JMP Securities slashes price target on Exelixis Inc. [EXEL] – find out why.

Exelixis Inc. [NASDAQ: EXEL] closed the trading session at $16.53 on 01/19/23. The day’s price range saw the stock hit a low of $16.3101, while the highest price level was $16.61. The company report on January 19, 2023 that Exelixis Announces Update on Patent Litigation with MSN Laboratories.

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Exelixis, Inc. (Nasdaq: EXEL) today announced that in the lawsuit Exelixis, Inc. (Exelixis) v. MSN Laboratories Private Limited et al. (MSN), Action No. 19-2017 (Consolidated), the U.S. District Court for the District of Delaware ruled in Exelixis’ favor, rejecting MSN’s challenge to the cabozantinib compound patent (U.S. 7,579,473). The District Court’s decision follows an earlier Stipulation and Order of October 1, 2021, that MSN’s proposed generic cabozantinib product (Abbreviated New Drug Application [ANDA] No. 213878) infringes the ’473 patent.

Additionally, the District Court ruled that MSN’s proposed ANDA product does not infringe Exelixis’ N-2 polymorph patent (U.S. 8,877,776), which expires on October 8, 2030. The District Court’s decision does not address the validity of the ’776 patent, which was not contested by MSN.

The stocks have a year to date performance of 3.05 percent and weekly performance of -1.55 percent. The stock has been moved at -24.73 percent over the last six months. The stock has performed 3.70 percent around the most recent 30 days and changed 0.00 percent over the most recent 3-months.

If compared to the average trading volume of 2.13M shares, EXEL reached to a volume of 2944177 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Exelixis Inc. [EXEL]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EXEL shares is $25.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EXEL stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JMP Securities have made an estimate for Exelixis Inc. shares, keeping their opinion on the stock as Mkt Outperform, with their previous recommendation back on October 18, 2022. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Outperform. The new note on the price target was released on June 24, 2022, representing the official price target for Exelixis Inc. stock. Previously, the target price had yet another raise to $34, while Piper Sandler analysts kept a Overweight rating on EXEL stock.

The Average True Range (ATR) for Exelixis Inc. is set at 0.48, with the Price to Sales ratio for EXEL stock in the period of the last 12 months amounting to 3.31. The Price to Book ratio for the last quarter was 2.14, with the Price to Cash per share for the same quarter was set at 4.72. Price to Free Cash Flow for EXEL in the course of the last twelve months was 15.77 with Quick ratio for the last quarter at 6.00.

EXEL stock trade performance evaluation

Exelixis Inc. [EXEL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.55. With this latest performance, EXEL shares gained by 3.70% in over the last four-week period, additionally sinking by -24.73% over the last 6 months – not to mention a drop of -4.89% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EXEL stock in for the last two-week period is set at 51.51, with the RSI for the last a single of trading hit 51.68, and the three-weeks RSI is set at 50.91 for Exelixis Inc. [EXEL]. The present Moving Average for the last 50 days of trading for this stock 16.47, while it was recorded at 16.45 for the last single week of trading, and 18.59 for the last 200 days.

Exelixis Inc. [EXEL]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Exelixis Inc. [EXEL] shares currently have an operating margin of +19.98 and a Gross Margin at +96.32. Exelixis Inc.’s Net Margin is presently recorded at +16.10.

Return on Equity for this stock inclined to 11.30, with Return on Assets sitting at 9.70.

Exelixis Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 6.00 and a Current Ratio set at 6.10.

Earnings per share (EPS) analysis for Exelixis Inc. [EXEL] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for EXEL. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Exelixis Inc. go to 46.00%.

Exelixis Inc. [EXEL]: Insider Ownership positions

There are presently around $4,531 million, or 88.10% of EXEL stock, in the hands of institutional investors. The top three institutional holders of EXEL stocks are: BLACKROCK INC. with ownership of 33,895,320, which is approximately 1.009% of the company’s market cap and around 0.70% of the total institutional ownership; VANGUARD GROUP INC, holding 31,284,832 shares of the stock with an approximate value of $517.14 million in EXEL stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $264.99 million in EXEL stock with ownership of nearly -9.858% of the company’s market capitalization.

Positions in Exelixis Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 226 institutional holders increased their position in Exelixis Inc. [NASDAQ:EXEL] by around 24,730,231 shares. Additionally, 160 investors decreased positions by around 23,651,001 shares, while 54 investors held positions by with 225,698,254 shares. The mentioned changes placed institutional holdings at 274,079,486 shares, according to the latest SEC report filing. EXEL stock had 70 new institutional investments in for a total of 11,509,840 shares, while 39 institutional investors sold positions of 1,690,590 shares during the same period.


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