Shares of Exelixis, Inc. (NASDAQ:EXEL) gapped up before the market opened on Wednesday . The stock had previously closed at $17.60, but opened at $16.92. Exelixis shares last traded at $17.00, with a volume of 61962 shares.

A number of brokerages have recently weighed in on EXEL. Goldman Sachs Group began coverage on Exelixis in a research report on Monday, September 17th. They set a “neutral” rating and a $22.00 price target on the stock. BidaskClub upgraded Exelixis from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 30th. Stifel Nicolaus lowered their target price on Exelixis from $29.00 to $25.00 and set a “hold” rating on the stock in a research report on Wednesday, August 1st. Zacks Investment Research upgraded Exelixis from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, July 31st. Finally, ValuEngine upgraded Exelixis from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 28th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $30.70.

The stock has a market cap of $5.28 billion, a P/E ratio of 33.15 and a beta of 1.94.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Wednesday, August 1st. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.12. Exelixis had a return on equity of 65.68% and a net margin of 48.17%. The company had revenue of $186.10 million for the quarter, compared to analysts’ expectations of $157.37 million. During the same period last year, the firm earned $0.06 EPS. The firm’s revenue for the quarter was up 88.0% on a year-over-year basis. Equities research analysts forecast that Exelixis, Inc. will post 1.03 earnings per share for the current fiscal year.

In other news, Director George A. Scangos sold 25,000 shares of Exelixis stock in a transaction on Monday, September 24th. The stock was sold at an average price of $16.85, for a total transaction of $421,250.00. Following the transaction, the director now directly owns 1,561,981 shares in the company, valued at approximately $26,319,379.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gisela Schwab sold 22,500 shares of Exelixis stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $20.56, for a total value of $462,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 586,129 shares of company stock worth $11,655,453. 4.80% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. MERIAN GLOBAL INVESTORS UK Ltd increased its position in shares of Exelixis by 27.1% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 4,666,961 shares of the biotechnology company’s stock valued at $82,698,000 after purchasing an additional 995,133 shares during the period. Private Capital Advisors Inc. acquired a new position in shares of Exelixis during the 3rd quarter valued at $3,249,000. Louisiana State Employees Retirement System increased its position in shares of Exelixis by 6.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 81,600 shares of the biotechnology company’s stock valued at $1,446,000 after purchasing an additional 5,200 shares during the period. Bank of Montreal Can boosted its stake in shares of Exelixis by 8.4% during the 3rd quarter. Bank of Montreal Can now owns 407,200 shares of the biotechnology company’s stock worth $7,215,000 after acquiring an additional 31,466 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Exelixis during the 3rd quarter worth $183,000. Institutional investors own 80.90% of the company’s stock.

About Exelixis (NASDAQ:EXEL)

Exelixis, Inc, a biotechnology company, engages in the discovery, development, and commercialization of new medicines to enhance care and outcomes for people with cancer. 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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