Exelixis Stock (NASDAQ:EXEL), Trade Ideas

Exelixis

Exelixis is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer. Its lead molecule, cabozantinib, is indicated for the treatment of patients with metastatic medullary thyroid cancer under the name Cometriq and for the treatment of kidney and liver cancer under the name Cabometyx. Exelixis and its partner Roche have also brought Cotellic to market for the treatment of melanoma.

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Exelixis Inc

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Exelixis shares are trading lower after Barclays downgraded the stock from Overweight to Equal-Weight.

Barclays analyst Peter Lawson downgrades Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) from Overweight to Equal-Weight and maintains the price target from $25 to $25.

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Analyst Ratings

Barclays Downgrades Exelixis to Equal-Weight, Maintains Price Target to $25

In the preceding three months, 4 analysts have released ratings for Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), presenting a wide array of perspectives from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $26.25, with a high estimate of $28.00 and a low estimate of $25.00. This current average has increased by 7.89% from the previous average price target of $24.33. 
<img src="https://www.benzinga.com/files/images/story/2024/1712768431_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The standing of Exelixis among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Silvan Tuerkcan</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$27.00</td>
<td>-</td>
</tr>
<tr>
<td>Gregory Renza</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$28.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Stephen Willey</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$25.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Peter Lawson</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$25.00</td>
<td>$24.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Exelixis. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Exelixis compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Exelixis's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
To gain a panoramic view of Exelixis's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/EXEL/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Exelixis analyst ratings.</a>
<h2>Unveiling the Story Behind Exelixis</h2>
Exelixis is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer. Its lead molecule, cabozantinib, is indicated for the treatment of patients with metastatic medullary thyroid cancer under the name Cometriq and for the treatment of kidney and liver cancer under the name Cabometyx. Exelixis and its partner Roche have also brought Cotellic to market for the treatment of melanoma.
<h3>Exelixis: A Financial Overview</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Exelixis displayed positive results in 3 months. As of 31 December, 2023, the company achieved a solid revenue growth rate of approximately 13.15%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Exelixis's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 17.83%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Exelixis's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 3.71%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 2.89%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: Exelixis's debt-to-equity ratio is below the industry average. With a ratio of 0.08, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What Analysts Are Saying About Exelixis Stock

JMP Securities analyst Silvan Tuerkcan reiterates Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) with a Market Outperform and maintains $27 price target.

Reiteration

JMP Securities Reiterates Market Outperform on Exelixis, Maintains $27 Price Target

Although U.S. stocks closed higher on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Beyond </h3>
<ul>
<li>The Trade: Beyond, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/byon#NYSE">BYON</a>) Executive Chairman Marcus Lemonis <a href="https://www.benzinga.com/quote/BX/analyst-ratings"> acquired a total of 3,650 shares </a> an average price of $27.17. To acquire these shares, it cost around $99,171.</li>
<li>What&rsquo;s Happening: Beyond posted a wider-than-expected fourth-quarter loss on Feb. 20.</li>
<li>What Beyond Does: Beyond Inc is an online retailer that provides products and services through websites. The company offers a broad range of products, including furniture, d&eacute;cor, area rugs, bedding and bath, home improvement, outdoor, and kitchen and dining items, BMMG (like books, magazines, CDs), electronics, and other items.</li>
</ul>
<h3>West Bancorporation </h3>
<ul>
<li>The Trade: West Bancorporation, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wtba#NASDAQ">WTBA</a>) CEO and President David D Nelson acquired a total of 2,007 shares at an average price of $17.55. To acquire these shares, it cost around $35,223.</li>
<li>What&rsquo;s Happening: On Jan. 25, West Bancorp posted downbeat quarterly results.</li>
<li>What West Bancorporation Does: West Bancorp Inc is a United States-based company that offers a full range of deposit services, including checking, savings, and money market accounts and time certificates of deposit.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Hudson Pacific Properties </h3>
<ul>
<li>The Trade: Hudson Pacific Properties, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hpp#NYSE">HPP</a>) Director Barry A Sholem <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 80,000 shares </a> at an average price of $6.69. To acquire these shares, it cost around $535,200.</li>
<li>What&rsquo;s Happening: On Feb. 12, Hudson Pacific Properties reported worse-than-expected fourth-quarter financial results.</li>
<li>What Hudson Pacific Properties Does: Hudson Pacific Properties Inc is a real estate investment trust that acquires, operates, and owns office buildings and media and entertainment properties, such as sound stages, on America&#39;s West Coast.</li>
</ul>
<h3>Exelixis </h3>
<ul>
<li>The Trade: Exelixis, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/exel#NASDAQ">EXEL</a>) Director Caligan Partners LP Johnson <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 190,000 shares </a> at an average price of $20.70. The insider spent around $3.93 million to buy those shares.</li>
<li>What&rsquo;s Happening: On Feb. 6, Exelixis posted upbeat quarterly earnings.</li>
<li>What Exelixis Does: Exelixis is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/02/37279701/investor-optimism-improves-further-s-p-500-settles-at-record-high"> Investor Optimism Improves Further; S&amp;P 500 Settles At Record High </a>

RBC Capital analyst Gregory Renza maintains Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) with a Outperform and raises the price target from $26 to $28.

RBC Capital Maintains Outperform on Exelixis, Raises Price Target to $28

Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) reported its Q4 earnings results on Tuesday, February 6, 2024 at 04:05 PM.
Here's what investors need to know about the announcement.
<h3>Earnings</h3>
Exelixis beat estimated earnings by 50.0%, reporting an EPS of $0.33 versus an estimate of $0.22.
Revenue was up $55.73 million from the same period last year.
<h3>Past Earnings Performance</h3>
Last quarter the company missed on EPS by $0.05 which was followed by a 4.23% drop in the share price the next day.
Here's a look at Exelixis's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.15</td>
<td>0.22</td>
<td>0.15</td>
<td>-0.12</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.10</td>
<td>0.31</td>
<td>0.16</td>
<td>-0.03</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>472.21M</td>
<td>450.07M</td>
<td>424.10M</td>
<td>417.50M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>471.92M</td>
<td>469.85M</td>
<td>408.79M</td>
<td>423.92M</td>
</tr>
</tbody>
</table>

To track all earnings releases for Exelixis <a href="https://www.benzinga.com/quote/EXEL/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Recap: Exelixis Q4 Earnings

Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) reported quarterly earnings of $0.33 per share which beat the analyst consensus estimate of $0.22 by 50 percent. This is a 1200 percent increase over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $479.65 million which missed the analyst consensus estimate of $484.88 million by 1.08 percent. This is a 13.15 percent increase over sales of $423.92 million the same period last year.

Exelixis Q4 Adj EPS $0.33 Beats $0.22 Estimate, Sales $479.65M Miss $484.88M Estimate

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AVNW

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Earnings Scheduled For February 6, 2024

Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-02-06. Here's what investors need to know before the announcement.
Analysts estimate that Exelixis will report an earnings per share (EPS) of $0.22. 
Exelixis bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company missed EPS by $0.05, which was followed by a 4.23% drop in the share price the next day.
Here's a look at Exelixis's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.15</td>
<td>0.22</td>
<td>0.15</td>
<td>-0.12</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.10</td>
<td>0.31</td>
<td>0.16</td>
<td>-0.03</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-4.23%</td>
<td>3.62%</td>
<td>0.78%</td>
<td>2.72%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1707159661_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Exelixis were trading at $21.49 as of February 02. Over the last 52-week period, shares are up 24.15%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/EXEL/earnings">To track all earnings releases for Exelixis visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview For Exelixis

Stifel analyst Stephen Willey maintains Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) with a Hold and raises the price target from $23 to $25.

Stifel Maintains Hold on Exelixis, Raises Price Target to $25

Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) underwent analysis by 7 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $26.57, with a high estimate of $31.00 and a low estimate of $23.00. This current average has increased by 15.52% from the previous average price target of $23.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1706619647_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
A comprehensive examination of how financial experts perceive Exelixis is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Peter Lawson</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$25.00</td>
<td>$24.00</td>
</tr>
<tr>
<td>Kaveri Pohlman</td>
<td>BTIG</td>
<td>Announces</td>
<td>Buy</td>
<td>$27.00</td>
<td>-</td>
</tr>
<tr>
<td>David Lebowitz</td>
<td>Citigroup</td>
<td>Announces</td>
<td>Buy</td>
<td>$31.00</td>
<td>-</td>
</tr>
<tr>
<td>Silvan Tuerkcan</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$27.00</td>
<td>-</td>
</tr>
<tr>
<td>Gregory Renza</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$26.00</td>
<td>-</td>
</tr>
<tr>
<td>Silvan Tuerkcan</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$27.00</td>
<td>-</td>
</tr>
<tr>
<td>Jefferson Harralson</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$23.00</td>
<td>$22.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Exelixis. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Exelixis compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Exelixis's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/EXEL/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Exelixis analyst ratings.</a>
<h2>Delving into Exelixis's Background</h2>
Exelixis is a biopharmaceutical firm that discovers, develops, and commercializes treatments for cancer. Its lead molecule, cabozantinib, is indicated for the treatment of patients with metastatic medullary thyroid cancer under the name Cometriq and for the treatment of kidney and liver cancer under the name Cabometyx. Exelixis and its partner Roche have also brought Cotellic to market for the treatment of melanoma.
<h3>Understanding the Numbers: Exelixis's Finances</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Exelixis's revenue growth over a period of 3 months has been noteworthy. As of 30 September, 2023, the company achieved a revenue growth rate of approximately 14.62%. This indicates a substantial increase in the company's top-line earnings. When compared to others in the Health Care sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Exelixis's net margin is impressive, surpassing industry averages. With a net margin of 0.22%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Exelixis's ROE stands out, surpassing industry averages. With an impressive ROE of 0.04%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Exelixis's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.03% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Exelixis's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.08.
<h2>Analyst Ratings: Simplified</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Breaking Down Exelixis: 7 Analysts Share Their Views

Barclays analyst Peter Lawson maintains Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) with a Overweight and raises the price target from $24 to $25.

Barclays Maintains Overweight on Exelixis, Raises Price Target to $25

– Cabozantinib in combination with atezolizumab reduced the risk of disease progression or death by 35% in patients with metastatic castration-resistant prostate cancer –
– Findings to be presented during an oral presentation at ASCO GU 2024 –
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.exelixis.com%2F&amp;esheet=53887477&amp;newsitemid=20240124801283&amp;lan=en-US&amp;anchor=Exelixis%2C+Inc.&amp;index=1&amp;md5=c859223171be1cfa6de1cc756e2064d6">Exelixis, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) today announced detailed results from CONTACT-02, a phase 3 pivotal study evaluating cabozantinib (CABOMETYX&#xAE;) in combination with atezolizumab compared with a second novel hormonal therapy (NHT) in patients with metastatic castration-resistant prostate cancer (mCRPC) and measurable extra-pelvic soft tissue disease who have progressed on one prior NHT. The detailed findings are being presented during Oral Abstract Session A: Prostate Cancer at 7:55 a.m. PST on January 25 at the American Society of Clinical Oncology 2024 Genitourinary Cancers Symposium (ASCO GU).
"Patients with metastatic castration-resistant prostate cancer with prior progression on a novel hormone therapy and who have measurable soft tissue metastasis experience the worst outcomes among advanced prostate cancer patients and have limited treatment options," said Neeraj Agarwal, M.D., FASCO, Senior Director for Clinical Research at Huntsman Cancer Institute at the University of Utah and the global lead investigator of the trial. "CONTACT-02 is the only phase 3 study evaluating a tyrosine kinase inhibitor and an immune checkpoint inhibitor to show a statistically significant improvement in progression-free survival and a trend for overall survival in these patients. I am encouraged by these results and the potential for cabozantinib plus atezolizumab to be a widely available treatment option for our patients."
As <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fir.exelixis.com%2Fnews-releases%2Fnews-release-details%2Fexelixis-and-ipsen-announce-positive-results-phase-3-contact-02&amp;esheet=53887477&amp;newsitemid=20240124801283&amp;lan=en-US&amp;anchor=announced&amp;index=2&amp;md5=ccb0ba3d88a12d686111ccd38e74067b">announced</a> in August 2023, CONTACT-02 met one of its primary endpoints, demonstrating a statistically significant improvement in progression-free survival (PFS) as assessed by a blinded independent radiology committee (BIRC) and per RECIST 1.1. The PFS analysis was conducted in the first 400 randomized patients in the intent-to-treat (PFS ITT) population and per protocol. Similar results were observed for all patients.
Detailed results presented at ASCO GU show that at a median follow-up of 14.3 months for the PFS ITT population, the hazard ratio (HR) was 0.65 (95% confidence interval [CI]: 0.50-0.84; p=0.0007); the median PFS (mPFS) was 6.3 months for cabozantinib in combination with atezolizumab compared with 4.2 months for second NHT. This was nearly identical to the PFS for the ITT population (n=507): HR was 0.64 (95% CI: 0.50-0.81, p=0.0002); mPFS was 6.3 months for cabozantinib in combination with atezolizumab and was 4.2 months for second NHT. At a median follow-up of 12.0 months for the ITT population, the median overall survival (OS) was 16.7 months for cabozantinib in combination with atezolizumab compared with 14.6 months for second NHT (HR: 0.79; 95% CI: 0.58-1.07; p=0.13). While a trend toward OS improvement was observed, the data were immature and did not meet the threshold for statistical significance. The study will continue to the next analysis of OS, anticipated in 2024.
The PFS benefit and the trend for an OS benefit were observed across subgroups of high-risk populations, as presented in Table 1.
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="2">TABLE 1</td>
<td colspan="2" rowspan="1">Liver metastasis</td>
<td colspan="2" rowspan="1">Prior docetaxel for mCSPC</td>
<td colspan="2" rowspan="1">Bone metastasis</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;Cabozantinib + atezolizumab</td>
<td colspan="1" rowspan="1">&nbsp;Second NHT</td>
<td colspan="1" rowspan="1">&nbsp;Cabozantinib + atezolizumab</td>
<td colspan="1" rowspan="1">&nbsp;Second NHT</td>
<td colspan="1" rowspan="1">&nbsp;Cabozantinib + atezolizumab</td>
<td colspan="1" rowspan="1">&nbsp;Second NHT</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Median PFS &nbsp;per BIRC, months (95% CI)</td>
<td colspan="1" rowspan="1">6.2 (4.0-9.1)</td>
<td colspan="1" rowspan="1">2.1 (2.0-2.3)</td>
<td colspan="1" rowspan="1">8.8 (6.2-9.2)</td>
<td colspan="1" rowspan="1">4.1 (2.3-4.3)</td>
<td colspan="1" rowspan="1">6.3 (6.0-8.8)</td>
<td colspan="1" rowspan="1">4.1 (2.8-5.7)</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Patients, n</td>
<td colspan="1" rowspan="1">51</td>
<td colspan="1" rowspan="1">48</td>
<td colspan="1" rowspan="1">45</td>
<td colspan="1" rowspan="1">44</td>
<td colspan="1" rowspan="1">162</td>
<td colspan="1" rowspan="1">155</td>
</tr>
<tr>
<td colspan="1" rowspan="1">PFS HR (95% CI)</td>
<td colspan="2" rowspan="1">0.43 (0.27-0.68)</td>
<td colspan="2" rowspan="1">0.57 (0.34-0.97)</td>
<td colspan="2" rowspan="1">0.67 (0.50-0.88)</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Median OS, months (95% CI)</td>
<td colspan="1" rowspan="1">16.4 (8.3-NE)</td>
<td colspan="1" rowspan="1">9.8 (5.5-11.3)</td>
<td colspan="1" rowspan="1">20.9 (10.1-NE)</td>
<td colspan="1" rowspan="1">11.3 (9.0-NE)</td>
<td colspan="1" rowspan="1">16.4 (11.4-18.8)</td>
<td colspan="1" rowspan="1">11.4 (10.4-14.6)</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Patients, n</td>
<td colspan="1" rowspan="1">59</td>
<td colspan="1" rowspan="1">60</td>
<td colspan="1" rowspan="1">57</td>
<td colspan="1" rowspan="1">58</td>
<td colspan="1" rowspan="1">206</td>
<td colspan="1" rowspan="1">196</td>
</tr>
<tr>
<td colspan="1" rowspan="1">OS HR (95% CI)</td>
<td colspan="2" rowspan="1">0.60 (0.35-1.02)</td>
<td colspan="2" rowspan="1">0.56 (0.29-1.08)</td>
<td colspan="2" rowspan="1">0.74 (0.54-1.02)</td>
</tr>
<tr>
<td colspan="7" rowspan="1">BIRC = blinded independent radiology committee; CI = confidence interval; HR = hazard ratio; mCSPC = metastatic castration-sensitive prostate cancer; NE = not evaluable; NHT = novel hormone therapy; OS = overall survival; PFS = progression-free survival</td>
</tr>
</tbody>
</table>
</figure>
Treatment-emergent adverse events (AEs) occurred in 97% of patients treated with cabozantinib in combination with atezolizumab (n=248) compared with 87% of patients treated with a second NHT (n=253), 48% and 23% of which were grade 3/4, respectively. Grade 5 treatment-emergent AEs occurred in 8% of patients treated with the combination regimen compared with 12% of patients treated with a second NHT; no grade 5 treatment-related AEs occurred in either arm. Treatment-related AEs led to the discontinuation of any treatment component in 13% of patients treated with the combination regimen and 2% of patients treated with a second NHT. For all treatment components, the treatment-related AEs leading to discontinuation were 5% vs. 2%, respectively.
"Given there are limited options after progression on novel hormonal therapy, we recognize the need for a regimen that can delay disease progression, that has an acceptable tolerability profile and that is widely available to patients who may not have the means or desire to travel to specialized centers for other therapies," said Amy Peterson, M.D., Executive Vice President, Product Development &amp; Medical Affairs, and Chief Medical Officer, Exelixis. "Our decision to conduct CONTACT-02, based upon a signal we observed in COMET-01, underscores our commitment to patients with advanced prostate cancer and to improving their standard of care. We look forward to discussing these important results with the U.S. Food and Drug Administration, and to learning more in the next analysis of overall survival, anticipated this year."
About CONTACT-02
CONTACT-02 is a global, multicenter, randomized, phase 3, open-label study that randomized 507 patients 1:1 to the experimental arm of cabozantinib in combination with atezolizumab and the control arm of a second NHT (either abiraterone and prednisone or enzalutamide). The two primary endpoints of the trial are PFS and OS. The study included patients with mCRPC who have measurable extra-pelvic soft tissue metastasis and who have progressed on one prior NHT. The secondary endpoint is objective response rate per BIRC. The trial is sponsored by Exelixis and co-funded by Ipsen, Roche and Takeda Pharmaceutical Company Limited (Takeda). Takeda is conducting the trial in Japan. More information about CONTACT-02 is available at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fclinicaltrials.gov%2Fstudy%2FNCT04446117&amp;esheet=53887477&amp;newsitemid=20240124801283&amp;lan=en-US&amp;anchor=ClinicalTrials.gov&amp;index=3&amp;md5=27f9652891dc026371ea61cc73dca12d">ClinicalTrials.gov</a>.

Exelixis Announces Detailed Results Of Phase 3 CONTACT-02 Pivotal Trial Evaluating Cabozantinib In Combination With Atezolizumab In Metastatic Castration-Resistant Prostate Cancer Presented At ASCO GU 2024

Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) and Exelixis Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) revealed four-year follow-up results from a cancer study that compared one treatment with another from Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>).
What Happened: The Bristol Myers-Exelixis CheckMate -9ER trial evaluating Opdivo (nivolumab) in combination with Cabometyx (cabozantinib) was held up against Pfizer&#8217;s Sutent (sunitinib) for previously untreated advanced or metastatic <a href="https://www.benzinga.com/pressreleases/24/01/b36726763/opdivo-nivolumab-in-combination-with-cabometyx-cabozantinib-demonstrates-long-term-survival-benefi" target="_blank" rel="noreferrer noopener">renal cell carcinoma (RCC)</a>. 
At a median follow-up of 55.6 months, all patients randomized to the Opdivo plus Cabometyx treatment arm (n=323) continued to experience benefits over those who received sunitinib (n=328) across efficacy endpoints:
<ul>
<li>Progression-free survival (PFS) continued to favor Opdivo plus Cabometyx, with median PFS nearly doubled with the combination regimen at 16.4 months vs. 8.4 months with sunitinib.</li>
<li>Treatment with Opdivo in combination with Cabometyx elicited durable survival benefit over sunitinib, with a median overall survival (OS) of 46.5 months compared to 36.0 months with sunitinib.</li>
<li>The combination regimen showed durable response improvements, doubling the objective response rates (ORR) compared to sunitinib (55.7% vs. 27.7%, respectively).</li>
<li>Patients who received Opdivo plus Cabometyx showed complete response (CR) benefit, with triple the number of patients achieving CR vs. sunitinib (13.6% vs. 4.6%).</li>
<li>Opdivo plus Cabometyx was associated with a longer median Duration of response (DOR) of 22.0 months vs. 15.2 months in the sunitinib group.</li>
<li>Benefits were observed in the favorable-risk and intermediate- and poor-risk groups.</li>
<li>Among patients with intermediate-/poor-risk, the median OS was 43.9 months for those treated with Opdivo plus Cabometyx vs. 29.3 months with sunitinib. </li>
<li>In patients with favorable risk, median OS was similar across treatment arms at 52.9 months with the combination regimen and 58.9 months with sunitinib.</li>
<li>PFS was improved with the combination regimen in patients with intermediate-/poor-risk with a median PFS of 15.4 months compared to 7.1 months with sunitinib and in those with favorable risk at 21.4 months vs. 12.8 months.</li>
<li>In patients with intermediate-/poor risk, ORR was more than doubled at 52.6% with&nbsp;Opdivo&nbsp;and Cabometyx vs. 23.0% with sunitinib. In those with favorable risk, ORR was 66.2% vs. 44.4%, respectively.</li>
<li>Among those with intermediate-/poor-risk profiles, the number of patients who achieved CR more than tripled (12.9% vs. 3.5%) with the combination regimen compared to sunitinib.&nbsp;</li>
<li>In those with favorable risk profiles, the number of patients who achieved CR was 16.2% vs. 8.3% with the combination regimen.</li>
<li>Among the intermediate- and poor-risk groups, those treated with the combination regimen had a median DOR of 23.1 months vs. 13.8 months with sunitinib.&nbsp;</li>
<li>Among the favorable risk group, the median DOR was 18.7 months vs. 17.8 months, respectively.</li>
</ul>
What&#8217;s Next: These updated results will be featured at the American Society of Clinical Oncology 2024 Genitourinary Cancers Symposium.
Price Action: BMY shares closed at $49.58, and EXEL shares closed at $22.64 on Monday.
Now Read: <a href="https://www.benzinga.com/markets/asia/24/01/36738324/chinas-market-rescue-a-bold-278-billion-stabilization-plan-in-play-amid-deepening-crisis">China&#8217;s Market Rescue &#8211; A Bold $278 Billion Stabilization Plan In Play Amid Deepening Crisis</a>

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bms.com%2F&amp;esheet=53886229&amp;newsitemid=20240122053621&amp;lan=en-US&amp;anchor=Bristol+Myers+Squibb&amp;index=1&amp;md5=7104834fe3a78aa593a524ed7d28239b">Bristol Myers Squibb</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) and <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.exelixis.com&amp;esheet=53886229&amp;newsitemid=20240122053621&amp;lan=en-US&amp;anchor=Exelixis%2C+Inc.&amp;index=2&amp;md5=1fa22ef2f27781410e22a0827b5a21d6">Exelixis, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) today announced four-year follow-up results from the CheckMate -9ER trial evaluating Opdivo&reg; (nivolumab) in combination with CABOMETYX&reg; (cabozantinib) vs. sunitinib in patients with previously untreated advanced or metastatic renal cell carcinoma (RCC). Results continued to show superior progression-free survival (PFS) and objective response rates (ORR) in patients treated with Opdivo plus CABOMETYX over sunitinib, regardless of risk classification based on International Metastatic Renal Cell Carcinoma Database Consortium (IMDC) scores. Superior overall survival (OS) was also observed in patients treated with the combination. These updated results, including data showing health-related quality-of-life benefits with Opdivo in combination with CABOMETYX vs. sunitinib, will be featured in an oral presentation (Abstract #362) at the American Society of Clinical Oncology (ASCO) 2024 Genitourinary Cancers Symposium from January 25-27, 2024.

Bristol-Myers Squibb Announced Opdivo In Combination With Cabometyx  Demonstrates Long-term Survival Benefits After Four Years Of Follow-up In The Checkmate -9er Trial In First-line Advanced Renal Cell Carcinoma

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Below are some instances of options activity happening in the Health Care sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>EXEL</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$20.00</td>
<td>$559.1K</td>
<td>675</td>
<td>7.0K</td>
</tr>
<tr>
<td>JNJ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/26/24</td>
<td>$165.00</td>
<td>$58.9K</td>
<td>2.4K</td>
<td>2.2K</td>
</tr>
<tr>
<td>LQDA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/16/24</td>
<td>$12.50</td>
<td>$25.0K</td>
<td>1.3K</td>
<td>598</td>
</tr>
<tr>
<td>TEVA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$12.00</td>
<td>$28.7K</td>
<td>2.9K</td>
<td>550</td>
</tr>
<tr>
<td>GILD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$80.00</td>
<td>$31.8K</td>
<td>29</td>
<td>337</td>
</tr>
<tr>
<td>KALV</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/16/24</td>
<td>$15.00</td>
<td>$51.4K</td>
<td>580</td>
<td>229</td>
</tr>
<tr>
<td>ABBV</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/26/24</td>
<td>$162.50</td>
<td>$37.8K</td>
<td>718</td>
<td>198</td>
</tr>
<tr>
<td>VRTX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/02/24</td>
<td>$425.00</td>
<td>$48.2K</td>
<td>87</td>
<td>161</td>
</tr>
<tr>
<td>CVS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$87.50</td>
<td>$50.6K</td>
<td>3</td>
<td>143</td>
</tr>
<tr>
<td>A</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/15/24</td>
<td>$125.00</td>
<td>$25.9K</td>
<td>52</td>
<td>102</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• For EXEL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), we notice a put option trade that happens to be bullish, expiring in 116 day(s) on May 17, 2024. This event was a transfer of 5591 contract(s) at a $20.00 strike. The total cost received by the writing party (or parties) was $559.1K, with a price of $100.0 per contract. There were 675 open contracts at this strike prior to today, and today 7062 contract(s) were bought and sold. 
• For JNJ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), we notice a call option sweep that happens to be bearish, expiring in 4 day(s) on January 26, 2024. This event was a transfer of 662 contract(s) at a $165.00 strike. This particular call needed to be split into 21 different trades to become filled. The total cost received by the writing party (or parties) was $58.9K, with a price of $89.0 per contract. There were 2489 open contracts at this strike prior to today, and today 2210 contract(s) were bought and sold. 
• For LQDA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LQDA#NASDAQ">LQDA</a>), we notice a call option sweep that happens to be bearish, expiring in 25 day(s) on February 16, 2024. This event was a transfer of 250 contract(s) at a $12.50 strike. This particular call needed to be split into 8 different trades to become filled. The total cost received by the writing party (or parties) was $25.0K, with a price of $100.0 per contract. There were 1347 open contracts at this strike prior to today, and today 598 contract(s) were bought and sold. 
• For TEVA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>), we notice a put option sweep that happens to be bullish, expiring in 151 day(s) on June 21, 2024. This event was a transfer of 226 contract(s) at a $12.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $28.7K, with a price of $127.0 per contract. There were 2961 open contracts at this strike prior to today, and today 550 contract(s) were bought and sold. 
• Regarding GILD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), we observe a put option sweep with bearish sentiment. It expires in 725 day(s) on January 16, 2026. Parties traded 30 contract(s) at a $80.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $31.8K, with a price of $1060.0 per contract. There were 29 open contracts at this strike prior to today, and today 337 contract(s) were bought and sold. 
• For KALV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KALV#NASDAQ">KALV</a>), we notice a call option sweep that happens to be bullish, expiring in 25 day(s) on February 16, 2024. This event was a transfer of 229 contract(s) at a $15.00 strike. This particular call needed to be split into 28 different trades to become filled. The total cost received by the writing party (or parties) was $51.4K, with a price of $225.0 per contract. There were 580 open contracts at this strike prior to today, and today 229 contract(s) were bought and sold. 
• Regarding ABBV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), we observe a call option sweep with bullish sentiment. It expires in 4 day(s) on January 26, 2024. Parties traded 140 contract(s) at a $162.50 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $37.8K, with a price of $270.0 per contract. There were 718 open contracts at this strike prior to today, and today 198 contract(s) were bought and sold. 
• For VRTX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), we notice a put option sweep that happens to be bearish, expiring in 11 day(s) on February 2, 2024. This event was a transfer of 142 contract(s) at a $425.00 strike. This particular put needed to be split into 25 different trades to become filled. The total cost received by the writing party (or parties) was $48.2K, with a price of $340.0 per contract. There were 87 open contracts at this strike prior to today, and today 161 contract(s) were bought and sold. 
• For CVS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), we notice a put option sweep that happens to be bullish, expiring in 207 day(s) on August 16, 2024. This event was a transfer of 37 contract(s) at a $87.50 strike. This particular put needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $50.6K, with a price of $1370.0 per contract. There were 3 open contracts at this strike prior to today, and today 143 contract(s) were bought and sold. 
• For A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), we notice a put option trade that happens to be bullish, expiring in 53 day(s) on March 15, 2024. This event was a transfer of 96 contract(s) at a $125.00 strike. The total cost received by the writing party (or parties) was $25.9K, with a price of $270.0 per contract. There were 52 open contracts at this strike prior to today, and today 102 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

ABBV

KALV

LQDA

TEVA

VRTX

10 Health Care Stocks Whale Activity In Today's Session

Legal

European Patent Office Rules In Favor Of Exelixis On Formulation Patent Covering CABOMETYX Tablets

On CNBC&rsquo;s &quot;Mad Money Lightning Round,&quot; Jim Cramer said Franco-Nevada Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) is a &quot;great diversified <a href="http://www.benzinga.com/trading-ideas/long-ideas/23/12/36117587/spot-gold-holds-above-2-000-as-traders-brace-for-fresh-economic-data-to-close-2023-how-t">way to own gold</a>.&quot;
&quot;Now, I personally like Barrick Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>),&quot; Cramer said. &quot;But I think you&rsquo;re going to do fine with that. And yes, I will reveal, I like gold bullion.&quot;
When asked about Plains GP Holdings, L.P. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pagp#NASDAQ">PAGP</a>), he said, &quot;I would buy that for the dividend and then I would dump.&quot;
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a>
Cramer said he is reiterating Uranium Energy Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uec#NYSE">UEC</a>) because &quot;I want a pure play uranium company that&rsquo;s not losing money hand over fist and bleeding from the eyeballs.&quot;
&quot;I have been a little let down by the Dutch Bros Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bros#NYSE">BROS</a>),&quot; Cramer said, &quot;They got to stop opening stores and catch their darn breath.&quot;Cramer said he likes Ryanair Holdings plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ryaay#NASDAQ">RYAAY</a>). &quot;They&rsquo;re a very well-run company,&quot; he noted.
When asked about Paramount Global (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/para#NASDAQ">PARA</a>), he said, &quot;That&rsquo;s like the balance sheet from hell. We love good balance sheets, don&rsquo;t like bad balance sheets. That&rsquo;s got a bad one.&quot;
The &quot;Mad Money&quot; host said Exelixis, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/exel#NASDAQ">EXEL</a>) is a &quot;good spec.&quot;
Cramer said United Natural Foods, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unfi#NYSE">UNFI</a>) is &quot;not going to change its address anytime soon. Get the moving van.&quot;
<h3>Price Action</h3>
<ul>
<li>Shares of United Natural Foods fell 0.3% to close at $14.96</li>
<li>Exelixis fell 2% to $22.41 on Thursday.</li>
<li>Paramount fell 5.5% to settle at $13.35.</li>
<li>Ryanair gained 1.8% to $125.38 during Thursday&rsquo;s session.</li>
<li>Dutch Bros shares lost 4.4% to settle at $28.17.</li>
<li>Uranium Energy gained 1% to $6.93 on Thursday.</li>
<li>Plains GP Holdings fell 0.3% to $16.28</li>
<li>Franco-Nevada and Barrick Gold lost 0.2% and 1.1%, respectively, on Thursday.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/01/36588614/how-to-earn-500-a-month-from-citigroup-stock-ahead-of-q4-earnings-report"> How To Earn $500 A Month From Citigroup Stock Ahead Of Q4 Earnings Report </a> 
Image: Shutterstock

Jim Cramer Likes This 'Well-Run' Airline, Says This Entertainment Stock Has 'Balance Sheet From Hell'

Sunday,&nbsp;Exelixis Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/exel#NASDAQ">EXEL</a>) provided financial guidance for fiscal year 2024 and delivered an&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/24/01/b36526487/exelixis-announces-preliminary-fiscal-year-2023-financial-results-provides-2024-financial-guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">update on its business</a>.
The company announced preliminary FY23 revenue of $1.83 billion versus the consensus of $1.84 billion, with net product revenues of ~ $1.630 billion.
For FY24, Exelixis forecasts revenues of $1.825 billion - $1.925 billion versus the consensus of $2.06 billion.
Exelixis authorized a $450 million share repurchase in 2024 after the $550 million share repurchase was completed in 2023.
The company announced corporate restructuring, resulting in a workforce reduction of approximately 175 employees or 13%.&nbsp;
Exelixis expects to complete the restructuring in the first quarter of 2024 and recognize a restructuring charge of approximately $25 million.
William Blair&nbsp;writes that Exelixis enters 2024 at an inflection point, in which the growth of its flagship Cabometyx franchise is stabilizing while pipeline programs are years from potentially contributing to the company&#39;s P&amp;L statement.&nbsp;
The upcoming presentation of Cabometyx&#39;s full&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/33965662/third-time-lucky-exelixis-cabozantinib-combo-therapy-aces-pivotal-study-in-prostate-cancer-patien" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">data for prostate cancer</a>&nbsp;on January 25 holds significant potential for positive outcomes, which could significantly impact investors&#39; perceptions of the franchise&#39;s growth prospects in the mid-term. However, this evaluation considers the competitive landscape, including radioligands like&nbsp;Novartis AG&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvs#NYSE">NVS</a>) Pluvicto and PNT2002, PARP inhibitors, and emerging hormone therapies from&nbsp;Merck &amp; Co Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>).
Despite acknowledging the intense competition, Exelixis is viewed as offering a defensively strong investment profile due to its cash flow generation and positive EPS. This defensive nature is particularly appealing, considering historical trends where healthcare stocks underperform during election years.
William Blair&#39;s analyst keeps the Outperform&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/quote/EXEL/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">rating on Exelixis shares</a>.
Price Action: EXEL shares are down 5.38% at $21.99&nbsp;on the last check Monday.
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One of the best dip-buying opportunities in <a href="https://investorplace.com/industries/healthcare/biotech/">biotech stocks</a> to buy was in&nbsp;Viking Therapeutics (NASDAQ:<a href="https://investorplace.com/stock-quotes/vktx-stock-quote/">VKTX</a>).



After hitting a high of $99.41, VKTX dipped back to about $60.30. All because of obesity data from a competitor. But that pullback wouldn&rsquo;t last long. In fact, by March 26, the stock soared more than $12 a share on promising new weight loss data on its oral weight loss treatment.



Plus, there was news&nbsp;Viking now plans to start Phase 2 trials of its once-a-day weight loss pill later this year.&nbsp;<a href="https://www.cnbc.com/2024/03/26/viking-therapeutics-weight-loss-pill-shows-positive-study-results.html">As noted by CNBC</a>, &ldquo;The phase one trial for the pill followed more than 40 patients with obesity for around a month. Those people took different dose sizes of the drug or received a placebo. Viking said patients who received the pill once a day lost up to 5.3% of their weight on average, or up to 3.3% more than those who took a placebo, at 28 days.&rdquo;



Even better, Viking Therapeutics could easily see even more upside. Its injectable and oral treatment trials continue to show blockbuster potential. But it&rsquo;s not just VKTX we like on dips. Here are three biotech stocks to buy today.



<h2>Amgen (AMGN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/11/amgn-stock-1-300x169.jpg" alt="the Amgen (AMGN) logo on a building during daylight"><div>Source: Michael Vi / Shutterstock.com</div></div>Let&rsquo;s start out with&nbsp;Amgen&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/amgn-stock-quote/">AMGN</a>), a $151 billion biopharma with plenty of near-term upside potential. After plummeting from about $325 to a recent low of $270, the AMGN stock is just starting to pivot higher. From its last traded price of $281.77, I&rsquo;d like to see it refill its bearish gap around $325 again near term.



Helping, the company wants to jump into the obesity drug boom.&nbsp;



As noted by CNBC,&nbsp;<a href="https://www.cnbc.com/2024/03/24/amgen-aims-to-enter-weight-loss-drug-market-with-a-new-approach.html#:~:text=The%20biotech%20company%20is%20testing%20an%20injectable%20treatment%20that%20helps,after%20they%20stop%20taking%20it.">AMGN is testing an injectable</a>&nbsp;that helps people lose weight differently from current injections from Eli Lilly, for example. Amgen&rsquo;s treatment, MariTide, is being tested as a once-a-month or even less frequent injectable.&nbsp;



Better, Goldman Sachs just upgraded the stock to a Conviction Buy with a $350 target. &ldquo;The analyst believes Amgen is well positioned to add multi-billion-dollar opportunities to its portfolio through a robust pipeline of drugs in development &mdash; many of which have key clinical trial read-outs in 2024,&rdquo;&nbsp;<a href="https://thefly.com/news.php?symbol=AMGN">as noted by TheFly.com</a>.



<h2>Pyxis Oncology (PYXS)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/droplet-test-tube-biotech-1600-3-300x169.jpg" alt="Photo of test tubes and droplet with purple and reddish-orange sunset visual effect, representing biotech"><div>Source: shutterstock.com/Romix Image</div></div>Another one of the top biotech stocks to buy on a dip is&nbsp;Pyxis Oncology&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/pyxs-stock-quote/">PYXS</a>).



After rallying from a low of about $1.50 to $6.79, the stock slipped to $3.83 in recent days. However, we expect for the biotech that creates antibody-drug conjugate (ADC) drugs to trade significantly higher from its current price.



For one, remember, according to&nbsp;Pfizer&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/pfe-stock-quote/">PFE</a>) CEO Albert Bourla, &ldquo;<a href="https://www.cnbc.com/2024/01/14/cancer-drugs-renewed-interest-in-adcs-will-continue-in-2024.html">Antibody-drug conjugates have become the hottest area of oncology</a>.&rdquo; Two, the company is actively developing PYX-201 for the potential treatment of relapsed or refractory solid tumors. So far, the treatment has been well-tolerated with no significant evidence of toxicities,&nbsp;<a href="https://pyxisoncology.com/portfolio/">according to the company</a>.



Three, the company recently posted an EPS loss of $1.85 a share, which beat by 10 cents. Plus, it has about $120.8 million in cash on hand at the moment. And four, analysts over at H.C. Wainwright just raised their price target to $7 on PYXS, with a buy rating.



<a href="https://thefly.com/news.php?symbol=PYXS">As noted by TheFly.com</a>, &ldquo;The analyst increased the peak penetration rates for PYX-201 to 18% from 15% for all indications based on the &ldquo;differentiated&rdquo; safety profile and adjusted operational expenses in 2024 and beyond.&rdquo;



<h2>SPDR S&amp;P Biotech ETF (XBI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/12/shutterstock_1726134715-300x169.png" alt="Biochemical/biotech research scientist team working with microscope"><div>Source: Mongkolchon Akesin / Shutterstock.com</div></div>We can also look at the&nbsp;SPDR S&amp;P Biotech ETF&nbsp;(NYSEARCA:<a href="https://investorplace.com/stock-quotes/xbi-stock-quote/">XBI</a>), which recently dipped to $92.69.



What&rsquo;s nice about the XBI exchange-traded fund is that we can diversify with 135 different holdings at less than $95 a share. In fact, with an expense ratio of just 0.35%, the XBI ETF holds numerous hot biotech stocks. Among them are&nbsp;Moderna(NASDAQ:<a href="https://investorplace.com/stock-quotes/mrna-stock-quote/">MRNA</a>),&nbsp;Exelixis&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/exel-stock-quote/">EXEL</a>),&nbsp;Exact Sciences&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/exas-stock-quote/">EXAS</a>), Amgen, and&nbsp;Alnylam Pharmaceuticals&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/alny-stock-quote/">ALNY</a>).



While the ETF already ran from about $65 to its current price of $92.69, there&rsquo;s still plenty of near-term upside remaining. With new biotech innovation,&nbsp;demand for better treatment, pharmaceutical companies strengthening pipelines and a resurgence of M&amp;A,&nbsp;biotech could get explosive. And if that&rsquo;s the case, you want to be well-diversified for max exposure.



If we were to buy 100 shares of just one of its holdings &mdash; let&rsquo;s say ALNY &mdash; it would cost us about $15,200. Again, just for that one stock. Meanwhile, we can own 100 shares of XBI for about $9,300 and gain exposure to 145 big biotech names.



On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/?utm_source=Nasdaq&amp;utm_medium=referral">Publishing Guidelines</a>.
<div>Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/03/3-biotech-stocks-to-buy-on-the-dip-march-2024/">3 Biotech Stocks to Buy on the Dip: March 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Biotech Stocks to Buy on the Dip: March 2024

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The biotechnology industry is expected to grow rapidly due to rising demand for personalized medicines, increased R&D spending, and the adoption of AI in the biopharma market. Hence, quality biotech stocks Incyte (INCY), Jazz Pharmaceuticals (JAZZ), and Exelixis (EXEL) could be poised for breakthroughs this month. Read more… Given the growing demand for innovative medical solutions, higher R&amp;D initiatives, and rising investments in biopharma, the biotech industry is thriving. Given the backdrop, it could be wise to invest in fundamentally strong biotech stocks Incyte Corporation (<a href="https://stocknews.com/stock/INCY/">INCY</a>), Jazz Pharmaceuticals plc (<a href="https://stocknews.com/stock/JAZZ/">JAZZ</a>), and Exelixis, Inc. (<a href="https://stocknews.com/stock/EXEL/">EXEL</a>) for sustained returns.
The growing foothold of personalized medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting market revenue.
As per the Grand View Research report, the global biotechnology market is projected to reach $3.88 trillion by 2030, growing at a <a href="https://www.grandviewresearch.com/industry-analysis/biotechnology-market">CAGR of 14%</a>. Meanwhile, the U.S. biotechnology market is expected to expand at a CAGR of 12.4% from 2024 to 2030.
Moreover, last year, the global biopharma R&amp;D saw <a href="https://www.iqvia.com/newsroom/2024/02/global-biopharma-r-and-d-boasts-increased-funding">funding rise to $72 billion</a>, productivity increased with a Clinical Development Productivity Index of 17.4, and 69 novel active substances were launched worldwide. However, clinical trial starts declined by 15%, reflecting a shift toward areas like cell and gene therapies.
Further, rapid technological advancements, particularly in areas like genomics, proteomics, and bioinformatics, have led to significant breakthroughs in drug discovery, development, and manufacturing processes. Recent innovations in biotech are moving toward trends like AI, machine learning, data analytics, and automation to optimize production.
The <a href="https://www.precedenceresearch.com/artificial-intelligence-in-biopharmaceutical-market">global AI in the biopharmaceutical market</a> is projected to total about $14.07 billion by 2032, exhibiting a CAGR of 32.3%.
Given these favorable trends, let's look at the fundamentals of the top three <a href="https://stocknews.com/category/biotech/">Biotech</a> stocks, beginning with the third choice.
Stock #3: Incyte Corporation (<a href="https://stocknews.com/stock/INCY/">INCY</a>)
INCY is a biopharmaceutical company specializing in developing therapies for hematology /oncology, autoimmunity, and inflammation areas. The company provides JAKAFI for treating intermediate or high-risk myelofibrosis and polycythemia disease, ICLUSIG to treat chronic myeloid leukemia, and OPZELURA cream for treating atopic dermatitis.
On April 1, 2024, INCY and China Medical System Holdings Limited (CMS), through a wholly-owned dermatology medical aesthetic subsidiary of the company (CMS Skinhealth), entered a Collaboration and License Agreement for the development and commercialization of povorcitinib.
Povorcitinib, a selective oral JAK1 inhibitor discovered by Incyte, is an investigational medicine being evaluated for treating non-segmental vitiligo, hidradenitis suppurativa (HS), prurigo nodularis (PN), asthma and chronic spontaneous urticaria. This agreement will expand the company's relationship with CMS in the Dermatology space beyond ruxolitinib cream.
On February 27, INCY announced that the FDA had accepted for Priority Review the Biologics License Application (BLA) for axatilimab, an anti-CSF-1R antibody, for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two previous lines of systemic therapy. The Prescription Drug User Fee Act (PDUFA) date for the FDA decision is August 28, 2024.
The BLA is supported by optimistic data from the AGAVE-201 trial (NCT04710576), recently highlighted in a <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.incyte.com%2Fnews-releases%2Fnews-release-details%2Fincyte-and-syndax-present-additional-data-positive-agave-201&amp;esheet=53902273&amp;newsitemid=20240227083647&amp;lan=en-US&amp;anchor=Plenary+Scientific+Session&amp;index=1&amp;md5=d6c22e83100ddabd9940d7afb40ae7ec">Plenary Scientific Session</a> at the American Society of Hematology Annual Meeting 2023.
INCY's trailing-12-month EBIT margin of 17.65% is significantly higher than the industry average of 0.89%. Further, the stock's trailing-12-month EBITDA margin of 19.98% is 276.1% higher than the industry average of 5.31%.
During the fourth quarter, which ended December 31, 2023, INCY's total revenues grew 9.3% year-over-year to $1.01 billion. The company's non-GAAP operating income rose 75.6% from the previous-year quarter to $267.70 million. Its non-GAAP <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> was $239.12 million, or $1.07 per share, up 71.2% and 69.8% from the prior-year quarter, respectively.
Analysts expect revenue to increase 15.2% year-over-year to $931.75 million for the fiscal first quarter that ended March 2024. Its EPS is expected to increase 134.4% year-over-year to $0.87 for the same quarter.
Shares of INCY have surged marginally intra-day to close the last trading session at $55.30.
INCY's solid fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of A, which translates to a Strong Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
The stock has an A grade for Value and Quality and a B in Growth. INCY is ranked #4 among 360 stocks in the <a href="https://stocknews.com/category/biotech/">Biotech</a> industry.
<a href="https://stocknews.com/stock/INCY/">Click here</a> to access additional INCY's ratings (Momentum, Sentiment, and Stability).
Stock #2: Jazz Pharmaceuticals plc (<a href="https://stocknews.com/stock/JAZZ/">JAZZ</a>)
Based in Dublin, Ireland, JAZZ is a biopharmaceutical company that identifies, develops, and commercializes pharmaceutical products for unmet medical needs. It has a portfolio of products and product candidates emphasizing the areas of neuroscience, including sleep medicine and movement disorders, and in oncology, such as hematologic and solid tumors.
On April 2, 2024, JAZZ completed the rolling submission of a Biologics License Application (BLA) to the FDA seeking accelerated approval for the HER2-targeted bispecific antibody zanidatamab as a treatment for previously-treated, unresectable, locally advanced, or metastatic HER2-positive biliary tract cancer (BTC).
If approved, zanidatamab would be the first HER2-targeted treatment specifically approved for BTC in the U.S.
On February 7, JAZZ announced its definitive agreement with Redx Pharma to acquire global rights to the KRAS Inhibitor Program, with Redx receiving $10 million upfront and potential milestone payments of up to $870 million, expanding JAZZ's pipeline of targeted oncology therapies.
JAZZ's trailing-12-month EBIT margin of 21.14% is significantly higher than the industry average of 0.89%. Likewise, the stock's trailing-12-month EBITDA margin and levered FCF margin of 37.80% and 27.46% are significantly higher than the industry averages of 5.31% and 0.84%, respectively.
JAZZ's total revenue increased 3.3% year-over-year to $1.01 billion for the fourth quarter ended December 31, 2023. Its adjusted net income came in at $345.29 million, compared to a net loss of $4.24 million in the previous-year quarter. Also, its non-GAAP EPS came in at $5.02, compared to a loss per share of $0.07 in the prior year's quarter.
In addition, as of December 31, 2023, the company's total assets stood at $11.39 billion compared to $10.84 billion as of December 31, 2022.
Analysts predict JAZZ's revenue for the first quarter (ended March 2024) to increase 7.3% year-over-year to $957.66 million, and its EPS for the same quarter is projected to grow 6.5% year-to-year to $4.20. Moreover, the company has an excellent earnings surprise history, surpassing consensus revenue estimates in three of the trailing four quarters.
JAZZ's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of A, equating to a Strong Buy in our proprietary rating system.
JAZZ has an A grade for Growth and Value and a B in Quality. It is ranked #2 in the same industry.
In addition to the POWR Ratings we've stated above, we also have JAZZ ratings for Momentum, Sentiment, and Stability. Get all JAZZ ratings <a href="https://stocknews.com/stock/JAZZ/">here</a>.
Stock #1: Exelixis, Inc. (<a href="https://stocknews.com/stock/EXEL/">EXEL</a>)
EXEL is a biotech company specializing in oncology and dedicated to discovering, developing, and commercializing cancer treatments. The company focuses on developing inhibitors targeting cancer-related factors and collaborates with pharmaceutical companies for research and development (R&amp;D).
EXEL's trailing-12-month gross profit margin of 96.04% is 68.6% higher than the 56.95% industry average. Its 9.34% trailing-12-month EBIT margin is 781.6% higher than the 1.06% industry average. Likewise, the stock's 10.74% trailing-12-month EBITDA margin is 101.2% higher than the 5.34% industry average.
EXEL's total revenues increased 13.1% year-over-year to $479.65 million in the fourth quarter that ended December 31, 2023. The company reported a non-GAAP net income of $104.20 million, or $0.33 per share, compared to its year-ago quarter's non-GAAP net loss of $10.21 million, or $0.03 per share, respectively.
EXEL reaffirmed its fiscal year 2024 financial guidance with total revenues projected between $1.83 billion and $1.93 billion and net product revenues expected to range from $1.65 billion to $1.75 billion.
Street expects EXEL's revenue for the fiscal quarter (ended March 2024) to increase 11.5% year-over-year to $455.67 million. Its EPS is expected to grow 96.8% year-over-year to $0.24 for the same quarter.
Over the past nine months, the stock has surged 22.8% to close the last trading session at $23.72.
EXEL's POWR Ratings reflect its promising outlook. The stock has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
The stock has an A grade for Value and a B in Growth, Sentiment, and Quality. Within the same industry, EXEL is ranked first.
<a href="https://stocknews.com/stock/EXEL/">Click here</a> to access additional ratings of EXEL for Stability and Momentum.
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INCY shares were trading at $54.60 per share on Wednesday morning, down $0.70 (-1.27%). Year-to-date, INCY has declined -13.04%, versus a 8.54% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Nidhi Agarwal</h2> <img src='https:/wp-content/uploads/2023/03/Nidhi-Agarwal_Headshot-3.jpg' style="float:left; padding:5px;width:125px;">Nidhi is passionate about the capital market and wealth management, which led her to pursue a career as an investment analyst. She holds a bachelor's degree in finance and marketing and is pursuing the CFA program.

Her fundamental approach to analyzing stocks helps investors identify the best investment opportunities.<a href="https://stocknews.com/authors/?author=nidhi-agarwal">More...</a>The post <a href=https://stocknews.com/news/incy-jazz-exel-3-biotech-gems-poised-for-april-breakthroughs/>3 Biotech Gems Poised for April Breakthroughs</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Biotech Gems Poised for April Breakthroughs

Barclays analyst Peter Lawson downgraded Exelixis (EXEL – Research Report) to a Hold today and set a price target of $25.00. The company's shares c...

Barclays downgrades Exelixis (EXEL) to a Hold

Exelixis slips as Barclays downgrades on lack of catalysts

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Press Releases

Exelixis Announces Preliminary Fiscal Year 2023 Financial Results, Provides 2024 Financial Guidance, and Outlines Key Priorities and Milestones for 2024

European Patent Office Rules in Favor of Exelixis on Formulation Patent Covering CABOMETYX® (cabozantinib) Tablets

Opdivo® (nivolumab) in Combination with CABOMETYX® (cabozantinib) Demonstrates Long-Term Survival Benefits After Four Years of Follow-Up in the CheckMate -9ER Trial in First-Line Advanced Renal Cell Carcinoma

Exelixis to Release Fourth Quarter and Fiscal Year 2023 Financial Results on Tuesday, February 6, 2024

Exelixis Announces Detailed Results of Phase 3 CONTACT-02 Pivotal Trial Evaluating Cabozantinib in Combination with Atezolizumab in Metastatic Castration-Resistant Prostate Cancer Presented at ASCO GU 2024

Exelixis to Webcast Fireside Chats as Part of Investor Conferences in February

Exelixis Announces Fourth Quarter and Fiscal Year 2023 Financial Results and Provides Corporate Update

Anal Cancer Treatment Market Expected to Reach $1.63 Billion by 2030 as Latest Clinical Studies Focus on New Therapies

Exelixis to Webcast Fireside Chats as Part of Investor Conferences in March

Exelixis to Release First Quarter 2024 Financial Results on Tuesday, April 30, 2024