In a report released today, Silvan Tuerkcan from Oppenheimer maintained a Buy rating on Exelixis (EXEL), with a price target of $28. The company’s shares closed yesterday at $19.34.
Tuerkcan observed:
“EXEL reported 1Q $215.5M revenue, slightly above $211M consensus, driven by product sales of $179.6M, in line with our estimate of $179.9M but below $187M consensus. EPS of $0.27 beat consensus. Cabometyx sales grew 2.5% q/q. Growth was volume-driven, with growth of 1% q/q (net of de-stocking $2.2M/$171.6M). There was a modest impact from de-stocking ($2.3M). The GtN discount increased ($7.2M discounts & allowances) and nearly offset a price increase due to payor mix and increased coverage gap liability. EXEL is confident in Cabometyx growth, primarily in 2L as ICI combinations are used more frequently in 1L. We see additional upside from several pipeline readouts in 2019, including 9ER, the new triple combo COSMIC-313 trial, and commercial execution in HCC.”
According to TipRanks.com, Tuerkcan is a 3-star analyst with an average return of 23.6% and a 28.6% success rate. Tuerkcan covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Crispr Therapeutics AG, and Seattle Genetics.
Exelixis has an analyst consensus of Strong Buy, with a price target consensus of $31.50, which is a 62.9% upside from current levels. In a report issued on April 21, Cowen & Co. also maintained a Buy rating on the stock with a $29 price target.
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Based on Exelixis’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $360 million. In comparison, last year the company had a net profit of $116 million.
Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2019, Stelios Papadopoulos, a Director at EXEL sold 26,250 shares for a total of $557,813.
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Exelixis, Inc. is a biopharmaceutical company, which engages in the development, commercialization, and discovery of new medicines for the treatment of cancer. It offers products under the brands of Cometriq, Cabometyx, and Cotellic.
