Intrinsic value of Exelixis - EXEL

Previous Close

$26.37

  Intrinsic Value

$53.04

stock screener

  Rating & Target

str. buy

+101%

  Value-price divergence*

0%

Previous close

$26.37

 
Intrinsic value

$53.04

 
Up/down potential

+101%

 
Rating

str. buy

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EXEL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  416.22
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  191
  306
  472
  706
  1,025
  1,445
  1,987
  2,667
  3,502
  4,507
  5,692
  7,069
  8,642
  10,417
  12,394
  14,573
  16,952
  19,527
  22,294
  25,250
  28,388
  31,706
  35,199
  38,865
  42,703
  46,712
  50,892
  55,245
  59,774
  64,483
  69,378
Variable operating expenses, $m
 
  259
  396
  589
  852
  1,200
  1,647
  2,208
  2,898
  3,727
  4,705
  5,835
  7,134
  8,599
  10,231
  12,030
  13,993
  16,119
  18,404
  20,843
  23,434
  26,173
  29,056
  32,083
  35,251
  38,560
  42,011
  45,604
  49,343
  53,230
  57,271
Fixed operating expenses, $m
 
  133
  137
  140
  143
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
Total operating expenses, $m
  233
  392
  533
  729
  995
  1,347
  1,798
  2,363
  3,056
  3,889
  4,871
  6,006
  7,309
  8,778
  10,415
  12,218
  14,186
  16,317
  18,607
  21,051
  23,647
  26,391
  29,280
  32,312
  35,486
  38,801
  42,258
  45,857
  49,603
  53,496
  57,544
Operating income, $m
  -42
  -86
  -61
  -23
  29
  99
  190
  305
  446
  618
  821
  1,063
  1,333
  1,639
  1,979
  2,355
  2,765
  3,210
  3,688
  4,198
  4,741
  5,315
  5,919
  6,553
  7,217
  7,911
  8,634
  9,387
  10,171
  10,987
  11,834
EBITDA, $m
  -41
  -80
  -54
  -17
  35
  105
  196
  311
  453
  625
  828
  1,064
  1,335
  1,640
  1,981
  2,357
  2,768
  3,213
  3,692
  4,203
  4,746
  5,320
  5,925
  6,559
  7,224
  7,918
  8,642
  9,397
  10,181
  10,998
  11,846
Interest expense (income), $m
  21
  11
  31
  61
  104
  161
  237
  334
  456
  607
  787
  1,001
  1,249
  1,532
  1,851
  2,207
  2,599
  3,027
  3,491
  3,989
  4,520
  5,085
  5,682
  6,311
  6,971
  7,661
  8,383
  9,135
  9,918
  10,733
  11,581
Earnings before tax, $m
  -70
  -97
  -92
  -85
  -75
  -62
  -47
  -30
  -10
  11
  33
  62
  85
  107
  128
  148
  166
  183
  197
  210
  221
  229
  236
  242
  246
  249
  251
  253
  253
  253
  253
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  9
  17
  23
  29
  35
  40
  45
  49
  53
  57
  60
  62
  64
  65
  66
  67
  68
  68
  68
  68
  68
Net income, $m
  -70
  -97
  -92
  -85
  -75
  -62
  -47
  -30
  -10
  8
  24
  45
  62
  78
  93
  108
  121
  133
  144
  153
  161
  167
  173
  177
  180
  182
  183
  184
  185
  185
  185

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  420
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  596
  886
  1,369
  2,047
  2,970
  4,190
  5,760
  7,731
  10,152
  13,063
  16,500
  20,489
  25,050
  30,193
  35,924
  42,240
  49,135
  56,600
  64,621
  73,187
  82,284
  91,900
  102,026
  112,653
  123,777
  135,396
  147,512
  160,130
  173,258
  186,908
  201,095
Adjusted assets (=assets-cash), $m
  176
  886
  1,369
  2,047
  2,970
  4,190
  5,760
  7,731
  10,152
  13,063
  16,500
  20,489
  25,050
  30,193
  35,924
  42,240
  49,135
  56,600
  64,621
  73,187
  82,284
  91,900
  102,026
  112,653
  123,777
  135,396
  147,512
  160,130
  173,258
  186,908
  201,095
Revenue / Adjusted assets
  1.085
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
Average production assets, $m
  1
  2
  2
  4
  5
  7
  10
  13
  18
  23
  28
  35
  43
  52
  62
  73
  85
  98
  111
  126
  142
  159
  176
  194
  214
  234
  254
  276
  299
  322
  347
Working capital, $m
  200
  -31
  -47
  -71
  -102
  -145
  -199
  -267
  -350
  -451
  -569
  -707
  -864
  -1,042
  -1,239
  -1,457
  -1,695
  -1,953
  -2,229
  -2,525
  -2,839
  -3,171
  -3,520
  -3,887
  -4,270
  -4,671
  -5,089
  -5,524
  -5,977
  -6,448
  -6,938
Total debt, $m
  189
  425
  830
  1,399
  2,174
  3,197
  4,515
  6,169
  8,199
  10,642
  13,525
  16,872
  20,699
  25,014
  29,822
  35,121
  40,907
  47,169
  53,899
  61,086
  68,718
  76,786
  85,282
  94,198
  103,531
  113,280
  123,445
  134,031
  145,045
  156,497
  168,401
Total liabilities, $m
  506
  743
  1,148
  1,717
  2,492
  3,515
  4,833
  6,487
  8,517
  10,960
  13,843
  17,190
  21,017
  25,332
  30,140
  35,439
  41,225
  47,487
  54,217
  61,404
  69,036
  77,104
  85,600
  94,516
  103,849
  113,598
  123,763
  134,349
  145,363
  156,815
  168,719
Total equity, $m
  89
  143
  220
  330
  478
  675
  927
  1,245
  1,634
  2,103
  2,656
  3,299
  4,033
  4,861
  5,784
  6,801
  7,911
  9,113
  10,404
  11,783
  13,248
  14,796
  16,426
  18,137
  19,928
  21,799
  23,749
  25,781
  27,894
  30,092
  32,376
Total liabilities and equity, $m
  595
  886
  1,368
  2,047
  2,970
  4,190
  5,760
  7,732
  10,151
  13,063
  16,499
  20,489
  25,050
  30,193
  35,924
  42,240
  49,136
  56,600
  64,621
  73,187
  82,284
  91,900
  102,026
  112,653
  123,777
  135,397
  147,512
  160,130
  173,257
  186,907
  201,095
Debt-to-equity ratio
  2.124
  2.980
  3.770
  4.250
  4.550
  4.740
  4.870
  4.960
  5.020
  5.060
  5.090
  5.110
  5.130
  5.150
  5.160
  5.160
  5.170
  5.180
  5.180
  5.180
  5.190
  5.190
  5.190
  5.190
  5.200
  5.200
  5.200
  5.200
  5.200
  5.200
  5.200
Adjusted equity ratio
  -1.426
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161
  0.161

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -70
  -97
  -92
  -85
  -75
  -62
  -47
  -30
  -10
  8
  24
  45
  62
  78
  93
  108
  121
  133
  144
  153
  161
  167
  173
  177
  180
  182
  183
  184
  185
  185
  185
Depreciation, amort., depletion, $m
  1
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
Funds from operations, $m
  450
  -91
  -86
  -78
  -68
  -55
  -40
  -23
  -3
  15
  31
  47
  63
  80
  96
  110
  124
  137
  148
  157
  166
  173
  179
  183
  187
  190
  192
  194
  195
  196
  197
Change in working capital, $m
  244
  -11
  -17
  -23
  -32
  -42
  -54
  -68
  -84
  -100
  -119
  -138
  -157
  -177
  -198
  -218
  -238
  -258
  -277
  -296
  -314
  -332
  -349
  -367
  -384
  -401
  -418
  -435
  -453
  -471
  -489
Cash from operations, $m
  206
  -79
  -69
  -55
  -36
  -13
  14
  45
  80
  116
  150
  184
  221
  257
  293
  328
  362
  394
  424
  453
  480
  504
  528
  550
  571
  591
  610
  629
  648
  667
  686
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
New CAPEX, $m
  -2
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
Cash from investing activities, $m
  -216
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -35
Free cash flow, $m
  -10
  -80
  -70
  -56
  -38
  -16
  11
  42
  76
  110
  143
  176
  212
  247
  282
  315
  348
  378
  407
  434
  460
  483
  505
  526
  545
  563
  581
  599
  616
  633
  651
Issuance/(repayment) of debt, $m
  -8
  278
  405
  569
  774
  1,024
  1,317
  1,654
  2,031
  2,442
  2,883
  3,347
  3,826
  4,315
  4,808
  5,299
  5,785
  6,263
  6,730
  7,187
  7,632
  8,068
  8,495
  8,916
  9,333
  9,748
  10,165
  10,586
  11,014
  11,452
  11,903
Issuance/(repurchase) of shares, $m
  28
  151
  170
  194
  223
  259
  300
  347
  400
  461
  529
  597
  672
  750
  829
  909
  989
  1,068
  1,147
  1,226
  1,304
  1,381
  1,458
  1,534
  1,611
  1,689
  1,767
  1,847
  1,929
  2,013
  2,099
Cash from financing (excl. dividends), $m  
  20
  429
  575
  763
  997
  1,283
  1,617
  2,001
  2,431
  2,903
  3,412
  3,944
  4,498
  5,065
  5,637
  6,208
  6,774
  7,331
  7,877
  8,413
  8,936
  9,449
  9,953
  10,450
  10,944
  11,437
  11,932
  12,433
  12,943
  13,465
  14,002
Total cash flow (excl. dividends), $m
  10
  349
  505
  707
  960
  1,267
  1,628
  2,043
  2,506
  3,013
  3,556
  4,120
  4,710
  5,312
  5,919
  6,524
  7,122
  7,710
  8,285
  8,847
  9,396
  9,932
  10,458
  10,976
  11,489
  12,001
  12,514
  13,032
  13,559
  14,098
  14,653
Retained Cash Flow (-), $m
  -193
  -151
  -170
  -194
  -223
  -259
  -300
  -347
  -400
  -469
  -553
  -642
  -734
  -828
  -923
  -1,017
  -1,110
  -1,202
  -1,291
  -1,379
  -1,465
  -1,548
  -1,630
  -1,711
  -1,791
  -1,871
  -1,951
  -2,031
  -2,114
  -2,198
  -2,284
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  198
  335
  513
  736
  1,008
  1,328
  1,696
  2,107
  2,544
  3,003
  3,478
  3,976
  4,484
  4,996
  5,507
  6,012
  6,508
  6,993
  7,468
  7,931
  8,384
  8,828
  9,265
  9,698
  10,130
  10,563
  11,000
  11,445
  11,900
  12,369
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  190
  307
  446
  606
  781
  964
  1,146
  1,317
  1,462
  1,574
  1,652
  1,697
  1,705
  1,677
  1,617
  1,528
  1,416
  1,288
  1,150
  1,008
  867
  732
  607
  494
  394
  308
  236
  177
  130
  93
Current shareholders' claim on cash, %
  100
  85.5
  76.4
  70.2
  65.8
  62.4
  59.7
  57.6
  55.8
  54.3
  52.9
  51.8
  50.7
  49.8
  49.0
  48.2
  47.5
  46.9
  46.3
  45.8
  45.3
  44.8
  44.4
  44.0
  43.6
  43.2
  42.9
  42.5
  42.2
  41.9
  41.6

Exelixis, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of new medicines with the potential to enhance care and outcomes for people with cancer. It focuses on advancing cabozantinib, an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors, which has shown clinical anti-tumor activity in approximately 20 forms of cancer and is the subject of a broad clinical development program. The company has received regulatory approval for two separate formulations of cabozantinib for the treatment of certain forms of kidney and thyroid cancer and marketed as CABOMETYX tablets in the United States and COMETRIQ capsules in the United States and European Union respectively. It also offers COTELLIC (cobimetinib), a selective inhibitor of MEK, in the United States and European Union; and is being evaluated for further potential indications by Roche and Genentech under collaboration with Exelixis. Exelixis, Inc. has collaboration and license agreements with Ipsen Pharma SAS, Genentech, Inc., GlaxoSmithKline, Bristol-Myers Squibb Company, Sanofi, Merck, and Daiichi Sankyo Company Limited for the development and commercialization of various compounds and programs. The company was formerly known as Exelixis Pharmaceuticals, Inc. and changed its name to Exelixis, Inc. in February 2000. Exelixis, Inc. was founded in 1994 and is headquartered in South San Francisco, California.

FINANCIAL RATIOS  of  Exelixis (EXEL)

Valuation Ratios
P/E Ratio -109.2
Price to Sales 40
Price to Book 85.9
Price to Tangible Book
Price to Cash Flow 37.1
Price to Free Cash Flow 37.5
Growth Rates
Sales Growth Rate 416.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 212.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -10.6%
Ret/ On Assets - 3 Yr. Avg. -37.5%
Return On Total Capital -25.2%
Ret/ On T. Cap. - 3 Yr. Avg. -55.8%
Return On Equity 933.3%
Return On Equity - 3 Yr. Avg. 715.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 96.9%
Gross Margin - 3 Yr. Avg. 92.7%
EBITDA Margin -25.1%
EBITDA Margin - 3 Yr. Avg. -455.4%
Operating Margin -22%
Oper. Margin - 3 Yr. Avg. -417.2%
Pre-Tax Margin -36.6%
Pre-Tax Margin - 3 Yr. Avg. -506.2%
Net Profit Margin -36.6%
Net Profit Margin - 3 Yr. Avg. -506.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EXEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXEL stock intrinsic value calculation we used $191 million for the last fiscal year's total revenue generated by Exelixis. The default revenue input number comes from 2016 income statement of Exelixis. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EXEL stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EXEL is calculated based on our internal credit rating of Exelixis, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Exelixis.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EXEL stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $130 million in the base year in the intrinsic value calculation for EXEL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.4% for Exelixis.

Corporate tax rate of 27% is the nominal tax rate for Exelixis. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EXEL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EXEL are equal to 0.5%.

Life of production assets of 65 years is the average useful life of capital assets used in Exelixis operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EXEL is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $89 million for Exelixis - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 267.214 million for Exelixis is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Exelixis at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ What Amgens Analysts Recommend in August 2017   [Aug-14-17 01:06PM  Market Realist]
▶ Exelixis tops Street 2Q forecasts   [01:07AM  Associated Press]
▶ Three biotech companies to watch ahead of earnings   [Jul-25-17 04:25PM  MarketWatch]
▶ Five Scorching Hot Stocks Screaming Higher   [Jul-11-17 05:08PM  Zacks]
▶ Biotech Movers: Exelixis, Omeros, Inovio   [Jul-10-17 09:40AM  TheStreet.com]
▶ This Biotech Finds Its Stride With Kidney Cancer Treatment   [Jul-07-17 09:05AM  Investor's Business Daily]
▶ These 6 Biotech, Drug Plays Are In Buy Range: Investing Action Plan   [Jul-05-17 04:12PM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for June 27th   [Jun-27-17 10:28AM  Zacks]
▶ Biotech Rally Gets Second Wind As This Small Cap Nears Breaks Out   [Jun-26-17 04:20PM  Investor's Business Daily]
▶ This Drugmaker Flirts With Breakout As Some Biotechs Rally   [11:32AM  Investor's Business Daily]
▶ These 3 Stocks Are Up Over 500% in the Last 3 Years   [Jun-25-17 09:42AM  Motley Fool]
▶ Better Buy: Exelixis, Inc. vs. Novartis AG   [Jun-24-17 06:42AM  Motley Fool]
▶ Roundtable: 1 Stock I Brag About Owning   [Jun-23-17 12:06PM  Motley Fool]
▶ Biotech Exelixis May Break Out On Cancer Drug Trial Results   [02:50AM  Investor's Business Daily]
▶ Why Exelixis, Inc. Zoomed Higher Today   [Jun-19-17 05:21PM  Motley Fool]
▶ 2 Reasons Exelixis, Inc. Shares Sank 16% in May   [Jun-06-17 08:09AM  Motley Fool]
▶ 3 Stocks With Exelixis-Like Return Potential   [Jun-05-17 04:29PM  Motley Fool]
▶ ETFs with exposure to Exelixis, Inc. : May 26, 2017   [May-26-17 01:07PM  Capital Cube]
▶ 3 Stocks That Tripled in a Single Year   [May-25-17 01:05PM  Motley Fool]
▶ Top 5 Biotech Stocks for 2017   [May-19-17 08:00AM  Investopedia]
▶ ETFs with exposure to Exelixis, Inc. : May 15, 2017   [May-15-17 03:41PM  Capital Cube]
▶ ETFs with exposure to Exelixis, Inc. : May 4, 2017   [May-04-17 03:56PM  Capital Cube]
Stock chart of EXEL Financial statements of EXEL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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