Short Interest in Exelixis, Inc. (EXEL) Drops By 12.5%

Exelixis, Inc. (NASDAQ:EXEL) saw a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 15,465,148 shares, a decline of 12.5% from the June 15th total of 17,681,775 shares. Currently, 5.5% of the company’s stock are sold short. Based on an average daily volume of 7,594,749 shares, the days-to-cover ratio is presently 2.0 days.

Several equities research analysts have issued reports on EXEL shares. BidaskClub upgraded Exelixis from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. Needham & Company LLC started coverage on Exelixis in a report on Friday, March 31st. They set a “buy” rating and a $28.00 price objective on the stock. SunTrust Banks, Inc. started coverage on Exelixis in a report on Thursday, July 13th. They set a “buy” rating and a $33.00 price objective on the stock. TheStreet upgraded Exelixis from a “d” rating to a “c+” rating in a report on Tuesday, May 2nd. Finally, Zacks Investment Research downgraded Exelixis from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 28th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $20.95.

Shares of Exelixis (NASDAQ:EXEL) opened at 26.99 on Friday. Exelixis has a one year low of $8.58 and a one year high of $27.63. The stock has a 50 day moving average price of $23.04 and a 200-day moving average price of $21.23. The company has a market capitalization of $7.89 billion, a P/E ratio of 1285.24 and a beta of 1.88.

Exelixis (NASDAQ:EXEL) last announced its quarterly earnings data on Monday, May 1st. The biotechnology company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. Exelixis had a return on equity of 126.82% and a net margin of 1.37%. The company had revenue of $80.90 million during the quarter, compared to the consensus estimate of $65.23 million. During the same quarter last year, the company earned ($0.27) EPS. The company’s quarterly revenue was up 425.3% on a year-over-year basis. Equities research analysts predict that Exelixis will post $0.18 earnings per share for the current fiscal year.

In other Exelixis news, insider Michael Morrissey sold 259,149 shares of Exelixis stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $22.24, for a total transaction of $5,763,473.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Gisela Schwab sold 89,910 shares of Exelixis stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $23.01, for a total value of $2,068,829.10. The disclosure for this sale can be found here. Insiders have sold a total of 709,647 shares of company stock worth $15,673,068 over the last 90 days. 5.10% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of EXEL. First Quadrant L P CA bought a new position in shares of Exelixis during the second quarter worth about $144,000. Aperio Group LLC boosted its position in shares of Exelixis by 2.7% in the second quarter. Aperio Group LLC now owns 58,345 shares of the biotechnology company’s stock worth $1,437,000 after buying an additional 1,514 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Exelixis by 26.6% in the second quarter. Meeder Asset Management Inc. now owns 9,957 shares of the biotechnology company’s stock worth $245,000 after buying an additional 2,091 shares during the last quarter. Creative Planning boosted its position in shares of Exelixis by 82.1% in the second quarter. Creative Planning now owns 92,538 shares of the biotechnology company’s stock worth $2,279,000 after buying an additional 41,730 shares during the last quarter. Finally, Handelsinvest Investeringsforvaltning boosted its position in shares of Exelixis by 55.4% in the second quarter. Handelsinvest Investeringsforvaltning now owns 98,500 shares of the biotechnology company’s stock worth $2,426,000 after buying an additional 35,100 shares during the last quarter. 80.82% of the stock is owned by institutional investors and hedge funds.

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Exelixis Company Profile

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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