Zacks Investment Research upgraded shares of Exelixis (NASDAQ:EXEL) from a sell rating to a hold rating in a report published on Monday morning.
According to Zacks, “Exelixis put up a strong performance in 2017 driven by gain in market share for Cabometyx. Sales are expected to get a further boost as the company will launch the drug for first-line RCC which will increases the eligible patient population for Caobometyx in the United States. A potential label expansion for advanced HCC will further boost the growth prospects. Shares of the company have outperformed the industry in the past one year. However, Exelixis is heavily dependent on Cabometyx for growth. Competition should stiffen up in 2018 as the FDA accepted Bristol-Myers’ supplemental Biologics License Application for priority review of Opdivo plus Yervoy to treat intermediate- and poor-risk patients with advanced RCC with an action date in Apr 2018. Moreover, there has been a slowdown in demand of Cabometyx in recent times and hence the company might find it tough to gain further market share.”
A number of other research analysts have also recently weighed in on the company. TheStreet cut Exelixis from a b rating to a c+ rating in a research report on Thursday, March 15th. BidaskClub cut Exelixis from a hold rating to a sell rating in a research report on Tuesday, March 13th. Cann reiterated a buy rating and set a $40.00 price objective on shares of Exelixis in a research report on Thursday, March 8th. ValuEngine cut Exelixis from a hold rating to a sell rating in a research report on Thursday, March 1st. Finally, Stifel Nicolaus lifted their price objective on Exelixis from $29.00 to $30.00 and gave the stock a hold rating in a research report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $34.10.
Exelixis stock opened at $23.81 on Monday. Exelixis has a 52-week low of $18.03 and a 52-week high of $32.50. The firm has a market capitalization of $7,301.01, a price-to-earnings ratio of 48.31, a PEG ratio of 1.34 and a beta of 1.96.
Exelixis (NASDAQ:EXEL) last announced its quarterly earnings results on Monday, February 26th. The biotechnology company reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. Exelixis had a return on equity of 81.05% and a net margin of 34.08%. The business had revenue of $120.10 million during the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter last year, the business posted $0.12 earnings per share. The business’s revenue for the quarter was up 54.8% on a year-over-year basis. analysts forecast that Exelixis will post 0.57 earnings per share for the current fiscal year.
In other Exelixis news, Director Alan M. Garber sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $30.30, for a total value of $454,500.00. Following the sale, the director now directly owns 64,829 shares of the company’s stock, valued at approximately $1,964,318.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Patrick J. Haley sold 45,029 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $27.13, for a total value of $1,221,636.77. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,029 shares of company stock valued at $3,158,287. 5.10% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the business. Public Employees Retirement Association of Colorado boosted its stake in Exelixis by 3.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 53,942 shares of the biotechnology company’s stock worth $1,640,000 after buying an additional 1,840 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Exelixis by 24.1% in the 3rd quarter. Mackenzie Financial Corp now owns 10,116 shares of the biotechnology company’s stock worth $245,000 after buying an additional 1,963 shares during the last quarter. Stifel Financial Corp boosted its stake in Exelixis by 2.8% in the 3rd quarter. Stifel Financial Corp now owns 72,974 shares of the biotechnology company’s stock worth $1,768,000 after buying an additional 2,009 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in Exelixis by 8.7% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 26,607 shares of the biotechnology company’s stock worth $645,000 after buying an additional 2,138 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Exelixis by 0.5% in the 3rd quarter. Swiss National Bank now owns 489,200 shares of the biotechnology company’s stock worth $11,853,000 after buying an additional 2,300 shares during the last quarter. 80.49% of the stock is currently owned by hedge funds and other institutional investors.
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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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