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Exelixis Inc. (NASDAQ: EXEL) Stock Forecast for 2023 with -49.88% Downside

In the last trading session, 3.37 million Exelixis Inc. (NASDAQ:EXEL) shares changed hands as the company’s beta touched 0.66. With the company’s per share price at $21.35 changed hands at -$0.46 or -2.11% during last session, the market valuation stood at $6.94B. EXEL’s last price was a discount, traded about -6.79% off its 52-week high of $22.80. The share price had its 52-week low at $14.87, which suggests the last value was 30.35% up since then. When we look at Exelixis Inc.’s average trading volume, we note the 10-day average is 2.43 million shares, with the 3-month average coming to 2.39 million.

Analysts gave the Exelixis Inc. (EXEL) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 1 out of 18 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 4 recommended EXEL as a Hold, 12 felt it is a Buy and 0 rated the stock as Underweight. Exelixis Inc.’s EPS for the current quarter is expected to be $0.18.

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Exelixis Inc. (NASDAQ:EXEL) trade information

Instantly EXEL was in red as seen at the end of in last trading. With action -2.91%, the performance over the past five days has been red. The drop to weekly highs of 22.40 on Monday, 09/18/23 subtracted -2.11% to the stock’s daily price. The company’s shares are showing year-to-date upside of 33.10%, with the 5-day performance at -2.91% in the red. However, in the 30-day time frame, Exelixis Inc. (NASDAQ:EXEL) is 1.67% up. Looking at the short shares, we see there were 7.88 million shares sold at short interest cover period of 3.2 days.

The consensus price target for the stock as assigned by Wall Street analysts is $25.00, meaning bulls need an upside of 14.6% from its current market value. According to analyst projections, EXEL’s forecast low is $18.00 with $32.00 as the target high. To hit the forecast high, the stock’s price needs a -49.88% plunge from its current level, while the stock would need to tank 15.69% for it to hit the projected low.

Exelixis Inc. (EXEL) estimates and forecasts

Data shows that the Exelixis Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 21.65% over the past 6 months, a 19.51% in annual growth rate that is considerably higher than the industry average of 11.90%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Exelixis Inc. will fall -21.70%, while the growth in revenue is estimated to hit 288.90% for the next quarter. Year-over-year growth is forecast to reach 14.20% up from the last financial year.

Consensus estimates given by 14 financial analysts project the company’s revenue in the current quarter to hit an average of $471.89 million. 14 analysts are of the opinion that Exelixis Inc.’s revenue for the quarter ending Dec 2023 will be $492.54 million. The company’s revenue for the corresponding quarters a year ago was $411.74 million and $423.92 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 14.60%. The estimates for the next quarter sales put growth at 16.20%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 2.60%. The 2023 estimates are for Exelixis Inc. earnings to decrease by -21.60%, but the outlook for the next 5-year period is at 46.00% per year.

EXEL Dividends

Exelixis Inc. is expected to release its next quarterly earnings report between October 30 and November 03.

Exelixis Inc. (NASDAQ:EXEL)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 1.97% of Exelixis Inc. shares while 89.03% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 90.82%. There are 89.03% institutions holding the Exelixis Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 11.11% of the shares, roughly 35.39 million EXEL shares worth $676.25 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 10.31% or 32.83 million shares worth $627.36 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. With 10.5 million shares estimated at $235.08 million under it, the former controlled 3.30% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.17% of the shares, roughly 10.1 million shares worth around $193.03 million.

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