Exelixis (NASDAQ:EXEL) Sets New 52-Week High – Here’s What Happened

Exelixis, Inc. (NASDAQ:EXEL)’s stock price reached a new 52-week high on Thursday . The company traded as high as $53.82 and last traded at $52.58, with a volume of 3104077 shares trading hands. The stock had previously closed at $52.99.

Analyst Upgrades and Downgrades

A number of analysts recently commented on EXEL shares. Stifel Nicolaus raised their price target on Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Exelixis in a research note on Tuesday, May 19th. Zacks Research lowered Exelixis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Barclays raised their price target on Exelixis from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, April 20th. Finally, Morgan Stanley raised their price target on Exelixis from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $47.35.

Exelixis Price Performance

The business has a 50 day moving average of $47.59 and a 200 day moving average of $44.76. The company has a market cap of $13.22 billion, a PE ratio of 17.47, a price-to-earnings-growth ratio of 1.53 and a beta of 0.41.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data 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 business 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 company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 earnings per share. Sell-side analysts forecast that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In other Exelixis news, EVP Dana Aftab sold 43,451 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the completion of the transaction, the executive vice president owned 594,741 shares of the company’s stock, valued at approximately $29,945,209.35. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Maria C. Freire sold 20,634 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $46.00, for a total value of $949,164.00. Following the transaction, the director directly owned 100,819 shares of the company’s stock, valued at $4,637,674. This represents a 16.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 219,170 shares of company stock valued at $10,620,641. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Exelixis

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in shares of Exelixis by 5.7% during the first quarter. Parallel Advisors LLC now owns 9,115 shares of the biotechnology company’s stock valued at $391,000 after acquiring an additional 495 shares in the last quarter. Ramiah Investment Group bought a new position in shares of Exelixis during the first quarter valued at $225,000. Glenmede Trust Co. NA increased its holdings in shares of Exelixis by 10.1% during the first quarter. Glenmede Trust Co. NA now owns 8,217 shares of the biotechnology company’s stock valued at $352,000 after acquiring an additional 757 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Exelixis during the first quarter valued at $281,000. Finally, BankChampaign National Association bought a new position in shares of Exelixis during the first quarter valued at $639,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Exelixis Company Profile

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.