Assetmark Inc. Boosts Stock Holdings in Exelixis, Inc. (NASDAQ:EXEL)

Key Points

• Assetmark Inc. significantly increased its holdings in Exelixis, Inc. by 109,310.6% in Q1, owning approximately 0.07% of the company worth $7,594,000.
• Exelixis shares have received positive analyst ratings, with a majority of recommendations as "buy" and an average price target of $45.33.
• Insider selling of Exelixis shares has been notable, with executives selling a total of 458,113 shares worth around $21 million in the last 90 days.

Assetmark Inc. boosted its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 109,310.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 205,692 shares of the biotechnology company's stock after buying an additional 205,504 shares during the quarter. Assetmark Inc. owned approximately 0.07% of Exelixis worth $7,594,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in Exelixis by 32.2% in the 1st quarter. GAMMA Investing LLC now owns 5,457 shares of the biotechnology company's stock worth $201,000 after acquiring an additional 1,328 shares during the last quarter. Raymond James Financial Inc. bought a new position in Exelixis in the 4th quarter worth about $17,046,000. Wells Fargo & Company MN boosted its stake in Exelixis by 1,637.9% in the 4th quarter. Wells Fargo & Company MN now owns 746,286 shares of the biotechnology company's stock worth $24,851,000 after purchasing an additional 703,343 shares during the period. Park Avenue Securities LLC boosted its stake in Exelixis by 10.6% in the 1st quarter. Park Avenue Securities LLC now owns 7,358 shares of the biotechnology company's stock worth $272,000 after purchasing an additional 707 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in Exelixis by 23.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 248,073 shares of the biotechnology company's stock worth $9,159,000 after purchasing an additional 47,845 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Jack L. Wyszomierski sold 7,535 shares of the 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 sale, the director directly owned 358,882 shares in the company, valued at approximately $15,464,225.38. This represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick J. Haley sold 34,387 shares of Exelixis stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $44.06, for a total value of $1,515,091.22. Following the sale, the executive vice president directly owned 412,072 shares of the company's stock, valued at approximately $18,155,892.32. This trade represents a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 456,605 shares of company stock worth $20,966,005. 2.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. UBS Group set a $38.00 target price on Exelixis and gave the stock a "neutral" rating in a research note on Wednesday. Jefferies Financial Group set a $50.00 target price on Exelixis and gave the stock a "buy" rating in a research note on Tuesday, June 24th. HC Wainwright lifted their price target on Exelixis from $47.00 to $53.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Guggenheim reiterated a "buy" rating and set a $45.00 price target on shares of Exelixis in a research report on Tuesday. Finally, Morgan Stanley dropped their price target on Exelixis from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Exelixis currently has an average rating of "Moderate Buy" and an average target price of $44.44.

Exelixis Price Performance

Exelixis stock traded up $0.19 during mid-day trading on Thursday, reaching $37.05. 1,073,758 shares of the stock traded hands, compared to its average volume of 3,046,391. The business's 50-day moving average is $43.17 and its 200-day moving average is $38.88. The stock has a market capitalization of $9.97 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 0.73 and a beta of 0.28. Exelixis, Inc. has a 12-month low of $23.13 and a 12-month high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The biotechnology company reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.12. Exelixis had a return on equity of 27.47% and a net margin of 27.01%. The company had revenue of $568.26 million during the quarter, compared to analyst estimates of $574.36 million. During the same period in the prior year, the company earned $0.84 earnings per share. The firm's revenue was down 10.8% on a year-over-year basis. Equities analysts anticipate that Exelixis, Inc. will post 2.04 EPS for the current fiscal year.

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.