Allianz Asset Management GmbH Decreases Holdings in Exelixis, Inc. $EXEL

Key Points

• Allianz Asset Management cut its Exelixis stake by 30.2% in the second quarter, selling 288,283 shares and retaining 666,268 shares valued at approximately $36.3 million.
• Institutional ownership remains high at 85.27%, with BlackRock acquiring a major position and California State Teachers Retirement System increasing its holdings substantially.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.7 million. The stock opened at $59.01, near its 12-month high, despite analysts’ consensus rating of “Hold” and an average price target of $50.07.

Allianz Asset Management GmbH decreased its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 30.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 666,268 shares of the biotechnology company's stock after selling 288,283 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.27% of Exelixis worth $36,252,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of EXEL. BlackRock Inc. acquired a new stake in shares of Exelixis in the second quarter worth approximately $1,581,991,000. California State Teachers Retirement System raised its stake in Exelixis by 4,875.6% in the 2nd quarter. California State Teachers Retirement System now owns 14,785,373 shares of the biotechnology company's stock valued at $804,472,000 after purchasing an additional 14,488,217 shares during the last quarter. AQR Capital Management LLC boosted its stake in Exelixis by 48.8% during the 4th quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock worth $598,647,000 after purchasing an additional 4,477,029 shares during the last quarter. Norges Bank acquired a new stake in Exelixis during the 4th quarter worth $106,460,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in shares of Exelixis during the second quarter worth $113,951,000. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis Stock Performance

EXEL stock opened at $59.01 on Tuesday. The company has a market capitalization of $14.62 billion, a PE ratio of 18.56, a P/E/G ratio of 1.76 and a beta of 0.42. Exelixis, Inc. has a 12-month low of $33.76 and a 12-month high of $59.72. The business's fifty day moving average price is $55.16 and its 200 day moving average price is $49.65.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The company had revenue of $628.69 million during the quarter, compared to analysts' expectations of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.Exelixis's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS. Research analysts predict that Exelixis, Inc. will post 3.19 EPS for the current fiscal year.

Insider Activity at Exelixis

In other news, Director Mary 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 value of $526,511.92. Following the completion of the transaction, the director owned 16,079 shares of the company's stock, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Citigroup reiterated a "market outperform" rating on shares of Exelixis in a research report on Wednesday, July 22nd. Zacks Research upgraded Exelixis from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 1st. Citizens Jmp increased their price target on Exelixis from $50.00 to $55.00 and gave the company a "market outperform" rating in a report on Wednesday, June 24th. Leerink Partners cut Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 target price for the company. in a report on Thursday, August 6th. Finally, Wall Street Zen lowered Exelixis from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Exelixis has an average rating of "Hold" and a consensus target price of $50.07.

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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