Royal Bank of Canada Raises Exelixis Price Target to $40.00

Exelixis (NASDAQ:EXEL) recently received a positive boost from analysts at Royal Bank of Canada, who raised their price target for the biotechnology company from $38.00 to $40.00. This change was reported on Thursday and reflects the firm’s continued confidence in Exelixis, underscoring their "outperform" rating on the stock. This new price target suggests a potential upside of about 8.51% from Exelixis's last trading closure.

Analyst Commentary

Several other analysts have also weighed in on Exelixis in recent weeks. For instance, Stifel Nicolaus raised their target price from $30.00 to $36.00 while maintaining a "hold" rating. Similarly, Wells Fargo & Company downgraded Exelixis from an "overweight" rating to an "equal weight" designation with a price objective of $36.00. In contrast, Citigroup set a more optimistic target by increasing it from $38.00 to $45.00 and recommending a "buy" stance.

Stock Performance

During trading on Thursday, Exelixis's stock saw a slight dip of 0.9%, settling at $36.86. Approximately 897,564 shares were traded, which is lower than its average volume of 2,081,363 shares. Currently, Exelixis boasts a market capitalization of $10.32 billion, with a PE ratio of 20.83. Over the past year, the stock has ranged from a low of $20.14 to a high of $40.02.

Insider Sales

In other news regarding insider trading, Director Jack L. Wyszomierski sold 8,768 shares of Exelixis stock on February 28, at an average price of $37.80, totaling around $331,430. After this transaction, he holds 356,605 shares, valued at approximately $13.48 million. Executive Vice President Patrick J. Haley also divested 10,000 shares for around $388,000 on March 3.

Institutional Involvement

Recent changes in institutional ownership have been notable as well. Several hedge funds and institutional investors have either bought or sold shares in the company. For example, Coppell Advisory Solutions LLC entered a new position valued at $25,000. Meanwhile, Colonial Trust Co SC significantly increased its holdings by almost 617% during the fourth quarter.

Company Overview

Exelixis, Inc. specializes in oncology-focused treatments, particularly for complex cancers. Their key products include CABOMETYX, aimed at advanced renal cell carcinoma, and COMETRIQ, intended for progressive medullary thyroid cancer.

Conclusion

With these analyses and insider activities, it can be observed that Exelixis is a stock garnering substantial attention in the market. Investors may want to weigh these insights as they consider future moves regarding Exelixis.

Exelixis, PriceTarget, RoyalBank