Allspring Global Investments Holdings LLC Acquires 429,505 Shares of Exelixis, Inc. $EXEL

Key Points

• Allspring increased its Exelixis stake by 21.5%, buying 429,505 shares and ending the third quarter with 2,427,976 shares, valued at about $140.7 million.
• Institutional investors and hedge funds own 85.27% of Exelixis shares; analyst opinions are mixed, with a consensus Hold rating and a $58.85 price target.
• Exelixis beat quarterly estimates, reporting EPS of $0.94 versus $0.89 expected and revenue of $658.7 million, up 10.2% year over year.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 21.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,427,976 shares of the biotechnology company's stock after purchasing an additional 429,505 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.00% of Exelixis worth $140,677,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in EXEL. BlackRock Inc. acquired a new stake in Exelixis in the second quarter valued at $1,581,991,000. Caisse de depot et placement du Quebec bought a new stake in shares of Exelixis in the 2nd quarter worth about $113,951,000. Bank of New York Mellon Corp bought a new stake in shares of Exelixis in the 2nd quarter worth about $107,803,000. Jupiter Topco LLC acquired a new stake in shares of Exelixis in the 2nd quarter valued at about $67,299,000. Finally, First Trust Advisors LP raised its stake in shares of Exelixis by 62.0% in the 1st quarter. First Trust Advisors LP now owns 2,534,992 shares of the biotechnology company's stock valued at $108,726,000 after purchasing an additional 970,144 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EXEL. Barclays increased their price target on shares of Exelixis from $49.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Friday, October 30th. Wall Street Zen upgraded Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Monday. Morgan Stanley upped their price objective on Exelixis from $53.00 to $60.00 and gave the company an "equal weight" rating in a research note on Friday, October 30th. William Blair reaffirmed an "outperform" rating on shares of Exelixis in a report on Friday, September 11th. Finally, UBS Group set a $55.00 target price on Exelixis in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $58.85.

Exelixis Stock Performance

Exelixis stock opened at $69.57 on Monday. Exelixis, Inc. has a 1 year low of $39.71 and a 1 year high of $73.69. The firm's 50-day moving average is $60.92 and its 200-day moving average is $51.57. The company has a market cap of $16.98 billion, a P/E ratio of 20.83, a PEG ratio of 1.79 and a beta of 0.45.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.05. Exelixis had a net margin of 35.45% and a return on equity of 45.54%. The firm had revenue of $658.70 million for the quarter, compared to analyst estimates of $646.51 million. During the same quarter in the prior year, the business earned $0.78 earnings per share. Exelixis's quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that Exelixis, Inc. will post 3.42 earnings per share for the current year.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies.

Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.

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