Company Update (NASDAQ:EXEL): Exelixis, Inc. Prices Public Offering of Common Stock
Exelixis, Inc. (NASDAQ:EXEL) announced the pricing of its underwritten public offering of 25,000,000 shares of newly issued common stock at a price to the public of $5.40 per share. The gross proceeds to Exelixis from this offering are expected to be approximately $135 million, before deducting the underwriting discount and other estimated offering expenses payable by Exelixis. Exelixis also granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of its common stock. All of the shares are being sold by Exelixis.
Exelixis currently expects to use the net proceeds from the offerings for general corporate purposes, including for clinical trials, build-out of commercial infrastructure, research and development, capital expenditures and working capital. (Original Source)
Shares of Exelixis closed yesterday at $5.88. EXEL has a 1-year high of $6.35 and a 1-year low of $1.26. The stock’s 50-day moving average is $3.89 and its 200-day moving average is $2.97.
On the ratings front, Exelixis has been the subject of a number of recent research reports. In a report issued on July 20, Cowen analyst Eric Schmidt upgraded EXEL to Buy. Separately, on the same day, Piper Jaffray’s Edward Tenthoff maintained a Hold rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Schmidt and Edward Tenthoff have a total average return of 59.9% and 27.2% respectively. Schmidt has a success rate of 89.3% and is ranked #7 out of 3714 analysts, while Tenthoff has a success rate of 63.5% and is ranked #166.
Exelixis Inc is a biotechnology company that develops small molecule therapies for the treatment of cancer.