Convergence Investment Partners LLC Raises Holdings in Exelixis, Inc. $EXEL

Convergence Investment Partners LLC boosted its stake in shares of Exelixis, Inc. (NASDAQ:EXEL) by 3.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,111 shares of the biotechnology company’s stock after acquiring an additional 1,105 shares during the quarter. Convergence Investment Partners LLC’s holdings in Exelixis were worth $1,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Byrne Asset Management LLC lifted its holdings in Exelixis by 129.0% in the 2nd quarter. Byrne Asset Management LLC now owns 710 shares of the biotechnology company’s stock worth $31,000 after buying an additional 400 shares during the period. Family Legacy Financial Solutions LLC purchased a new stake in Exelixis in the 2nd quarter worth approximately $33,000. Hemington Wealth Management lifted its holdings in Exelixis by 211.3% in the 1st quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company’s stock worth $28,000 after buying an additional 522 shares during the period. Bartlett & CO. Wealth Management LLC purchased a new stake in Exelixis in the 1st quarter worth approximately $37,000. Finally, Steph & Co. purchased a new stake in Exelixis in the 2nd quarter worth approximately $44,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Stock Up 1.8%

EXEL stock opened at $38.72 on Monday. Exelixis, Inc. has a twelve month low of $27.86 and a twelve month high of $49.62. The firm has a market cap of $10.42 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 0.78 and a beta of 0.38. The business has a 50 day moving average of $38.68 and a 200 day moving average of $40.12.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Monday, July 28th. The biotechnology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.12. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The company had revenue of $568.26 million during the quarter, compared to analyst estimates of $574.36 million. During the same quarter last year, the company earned $0.84 EPS. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, research analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on EXEL shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Exelixis in a report on Saturday. Stifel Nicolaus increased their price objective on Exelixis from $38.00 to $41.00 and gave the stock a “hold” rating in a report on Tuesday, July 29th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of Exelixis in a research report on Tuesday, July 29th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $45.00 target price on shares of Exelixis in a research report on Tuesday, October 21st. Finally, William Blair reissued an “outperform” rating on shares of Exelixis in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.53.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.