Exelixis, Inc. $EXEL Shares Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its holdings in Exelixis, Inc. (NASDAQ:EXEL) by 44.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 69,616 shares of the biotechnology company’s stock after buying an additional 21,324 shares during the quarter. Convergence Investment Partners LLC’s holdings in Exelixis were worth $2,986,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its stake in Exelixis by 0.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company’s stock worth $2,549,000 after acquiring an additional 281 shares during the period. RHS Financial LLC raised its position in shares of Exelixis by 2.4% during the 4th quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company’s stock worth $553,000 after purchasing an additional 293 shares during the period. Meeder Advisory Services Inc. raised its position in shares of Exelixis by 5.8% during the 4th quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company’s stock worth $237,000 after purchasing an additional 298 shares during the period. Cim LLC lifted its holdings in shares of Exelixis by 0.9% in the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company’s stock worth $1,462,000 after purchasing an additional 305 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its holdings in shares of Exelixis by 6.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company’s stock worth $235,000 after purchasing an additional 329 shares during the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Exelixis

In other Exelixis news, Director Sue Gail Eckhardt sold 9,812 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $50.14, for a total transaction of $491,973.68. Following the sale, the director directly owned 16,079 shares in the company, valued at approximately $806,201.06. The trade was a 37.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Senner sold 34,901 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the completion of the sale, the chief financial officer directly owned 952,317 shares of the company’s stock, valued at approximately $47,615,850. This represents a 3.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 219,170 shares of company stock worth $10,620,641 in the last three months. Insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial upped their price objective on Exelixis from $54.00 to $56.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Citizens Jmp raised their target price on Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada boosted their price target on shares of Exelixis from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. UBS Group restated a “buy” rating on shares of Exelixis in a research report on Thursday, July 2nd. Finally, Weiss Ratings raised shares of Exelixis from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday, July 8th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.80.

Exelixis Stock Performance

NASDAQ:EXEL opened at $55.53 on Tuesday. The stock has a market cap of $13.96 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.61 and a beta of 0.42. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $57.57. The business has a fifty day moving average of $52.76 and a 200-day moving average of $46.88.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.12. The business had revenue of $610.81 million for the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.55 earnings per share. On average, equities research analysts predict that Exelixis, Inc. will post 3.16 EPS for the current year.

Exelixis Profile

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.