76 million during the quarter, compared to analysts’ expectations of $590.04 million. Exelixis had a return on equity of 31.06% and a net margin of 29.63%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. As a group, research analysts forecast that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Mary C. Beckerle sold 24,622 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $41.93, for a total transaction of $1,032,400.46. Following the sale, the director owned 21,380 shares in the company, valued at $896,463.40. This trade represents a 53.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Dana Aftab sold 48,383 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $42.50, for a total value of $2,056,277.50. Following the completion of the transaction, the executive vice president owned 664,778 shares of the company’s stock, valued at $28,253,065. The trade was a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 245,235 shares of company stock worth $10,490,600. 2.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Exelixis

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC increased its stake in shares of Exelixis by 72.1% during the 4th quarter. SG Americas Securities LLC now owns 36,288 shares of the biotechnology company’s stock valued at $1,591,000 after acquiring an additional 15,203 shares during the last quarter. True Wealth Design LLC increased its position in Exelixis by 49.5% during the fourth quarter. True Wealth Design LLC now owns 3,118 shares of the biotechnology company’s stock worth $137,000 after purchasing an additional 1,032 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Exelixis by 62.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company’s stock worth $8,224,000 after purchasing an additional 71,987 shares during the period. NorthCrest Asset Manangement LLC raised its stake in Exelixis by 50.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 38,444 shares of the biotechnology company’s stock worth $1,630,000 after purchasing an additional 12,969 shares during the period. Finally, Wedmont Private Capital acquired a new position in shares of Exelixis in the 4th quarter valued at $297,000. 85.27% of the stock is owned by institutional investors and hedge funds.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.