Element Capital Management LLC Invests $2.72 Million in Exelixis, Inc. $EXEL

Key Points

• Element Capital Management LLC purchased 73,690 shares of Exelixis, Inc. valued at approximately $2.72 million in the first quarter, indicating significant institutional investment interest in the biotechnology company.
• Exelixis recently reported quarterly earnings of $0.75 per share, exceeding analysts' expectations, although their revenue declined by 10.8% year-over-year to $568.26 million.
• Analyst ratings for Exelixis show a consensus of "Moderate Buy" with a price target range between $38.00 and $56.00, reflecting positive market sentiment despite mixed views from different analysts.

Element Capital Management LLC bought a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 73,690 shares of the biotechnology company's stock, valued at approximately $2,721,000.

A number of other institutional investors and hedge funds have also bought and sold shares of EXEL. Nuveen LLC purchased a new position in shares of Exelixis during the first quarter worth approximately $123,310,000. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Exelixis by 330.4% during 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 acquiring an additional 1,907,167 shares in the last quarter. Invesco Ltd. raised its stake in shares of Exelixis by 40.2% during the first quarter. Invesco Ltd. now owns 5,572,189 shares of the biotechnology company's stock worth $205,725,000 after acquiring an additional 1,596,948 shares in the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of Exelixis by 233.4% in the first quarter. Jupiter Asset Management Ltd. now owns 1,400,270 shares of the biotechnology company's stock worth $51,698,000 after purchasing an additional 980,319 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Exelixis in the fourth quarter worth approximately $30,321,000. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Trading Down 0.6%

NASDAQ:EXEL traded down $0.24 during mid-day trading on Tuesday, reaching $37.52. The company's stock had a trading volume of 1,898,171 shares, compared to its average volume of 3,062,651. Exelixis, Inc. has a 12-month low of $25.12 and a 12-month high of $49.62. The firm's fifty day moving average price is $41.85 and its two-hundred day moving average price is $39.23. The stock has a market cap of $10.10 billion, a P/E ratio of 18.04, a PEG ratio of 0.80 and a beta of 0.29.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.12. The business had revenue of $568.26 million during the quarter, compared to the consensus estimate of $574.36 million. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The business's quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. Exelixis has set its FY 2025 guidance at EPS. Analysts predict that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In related news, Director Jack L. Wyszomierski sold 7,535 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $43.09, for a total value of $324,683.15. Following the transaction, the director directly owned 358,882 shares of the company's stock, valued at approximately $15,464,225.38. The trade was a 2.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tomas J. Heyman sold 4,544 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $44.29, for a total value of $201,253.76. Following the completion of the transaction, the director directly owned 32,470 shares in the company, valued at approximately $1,438,096.30. This represents a 12.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,917 shares of company stock worth $1,331,073. 2.85% of the stock is owned by company insiders.

Analysts Set New Price Targets

EXEL has been the topic of several recent analyst reports. Stifel Nicolaus raised their target price on shares of Exelixis from $38.00 to $41.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Guggenheim restated a "buy" rating and issued a $45.00 target price on shares of Exelixis in a report on Tuesday, July 29th. Benchmark restated a "neutral" rating on shares of Exelixis in a report on Monday, June 23rd. Stephens upgraded shares of Exelixis from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $29.00 to $60.00 in a report on Tuesday, June 24th. Finally, Wall Street Zen cut shares of Exelixis from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 2nd. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.06.

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.