Assetmark Inc. Increases Stake in Exelixis, Inc. $EXEL

Key Points

• Assetmark Inc. boosted its Exelixis stake by 1.7% in Q1, bringing its holdings to 3.39 million shares valued at about $145.4 million.
• Exelixis reported better-than-expected first-quarter results, with EPS of $0.87 versus $0.75 expected and revenue of $610.8 million, up 10% year over year.
• Analysts are mixed on the stock: the consensus rating is Hold, with an average target price of $48.80, while the shares recently traded near their 52-week high at $55.68.

Assetmark Inc. increased its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,388,920 shares of the biotechnology company's stock after buying an additional 58,149 shares during the period. Assetmark Inc. owned 1.33% of Exelixis worth $145,351,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Motiv8 Investments LLC bought a new stake in shares of Exelixis during the fourth quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new position in shares of Exelixis in the 4th quarter worth about $29,000. Activest Wealth Management bought a new position in shares of Exelixis in the 4th quarter worth about $32,000. Northwestern Mutual Wealth Management Co. lifted its position in Exelixis by 1,380.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company's stock valued at $34,000 after acquiring an additional 773 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in Exelixis during the 4th quarter valued at about $44,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Exelixis

In other news, Director Jack L. Wyszomierski sold 3,925 shares of the company's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.55, for a total transaction of $198,408.75. Following the transaction, the director directly owned 284,384 shares of the company's stock, valued at $14,375,611.20. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Dana Aftab sold 43,451 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $50.35, for a total value of $2,187,757.85. Following the transaction, the executive vice president directly owned 594,741 shares in the company, valued at approximately $29,945,209.35. The trade was a 6.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 219,170 shares of company stock worth $10,620,641. Insiders own 2.60% of the company's stock.

Exelixis Stock Performance

Shares of EXEL stock opened at $55.68 on Friday. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 18.50, a price-to-earnings-growth ratio of 1.60 and a beta of 0.42. Exelixis, Inc. has a one year low of $33.76 and a one year high of $57.57. The company's 50-day moving average is $52.49 and its 200 day moving average is $46.73.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.12. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The business had revenue of $610.81 million during the quarter, compared to analysts' expectations of $607.51 million. During the same period in the previous year, the company earned $0.55 earnings per share. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, research analysts predict that Exelixis, Inc. will post 3.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EXEL. Stifel Nicolaus upped their price objective on shares of Exelixis from $44.00 to $47.00 and gave the stock a "hold" rating in a report on Wednesday, May 6th. Morgan Stanley reiterated a "positive" rating on shares of Exelixis in a report on Monday, June 22nd. Barclays boosted their price target on Exelixis from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Tuesday. TD Cowen upped their price target on Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada raised their price objective on Exelixis from $43.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis presently has an average rating of "Hold" and an average target price of $48.80.

Exelixis Profile

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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