Exelixis reported fourth-quarter earnings and revenue that exceeded analyst expectations
The shares of Exelixis Inc. (NASDAQ:EXEL) shot higher out of the gate this morning, but were last seen down 0.7% at $21.53, even though the company reported fourth-quarter earnings and revenue that beat analysts' forecasts. The biopharmaceutical company cited strong sales of its cancer drug Cabometyx for the better-than-expected results.
EXEL stock remains down roughly 25% year-over-year, though it's recovered some since bottoming near $14 back in late October. The security is up almost 10% this year already, with recent support from its 60-day moving average helping along the way.
Meanwhile, six out of eight analysts call the stock a "buy" or better. However, RBC just cut its price target to $34 from $35, and Oppenheimer lowered its price target to $31 from $40. Overall, the consensus 12-month price target stands at $28.44.
The majority of options traders have been bullish on the stock, too. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), EXEL has a 10-day call/put ratio of 10.17 that sits in the 61st percentile of its annual range. This means that 10 calls have been purchased for every one put, and at a moderately faster pace than what is typically seen.