Pictet Asset Management Holding SA Sells 52,985 Shares of Exelixis, Inc. $EXEL

Pictet Asset Management Holding SA cut its stake in shares of Exelixis, Inc. (NASDAQ:EXEL) by 9.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 502,453 shares of the biotechnology company’s stock after selling 52,985 shares during the period. Pictet Asset Management Holding SA owned approximately 0.20% of Exelixis worth $29,460,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in EXEL. Cassaday & Co Wealth Management LLC bought a new stake in Exelixis in the first quarter valued at about $27,000. Western Wealth Management LLC bought a new position in Exelixis during the first quarter worth about $29,000. Mather Group LLC. boosted its holdings in Exelixis by 124.6% during the third quarter. Mather Group LLC. now owns 757 shares of the biotechnology company’s stock worth $44,000 after buying an additional 420 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Exelixis during the second quarter worth about $46,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Exelixis during the 2nd quarter worth about $57,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. TD Cowen upped their price target on Exelixis from $55.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Morgan Stanley boosted their price objective on shares of Exelixis from $53.00 to $60.00 and gave the company an “equal weight” rating in a report on Friday, October 30th. Royal Bank Of Canada boosted their price objective on shares of Exelixis from $51.00 to $58.00 and gave the company a “sector perform” rating in a report on Friday, October 30th. Barclays upped their target price on shares of Exelixis from $49.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, October 30th. Finally, Zacks Research upgraded shares of Exelixis from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.85.

Exelixis Stock Down 1.6%

Exelixis stock opened at $70.58 on Wednesday. The stock has a market capitalization of $17.22 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 1.85 and a beta of 0.45. Exelixis, Inc. has a twelve month low of $39.71 and a twelve month high of $73.69. The company has a 50 day moving average of $61.59 and a 200-day moving average of $51.84.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.05. Exelixis had a net margin of 35.45% and a return on equity of 45.54%. The company had revenue of $658.70 million during the quarter, compared to the consensus estimate of $646.51 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. Equities analysts anticipate that Exelixis, Inc. will post 3.42 EPS for the current fiscal year.

Exelixis Company Profile

Exelixis, Inc. is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies. Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.