Bank of America Corp DE Boosts Stake in Exelixis, Inc. $EXEL

Key Points

• Bank of America increased its Exelixis stake by 30.7% in the second quarter, adding 504,660 shares to reach 2.15 million shares valued at approximately $116.9 million. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly earnings of $0.91 per share, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.7 million, slightly below expectations.
• EXEL shares opened at $58.36, near their 52-week high of $59.72, despite analysts maintaining a consensus “Hold” rating with a $50.29 target price.

Bank of America Corp DE grew its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 30.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,149,397 shares of the biotechnology company's stock after acquiring an additional 504,660 shares during the quarter. Bank of America Corp DE owned about 0.87% of Exelixis worth $116,949,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Strategic Global Advisors LLC purchased a new stake in Exelixis in the 2nd quarter valued at about $5,318,000. Caisse de depot et placement du Quebec acquired a new stake in Exelixis during the second quarter worth about $113,951,000. Man Group plc purchased a new stake in Exelixis during the second quarter worth approximately $24,852,000. Polar Asset Management Partners Inc. purchased a new stake in Exelixis during the second quarter worth approximately $267,000. Finally, Jupiter Topco LLC purchased a new position in shares of Exelixis in the 2nd quarter valued at $67,299,000. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis Stock Down 0.2%

EXEL stock opened at $58.36 on Friday. The company has a 50-day simple moving average of $55.44 and a 200 day simple moving average of $50.43. The company has a market capitalization of $14.46 billion, a P/E ratio of 18.35, a PEG ratio of 1.74 and a beta of 0.42. Exelixis, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $59.72.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on EXEL. Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 8th. Citigroup reissued a "market outperform" rating on shares of Exelixis in a research report on Monday. Citizens Jmp upped their price target on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. Wells Fargo & Company increased their price objective on shares of Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a research report on Monday, July 13th. Finally, Stifel Nicolaus lifted their price objective on shares of Exelixis from $47.00 to $51.00 and gave the company a "hold" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Exelixis currently has a consensus rating of "Hold" and a consensus target price of $50.29.

Insider Transactions at Exelixis

In other news, Director Mary Beckerle sold 9,812 shares of Exelixis stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by corporate insiders.

Exelixis Profile

Exelixis, Inc NASDAQ: EXEL is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company's research and development activities center on targeted therapies designed to address biological pathways involved in tumor growth and progression.

Exelixis' principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with advanced renal cell carcinoma, hepatocellular carcinoma and radioactive iodine-refractory differentiated thyroid cancer.

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