27,109 Shares in Exelixis, Inc. $EXEL Purchased by Grandfield & Dodd LLC

Key Points

• Grandfield & Dodd LLC acquired 27,109 Exelixis shares in the second quarter, valued at approximately $1.48 million. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly earnings of $0.91 per share, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million but fell short of expectations.
• Analysts maintain a consensus “Hold” rating with a $49.79 target price, below the stock’s reported opening price of $52.32; insiders have sold $5.0 million worth of shares over the past three months.

Grandfield & Dodd LLC bought a new position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 27,109 shares of the biotechnology company's stock, valued at approximately $1,475,000.

Several other hedge funds also recently made changes to their positions in EXEL. Motiv8 Investments LLC purchased a new position in Exelixis during the 4th quarter valued at about $26,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Exelixis in the 1st quarter worth $27,000. Acumen Wealth Advisors LLC bought a new position in Exelixis in the fourth quarter valued at $29,000. Western Wealth Management LLC bought a new position in shares of Exelixis during the 1st quarter valued at about $29,000. Finally, Activest Wealth Management bought a new position in Exelixis during the fourth quarter valued at approximately $32,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on EXEL shares. Leerink Partners cut Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price objective on the stock. in a research note on Thursday, August 6th. Barclays boosted their price objective on shares of Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Citizens Jmp upped their target price on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. Weiss Ratings upgraded shares of Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. Finally, Truist Financial reduced their price objective on Exelixis from $56.00 to $52.00 and set a "hold" rating for the company in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $49.79.

Exelixis Trading Up 2.1%

NASDAQ:EXEL opened at $52.32 on Tuesday. The company has a market cap of $12.96 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 1.53 and a beta of 0.44. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $57.57. The company has a 50 day simple moving average of $54.20 and a two-hundred day simple moving average of $48.28.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The company had revenue of $628.69 million for the quarter, compared to the consensus estimate of $636.40 million. During the same quarter in the prior year, the company earned $0.75 earnings per share. Exelixis's revenue was up 10.6% on a year-over-year basis. Research analysts forecast that Exelixis, Inc. will post 3.18 earnings per share for the current year.

Insider Transactions at Exelixis

In other Exelixis news, Director Mary C. Beckerle sold 9,812 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total transaction of $526,511.92. Following the sale, the director owned 16,079 shares in the company, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue Gail Eckhardt sold 9,812 shares of Exelixis stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.14, for a total transaction of $491,973.68. Following the transaction, the director owned 16,079 shares in the company, valued at approximately $806,201.06. This trade represents a 37.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 99,110 shares of company stock worth $5,004,051 over the last three months. 2.60% of the stock is currently owned by insiders.

Exelixis Company 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.

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