Cann Reiterates “Hold” Rating for Exelixis, Inc. (NASDAQ:EXEL)

Cann reissued their hold rating on shares of Exelixis, Inc. (NASDAQ:EXEL) in a report released on Monday, October 16th.

“Exelixis, Inc. announced today that FDA has granted Priority Review of its supplemental New Drug Application (sNDA) for Cabometyx (cabozantinib) for patients with previously untreated advanced renal cell carcinoma (RCC). FDA has assigned a Prescription Drug User Fee Act (PDUFA) action date of February 15, 2018. We have modeled that Cabometyx will expand into the front-line RCC setting by 2019, but based on the timing of the PDUFA date for this indication, we now believe it could happen sooner.”,” Cann’s analyst commented.

EXEL has been the topic of several other research reports. Needham & Company LLC reaffirmed a buy rating and issued a $30.00 target price (up previously from $28.00) on shares of Exelixis in a research note on Tuesday, September 12th. Piper Jaffray Companies reaffirmed a buy rating and issued a $29.00 target price on shares of Exelixis in a research note on Thursday, August 3rd. Royal Bank Of Canada began coverage on shares of Exelixis in a research note on Thursday, September 14th. They issued an outperform rating and a $32.00 target price on the stock. Leerink Swann lowered shares of Exelixis from an outperform rating to a market perform rating and reduced their target price for the company from $34.00 to $28.00 in a research note on Friday, September 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Exelixis in a research note on Sunday, September 10th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $31.38.

Exelixis (EXEL) traded up 2.74% during mid-day trading on Monday, hitting $26.63. The stock had a trading volume of 2,969,016 shares. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 134.49 and a beta of 1.91. Exelixis has a one year low of $10.04 and a one year high of $32.50. The company has a 50 day moving average price of $26.15 and a 200-day moving average price of $24.29.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Exelixis had a net margin of 18.20% and a return on equity of 80.43%. The firm had revenue of $99.01 million for the quarter, compared to analyst estimates of $85.27 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The company’s revenue was up 173.1% on a year-over-year basis. Equities analysts expect that Exelixis will post $0.28 earnings per share for the current fiscal year.

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In other Exelixis news, insider Michael Morrissey sold 300,000 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gisela Schwab sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $23.79, for a total transaction of $2,379,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 970,152 shares of company stock worth $25,923,457 over the last 90 days. Corporate insiders own 5.10% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Quadrant L P CA acquired a new stake in shares of Exelixis in the second quarter valued at approximately $144,000. Meeder Asset Management Inc. acquired a new stake in shares of Exelixis in the first quarter valued at approximately $170,000. Fisher Asset Management LLC acquired a new stake in shares of Exelixis in the third quarter valued at approximately $213,000. Wetherby Asset Management Inc. acquired a new stake in shares of Exelixis in the second quarter valued at approximately $218,000. Finally, Caxton Associates LP acquired a new stake in shares of Exelixis in the second quarter valued at approximately $227,000. Institutional investors own 78.40% of the company’s stock.

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.

Analyst Recommendations for Exelixis (NASDAQ:EXEL)

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