Exelixis (NASDAQ:EXEL) Reaches New 52-Week High – Time to Buy?

Exelixis, Inc. (NASDAQ:EXEL) shares reached a new 52-week high during trading on Friday . The company traded as high as $52.98 and last traded at $52.6390, with a volume of 744506 shares. The stock had previously closed at $52.49.

Wall Street Analysts Forecast Growth

EXEL has been the topic of several recent research reports. Zacks Research downgraded Exelixis from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. Wells Fargo & Company upped their price objective on Exelixis from $35.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reduced their price objective on Exelixis from $46.00 to $43.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. HC Wainwright upped their price objective on Exelixis from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Stifel Nicolaus upped their price objective on Exelixis from $44.00 to $47.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $47.35.

Exelixis Stock Up 0.7%

The stock has a market capitalization of $13.28 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.08 and a beta of 0.41. The company has a 50 day moving average of $46.76 and a 200 day moving average of $44.47.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.75 by $0.12. The firm had revenue of $610.81 million during the quarter, compared to analyst estimates of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share. On average, research analysts forecast that Exelixis, Inc. will post 3.18 earnings per share for the current fiscal year.

Insider Transactions at Exelixis

In related news, Director Maria C. Freire sold 20,634 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total value of $949,164.00. Following the completion of the transaction, the director directly owned 100,819 shares in the company, valued at approximately $4,637,674. This represents a 16.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Patrick J. Haley sold 32,110 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $49.81, for a total value of $1,599,399.10. Following the sale, the executive vice president owned 357,638 shares of the company’s stock, valued at $17,813,948.78. This represents a 8.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 219,170 shares of company stock valued at $10,620,641. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Exelixis

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Exelixis by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company’s stock worth $2,549,000 after buying an additional 281 shares during the period. RHS Financial LLC boosted its position in shares of Exelixis by 2.4% in the fourth quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company’s stock worth $553,000 after buying an additional 293 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Exelixis by 5.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock worth $237,000 after buying an additional 298 shares during the period. Cim LLC boosted its position in shares of Exelixis by 0.9% in the third quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock worth $1,462,000 after buying an additional 305 shares during the period. Finally, J.W. Cole Advisors Inc. boosted its position in shares of Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company’s stock worth $235,000 after buying an additional 329 shares during the period. 85.27% of the stock is currently 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.