Exelixis Inc. Up 1.73% To $17.09 After Earnings Beat

Exelixis Inc (EXEL) reported better than expected earnings this afternoon for Q3 2022.

Wall Street earnings per share (EPS) projections for Exelixis Inc. were at $0.20. The company beat those estimates with an EPS of $0.31. The earnings per share of $0.31 (which represents a -55% EPS surprise) led to the company's profits rising 55% compared to last year when the firm reported an EPS of $0.20. The increase in Exelixis Inc.'s annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $411.7 million. That is an increase of 25.37% in revenues from the year-ago report and is 1.84% higher than consensus estimates set at $404.3 million.

The stock is up 1.73% to $17.09 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Exelixis Inc. a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 47. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

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.