5 Best Medical Stocks Under $20

2. Exelixis, Inc. (NASDAQ:EXEL)

Number of Hedge Fund Holders: 35

Share Price as of December 8: $16.52

Exelixis, Inc. (NASDAQ:EXEL) is a California-based oncology-focused biotechnology company that focuses on the discovery, development, and commercialization of new medicines to treat different cancers in the United States. On November 1, Exelixis, Inc. (NASDAQ:EXEL) reported a Q3 non-GAAP EPS of $0.31 and a revenue of $411.74 million, outperforming Wall Street estimates by $0.07 and $8.58 million, respectively. The company had cash and cash equivalents of $2.1 billion at September 30, 2022, as compared to $1.9 billion at December 31, 2021. 

On November 2, Cowen analyst Yaron Werber maintained an Outperform rating on Exelixis, Inc. (NASDAQ:EXEL) but lowered the price target on the shares to $21 from $26. The analyst said the Q3 results beat expectations and he expects key pipeline updates by year end.

According to Insider Monkey’s data, 35 hedge funds were long Exelixis, Inc. (NASDAQ:EXEL) at the end of Q3 2022, compared to 28 funds in the prior quarter. Jim Simons’ Renaissance Technologies is the leading position holder in the company, with 16 million shares worth $251.3 million.