Exelixis (NASDAQ:EXEL) Given New $38.00 Price Target at Piper Sandler

Exelixis (NASDAQ:EXEL) had its price objective hoisted by equities researchers at Piper Sandler from $37.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price objective indicates a potential upside of 8.13% from the company’s current price.

EXEL has been the topic of several other research reports. Stifel Nicolaus lifted their price target on shares of Exelixis from $26.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. TD Cowen boosted their price target on Exelixis from $27.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Guggenheim reissued a “buy” rating on shares of Exelixis in a report on Wednesday, January 22nd. Bank of America downgraded Exelixis from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $35.00 to $39.00 in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group raised shares of Exelixis to a “strong sell” rating in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Exelixis has a consensus rating of “Moderate Buy” and an average price target of $36.13.

Exelixis Trading Up 7.1 %

Shares of NASDAQ EXEL opened at $35.14 on Wednesday. The stock has a fifty day moving average price of $34.30 and a 200 day moving average price of $30.71. Exelixis has a 12-month low of $20.14 and a 12-month high of $37.59. The company has a market cap of $10.04 billion, a P/E ratio of 22.38, a P/E/G ratio of 0.63 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a net margin of 22.43% and a return on equity of 20.99%. On average, sell-side analysts forecast that Exelixis will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Patrick J. Haley sold 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $35.27, for a total transaction of $352,700.00. Following the completion of the transaction, the executive vice president now owns 278,665 shares of the company’s stock, valued at approximately $9,828,514.55. The trade was a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the transaction, the executive vice president now owns 486,059 shares of the company’s stock, valued at $17,823,783.53. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,588 shares of company stock worth $3,981,864 in the last three months. 2.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Exelixis

Several hedge funds and other institutional investors have recently made changes to their positions in EXEL. Norges Bank bought a new stake in Exelixis during the 4th quarter valued at $94,867,000. Los Angeles Capital Management LLC raised its stake in shares of Exelixis by 124.0% during the third quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock valued at $46,473,000 after purchasing an additional 991,494 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Exelixis by 82.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock valued at $52,884,000 after purchasing an additional 704,786 shares in the last quarter. Globeflex Capital L P lifted its holdings in Exelixis by 203.8% in the fourth quarter. Globeflex Capital L P now owns 975,151 shares of the biotechnology company’s stock worth $32,473,000 after purchasing an additional 654,200 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec bought a new position in Exelixis in the 3rd quarter valued at about $14,979,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Company Profile

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.