Exelixis (NASDAQ:EXEL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $35.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.24% from the stock’s previous close.
According to Zacks, “Exelixis' lead drug Cabometyx posted strong sales in the first nine months of 2017 thereby underlying the increasing demand for the drug. New patient market share in the second line plus setting increased to 38%. The recent FDA approval of Cabometyx for the treatment previously untreated advanced RCC should further boost demand. The drug performed impressively against widely used Sutent. We expect Cabometyx will pose a challenge to Sutent’s market share for first line RCC in 2018. The approval comes two months ahead of schedule. The drug is also being evaluated for advanced hepatocellular carcinoma (HCC) in the CELESTIAL study. 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 in 2017. However, the company is heavily dependent on Cabometyx for growth.”
Several other analysts have also recently commented on EXEL. Needham & Company LLC lifted their target price on shares of Exelixis from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, October 17th. Oppenheimer reaffirmed a “hold” rating on shares of Exelixis in a research note on Monday, September 25th. Royal Bank of Canada lifted their target price on shares of Exelixis from $33.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $26.00 target price on shares of Exelixis in a research note on Tuesday, October 17th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $38.00 price target on shares of Exelixis in a report on Thursday, December 21st. Six research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.13.
Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported $0.26 earnings per share 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 analysts’ expectations of $104.91 million. During the same period last year, the company posted ($0.04) EPS. The company’s revenue was up 145.2% on a year-over-year basis. analysts expect that Exelixis will post 0.49 earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Mark Sheptoff Financial Planning LLC acquired a new position in Exelixis in the 3rd quarter worth $120,000. Fisher Asset Management LLC acquired a new position in Exelixis in the 3rd quarter worth $213,000. Caxton Associates LP acquired a new position in Exelixis in the 2nd quarter worth $227,000. Raymond James Financial Services Advisors Inc. acquired a new position in Exelixis in the 3rd quarter worth $236,000. Finally, CIBC Asset Management Inc acquired a new position in Exelixis in the 3rd quarter worth $238,000. Institutional investors and hedge funds own 81.15% of the company’s stock.
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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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