Forum Financial Management LP Buys New Holdings in Exelixis, Inc. (NASDAQ:EXEL)

Forum Financial Management LP purchased a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,244 shares of the biotechnology company's stock, valued at approximately $241,000.

A number of other hedge funds have also bought and sold shares of EXEL. Invesco Ltd. lifted its holdings in Exelixis by 308.1% during the fourth quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company's stock worth $132,376,000 after acquiring an additional 3,001,204 shares during the period. Norges Bank purchased a new stake in Exelixis in the fourth quarter worth $94,867,000. Caisse DE Depot ET Placement DU Quebec increased its position in Exelixis by 330.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company's stock worth $82,730,000 after buying an additional 1,907,167 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Exelixis by 104.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company's stock worth $105,208,000 after buying an additional 1,613,482 shares during the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Exelixis in the fourth quarter worth $30,321,000. 85.27% of the stock is currently owned by institutional investors.

Exelixis Stock Performance

Exelixis stock traded down $0.16 during midday trading on Monday, hitting $42.88. 2,911,322 shares of the company's stock were exchanged, compared to its average volume of 2,320,215. Exelixis, Inc. has a 52-week low of $21.36 and a 52-week high of $48.85. The stock has a 50-day moving average price of $38.56 and a two-hundred day moving average price of $36.45. The company has a market cap of $11.69 billion, a P/E ratio of 24.23, a PEG ratio of 1.13 and a beta of 0.25.

Insiders Place Their Bets

In other Exelixis news, EVP Dana Aftab sold 1,508 shares of Exelixis stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $39.00, for a total transaction of $58,812.00. Following the completion of the sale, the executive vice president now owns 693,181 shares of the company's stock, valued at $27,034,059. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Amy C. Peterson sold 72,776 shares of Exelixis stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $45.47, for a total value of $3,309,124.72. Following the sale, the chief marketing officer now directly owns 465,393 shares of the company's stock, valued at approximately $21,161,419.71. This trade represents a 13.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 431,740 shares of company stock valued at $19,894,998 over the last 90 days. Insiders own 2.82% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on EXEL shares. Piper Sandler raised their target price on Exelixis from $37.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. UBS Group reissued an "underperform" rating on shares of Exelixis in a research report on Thursday, April 17th. Wall Street Zen downgraded Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 15th. Citigroup lifted their price target on Exelixis from $45.00 to $56.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Stifel Nicolaus lifted their price target on Exelixis from $36.00 to $38.00 and gave the company a "hold" rating in a research report on Wednesday, May 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $38.94.

Exelixis Profile

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.