Fintel reports that on August 8, 2023, SVB Leerink initiated coverage of Exelixis (NASDAQ:EXEL) with a Market Perform recommendation.
Analyst Price Forecast Suggests 24.06% Upside
As of August 2, 2023, the average one-year price target for Exelixis is 25.43. The forecasts range from a low of 17.17 to a high of $33.60. The average price target represents an increase of 24.06% from its latest reported closing price of 20.50.
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The projected annual revenue for Exelixis is 1,860MM, an increase of 8.50%. The projected annual non-GAAP EPS is 1.00.
What is the Fund Sentiment?
There are 897 funds or institutions reporting positions in Exelixis. This is a decrease of 41 owner(s) or 4.37% in the last quarter. Average portfolio weight of all funds dedicated to EXEL is 0.34%, an increase of 15.72%. Total shares owned by institutions increased in the last three months by 0.17% to 313,347K shares. 
The put/call ratio of EXEL is 0.24, indicating a bullish outlook.
What are Other Shareholders Doing?
Farallon Capital Management holds 23,466K shares representing 7.37% ownership of the company. In it's prior filing, the firm reported owning 10,868K shares, representing an increase of 53.69%. The firm increased its portfolio allocation in EXEL by 125.57% over the last quarter.
Renaissance Technologies holds 15,279K shares representing 4.80% ownership of the company. In it's prior filing, the firm reported owning 14,961K shares, representing an increase of 2.08%. The firm increased its portfolio allocation in EXEL by 19.87% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 10,070K shares representing 3.16% ownership of the company. In it's prior filing, the firm reported owning 9,845K shares, representing an increase of 2.23%. The firm increased its portfolio allocation in EXEL by 14.29% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 9,998K shares representing 3.14% ownership of the company. In it's prior filing, the firm reported owning 9,961K shares, representing an increase of 0.37%. The firm increased its portfolio allocation in EXEL by 16.25% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 8,483K shares representing 2.66% ownership of the company. In it's prior filing, the firm reported owning 8,310K shares, representing an increase of 2.04%. The firm increased its portfolio allocation in EXEL by 18.56% over the last quarter.
Exelixis Background Information
(This description is provided by the company.)
Founded in 1994, Exelixis, Inc. is a commercially successful, oncology-focused biotechnology company that strives to accelerate the discovery, development and commercialization of new medicines for difficult-to-treat cancers. Following early work in model system genetics, it established a broad drug discovery and development platform that has served as the foundation for its continued efforts to bring new cancer therapies to patients in need. Its discovery efforts have resulted in four commercially available products, CABOMETYX® (cabozantinib), COMETRIQ® (cabozantinib), COTELLIC® (cobimetinib) and MINNEBRO® (esaxerenone), and it has entered into partnerships with leading pharmaceutical companies to bring these important medicines to patients worldwide. Supported by revenues from its marketed products and collaborations, it is committed to prudently reinvesting in its business to maximize the potential of its pipeline. It is supplementing its existing therapeutic assets with targeted business development activities and internal drug discovery - all to deliver the next generation of Exelixis medicines and help patients recover stronger and live longer. Exelixis is a member of the Standard & Poor's (S&P) MidCap 400 index, which measures the performance of profitable mid-sized companies. In November 2020, the company was named to Fortune's 100 Fastest-Growing Companies list for the first time, ranking 17th overall and the third-highest biopharmaceutical company.
Additional reading:
- Exelixis Announces Second Quarter 2023 Financial Results and Provides Corporate Update - Total Revenues of $469.8 million, Cabozantinib Franchise U.S. Net Product Revenues of $409.6 million - - GAAP Diluted EPS of $0.25, Non-GAAP Diluted EPS of $0.31
- Exelixis, Inc. Change in Control and Severance Benefit Plan, as amended and restated
- Exelixis Announces First Quarter 2023 Financial Results and Provides Corporate Update - Total Revenues of $408.8 million, Cabozantinib Franchise U.S. Net Product Revenues of $363.4 million - - GAAP Diluted EPS of $0.12, Non-GAAP Diluted EPS of $0.16
- EXELIXIS ANNOUNCES DEPARTURE OF LANCE WILLSEY, M.D. FROM BOARD OF DIRECTORS
- PROTECT THE VALUE OF YOUR INVESTMENT Vote on the GOLD Proxy Card Today “FOR” Exelixis’ 11 Recommended Director Nominees May 1, 2023 Dear Fellow Shareholder, Your Exelixis Board of Directors and management team have been executing a clear and successf
This story originally appeared on Fintel.
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