51,642 Shares in Exelixis, Inc. $EXEL Purchased by NewEdge Wealth LLC

Key Points

• NewEdge Wealth purchased 51,642 Exelixis shares worth approximately $2.81 million in the second quarter. Institutional investors collectively own 85.27% of EXEL.
• Analyst views remain mixed, with an overall “Hold” rating and an average price target of $50.07; targets from individual firms range from $54 to $55, while Zacks downgraded the stock to “Strong Sell.”
• Exelixis exceeded quarterly EPS expectations, reporting $0.91 versus the $0.85 consensus, while revenue rose 10.6% year over year to $628.69 million. Shares opened at $53.69, near their 52-week high of $57.57.

NewEdge Wealth LLC bought a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 51,642 shares of the biotechnology company's stock, valued at approximately $2,810,000.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on EXEL shares. BMO Capital Markets started coverage on shares of Exelixis in a report on Tuesday. They set a "market perform" rating and a $54.00 target price on the stock. Citigroup reaffirmed a "market outperform" rating on shares of Exelixis in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. TD Cowen lifted their target price on Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Finally, Zacks Research cut Exelixis from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $50.07.

Exelixis Price Performance

Shares of NASDAQ EXEL opened at $53.69 on Friday. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $57.57. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.62 and a beta of 0.44. The business has a 50-day moving average of $54.24 and a two-hundred day moving average of $48.53.

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

Insider Transactions at Exelixis

In related news, Director Mary C. Beckerle sold 9,812 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the sale, the director directly owned 16,079 shares of the company's stock, valued at $862,799.14. This represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $50.14, for a total value of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares of the company's stock, valued at $806,201.06. The trade was a 37.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 67,000 shares of company stock valued at $3,404,652 over the last quarter. Company insiders own 2.60% of the company's stock.

About Exelixis

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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