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Exelixis Inc Down 8.12% To $19.35 After Earnings Beat

Wednesday, August 10, 2022 01:47 PM | InvestorsObserver Analysts

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Exelixis Inc Down 8.12% To $19.35 After Earnings Beat

Exelixis Inc (EXEL) said after close Tuesday that it earned $0.28 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $419.4 million, beating estimates by $28.5 million.

In the same quarter a year ago, the company earned $0.37 per share on revenue of $385.2 million.

The stock is down 8.12% to $19.35 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Exelixis Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 81, putting Exelixis Inc in the top 25% of stocks. The firm set a 52-week high on April 5, 2022 at $23.4 and set a 52-week low on December 6, 2021 at $15.5.

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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