48,292 Shares in Exelixis, Inc. $EXEL Purchased by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners LLC opened a new position in Exelixis, buying 48,292 shares valued at about $2.12 million in the fourth quarter.
• Exelixis has seen notable institutional ownership and insider selling: hedge funds and institutions own 85.27% of the stock, while insiders sold 382,811 shares worth $17.0 million last quarter.
• The company recently reported better-than-expected Q1 earnings, with EPS of $0.87 versus the $0.75 estimate and revenue of $610.81 million, while analysts currently maintain a Hold consensus with a $47.35 price target.

Convergence Investment Partners LLC acquired a new position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,292 shares of the biotechnology company's stock, valued at approximately $2,117,000.

Other institutional investors have also bought and sold shares of the company. Richardson Financial Services Inc. lifted its holdings in Exelixis by 95.1% in the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 292 shares during the period. Anchor Investment Management LLC raised its position in Exelixis by 500.0% in the third quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 500 shares in the last quarter. Root Financial Partners LLC bought a new stake in Exelixis in the third quarter worth about $28,000. Activest Wealth Management bought a new stake in Exelixis in the fourth quarter worth about $32,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Exelixis by 1,380.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 773 shares in the last quarter. Institutional investors and hedge funds own 85.27% of the company's stock.

Analyst Ratings Changes

EXEL has been the topic of several research reports. Barclays boosted their price target on shares of Exelixis from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, April 20th. Wall Street Zen upgraded shares of Exelixis from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. HC Wainwright boosted their price target on shares of Exelixis from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Stifel Nicolaus boosted their price target on shares of Exelixis from $44.00 to $47.00 and gave the stock a "hold" rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company boosted their price target on shares of Exelixis from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $47.35.

Insider Activity

In other Exelixis news, Director Jack L. Wyszomierski sold 99,574 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total transaction of $4,382,251.74. Following the sale, the director owned 279,942 shares in the company, valued at approximately $12,320,247.42. The trade was a 26.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Aftab sold 47,918 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $44.50, for a total value of $2,132,351.00. Following the sale, the executive vice president owned 616,106 shares in the company, valued at approximately $27,416,717. The trade was a 7.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 382,811 shares of company stock worth $17,014,813. 2.60% of the stock is owned by company insiders.

Exelixis Trading Down 1.9%

NASDAQ EXEL opened at $50.13 on Friday. The stock's 50-day moving average price is $44.30 and its two-hundred day moving average price is $43.48. The company has a market cap of $12.60 billion, a PE ratio of 16.65, a PEG ratio of 1.08 and a beta of 0.38. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $51.63.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.12. The firm had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.55 EPS. Research analysts forecast that Exelixis, Inc. will post 3.15 EPS for the current fiscal 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.

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