Exelixis, Inc. (NASDAQ:EXEL) Upgraded by Zacks Investment Research to Buy

Exelixis, Inc. (NASDAQ:EXEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, October 18th. The firm currently has a $32.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 16.87% from the company’s current price.

According to Zacks, “Exelixis received a significant boost with the approval of the tablet formulation of cabozantinib, (distinct from the capsule form) under the brand name Cabometyx for the treatment of RCC in patients. New patient starts, refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug’s sales. Meanwhile, Exelixis is developing cabozantinib in a broad development program and hassubmitted a supplemental New Drug Application (sNDA) for advanced RCC. The FDA assigned a PDUFA action date of Feb 15, 2018. A potential label expansion of Cabometyx will significantly boost the growth prospects. Exelixis also has collaborations with Bristol-Myers and Roche on the development of the drug in combination with immunotherapy agents. Moreover, Exelixis’ share price has outperformed the industry year to date. However, the company is heavily dependent on Cabometyx for growth.”

A number of other research analysts also recently weighed in on EXEL. TheStreet raised shares of Exelixis from a “c” rating to a “b-” rating in a research report on Monday, August 7th. William Blair reissued an “outperform” rating on shares of Exelixis in a research report on Thursday, July 27th. Cowen and Company reissued an “outperform” rating on shares of Exelixis in a research report on Thursday, August 10th. Needham & Company LLC raised their price objective on shares of Exelixis from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, October 17th. Finally, BidaskClub downgraded shares of Exelixis from a “strong-buy” rating to a “buy” rating in a report on Monday, August 14th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Exelixis has a consensus rating of “Buy” and an average target price of $31.38.

Shares of Exelixis (NASDAQ EXEL) opened at $27.38 on Wednesday. The stock has a market capitalization of $7,766.15, a PE ratio of 51.47, a PEG ratio of 1.33 and a beta of 1.89.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.18. Exelixis had a net margin of 36.80% and a return on equity of 105.47%. The business had revenue of $152.50 million during the quarter, compared to the consensus estimate of $104.91 million. During the same period in the prior year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 145.2% compared to the same quarter last year. sell-side analysts predict that Exelixis will post 0.43 EPS for the current fiscal year.

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In other news, insider Michael Morrissey sold 300,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $26.90, for a total transaction of $8,070,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stelios Papadopoulos sold 10,000 shares of the stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $25.40, for a total transaction of $254,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 970,152 shares of company stock worth $25,923,457. Corporate insiders own 5.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in EXEL. Ameriprise Financial Inc. grew its holdings in shares of Exelixis by 4.8% during the 1st quarter. Ameriprise Financial Inc. now owns 396,970 shares of the biotechnology company’s stock valued at $8,601,000 after purchasing an additional 18,192 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Exelixis in the 1st quarter worth $1,156,000. Teachers Advisors LLC grew its holdings in Exelixis by 1.7% in the 1st quarter. Teachers Advisors LLC now owns 990,514 shares of the biotechnology company’s stock worth $21,464,000 after acquiring an additional 16,690 shares during the last quarter. Legal & General Group Plc grew its holdings in Exelixis by 1.3% in the 1st quarter. Legal & General Group Plc now owns 84,763 shares of the biotechnology company’s stock worth $1,834,000 after acquiring an additional 1,078 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Exelixis in the 1st quarter worth $170,000. 79.03% of the stock is currently owned by institutional investors.

About Exelixis

Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.

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