Exelixis (NASDAQ:EXEL) Shares Gap Down to $19.40

Exelixis, Inc. (NASDAQ:EXEL) shares gapped down prior to trading on Wednesday . The stock had previously closed at $20.27, but opened at $19.40. Exelixis shares last traded at $18.69, with a volume of 4,351,054 shares changing hands.

A number of brokerages have issued reports on EXEL. Zacks Investment Research lowered Exelixis from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research report on Friday, January 10th. Piper Jaffray Companies cut their target price on Exelixis from $45.00 to $35.00 in a research report on Thursday, October 31st. Bank of America reaffirmed a “buy” rating and issued a $21.00 target price (down from $22.00) on shares of Exelixis in a research report on Monday, January 13th. ValuEngine raised Exelixis from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler reaffirmed a “buy” rating and issued a $35.00 target price on shares of Exelixis in a research report on Tuesday, February 11th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Exelixis currently has an average rating of “Buy” and a consensus target price of $26.18.

The company has a current ratio of 6.89, a quick ratio of 6.80 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 9.58, a price-to-earnings-growth ratio of 2.92 and a beta of 1.93. The company has a 50-day moving average of $19.26 and a 200-day moving average of $18.31.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, February 25th. The biotechnology company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.07. The business had revenue of $240.31 million for the quarter, compared to analyst estimates of $240.49 million. Exelixis had a return on equity of 25.55% and a net margin of 64.05%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 EPS. On average, research analysts forecast that Exelixis, Inc. will post 0.97 earnings per share for the current year.

In related news, Director Alan M. Garber sold 86,956 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $18.01, for a total transaction of $1,566,077.56. Following the sale, the director now directly owns 91,329 shares of the company’s stock, valued at approximately $1,644,835.29. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vincent T. Marchesi sold 61,683 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $20.01, for a total value of $1,234,276.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 585,139 shares of company stock worth $11,229,914. Corporate insiders own 4.50% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Manchester Financial Inc. acquired a new stake in Exelixis in the fourth quarter worth $29,000. NWK Group Inc. acquired a new stake in Exelixis in the fourth quarter worth $41,000. Huntington National Bank acquired a new stake in Exelixis in the fourth quarter worth $52,000. Chevy Chase Trust Holdings Inc. acquired a new stake in Exelixis in the fourth quarter worth $53,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in Exelixis in the fourth quarter worth $55,000. 78.23% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Company Profile (NASDAQ:EXEL)

Exelixis, Inc, an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include 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 patients with progressive and metastatic medullary thyroid cancer.

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