Exelixis (EXEL) NewsBite - EXEL Downgraded By Merriman

Posted: Wednesday, November 18, 2009 1:49 PM EDT

Exelixis (EXEL) was downgraded today by analysts at Merriman and the stock is now at $6.75, down $0.94 (-12.22%) on volume of 1,539,766 shares traded. The brokerage reduced the stock to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $2.11 to a high of $8.00. Exelixis stock has been showing support around $7.24 and resistance in the $8.00 range. Technical indicators for the stock are bullish and S&P gives EXEL a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on EXEL the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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