Bank of America Corp DE Sells 578,181 Shares of Exelixis, Inc. $EXEL

Key Points

• Bank of America reduced its Exelixis stake by 26%, selling 578,181 shares during the first quarter and retaining 1.64 million shares valued at approximately $70.5 million. Institutional investors collectively own 85.27% of EXEL.
• Exelixis reported quarterly EPS of $0.91, beating the $0.85 consensus estimate, while revenue increased 10.6% year over year to $628.7 million but fell slightly short of expectations.
• The stock opened at $54.07, near its 52-week high, although analyst sentiment remains mixed: the average rating is Hold with a $49.79 price target, while the company faces pressure from a slower-than-expected NET launch and a $50 million reduction to its 2026 revenue outlook midpoint.

Bank of America Corp DE trimmed its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 26.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,644,737 shares of the biotechnology company's stock after selling 578,181 shares during the quarter. Bank of America Corp DE owned 0.65% of Exelixis worth $70,543,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in EXEL. Motiv8 Investments LLC bought a new position in shares of Exelixis in the fourth quarter worth approximately $26,000. Cassaday & Co Wealth Management LLC purchased a new stake in Exelixis during the 1st quarter valued at $27,000. Acumen Wealth Advisors LLC bought a new stake in shares of Exelixis in the 4th quarter worth $29,000. Activest Wealth Management bought a new stake in shares of Exelixis in the 4th quarter worth $32,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Exelixis by 1,380.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 773 shares during the last quarter. 85.27% of the stock is owned by institutional investors.

Exelixis Price Performance

NASDAQ EXEL opened at $54.07 on Monday. The company has a 50-day moving average price of $54.17 and a 200-day moving average price of $47.97. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $57.57. The firm has a market capitalization of $13.59 billion, a P/E ratio of 17.00, a PEG ratio of 1.63 and a beta of 0.44.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The company had revenue of $628.69 million for the quarter, compared to the consensus estimate of $636.40 million. During the same quarter last year, the firm posted $0.75 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Exelixis, Inc. will post 3.15 EPS for the current year.

Key Exelixis News

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported second-quarter EPS of $0.91, ahead of the $0.85-$0.86 analyst consensus and up from $0.75 a year earlier. Revenue rose 10.6% year over year to approximately $628.7 million, while the company continues to benefit from its established cabozantinib business. Exelixis Q2 earnings
• Positive Sentiment: The company launched a new Phase 3 trial testing zanzalintinib in residual colorectal cancer, expanding the potential market for its pipeline and providing another long-term growth catalyst. Exelixis colorectal cancer trial
• Positive Sentiment: TD Cowen reaffirmed a Buy rating and a $55 price target, citing resilience in cabozantinib, cost discipline and upside from zanzalintinib despite near-term guidance pressure.
• Neutral Sentiment: Stifel raised its price target from $47 to $51 but retained a Hold rating. Its target remains below the recent trading level, suggesting limited near-term upside in the analyst’s view.
• Negative Sentiment: Exelixis lowered the midpoint of its 2026 revenue outlook by $50 million, primarily because the NET launch has been slower than expected. Although the EPS beat was encouraging, the revenue miss and reduced outlook are weighing on growth expectations. Exelixis 2026 guidance
• Negative Sentiment: Leerink Partners downgraded EXEL from Outperform to Market Perform and set a $52 price target, below the recent share price. Leerink Partners downgrade
• Negative Sentiment: Zacks Research maintains a Strong Sell rating and made small reductions to its FY2026-FY2028 EPS forecasts, including a FY2026 estimate of $3.12 versus the broader consensus of $3.15.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EXEL. Weiss Ratings downgraded Exelixis from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, July 24th. TD Cowen upped their target price on shares of Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Morgan Stanley raised their price target on shares of Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Wells Fargo & Company boosted their price objective on shares of Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 13th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $49.79.

Insider Buying and Selling at Exelixis

In related news, EVP Patrick J. Haley sold 32,110 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $49.81, for a total value of $1,599,399.10. Following the transaction, the executive vice president directly owned 357,638 shares of the company's stock, valued at approximately $17,813,948.78. This trade represents a 8.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sue Gail Eckhardt sold 9,812 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.14, for a total value of $491,973.68. Following the completion of the transaction, the director directly owned 16,079 shares in the company, valued at approximately $806,201.06. This represents a 37.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 130,824 shares of company stock worth $6,555,231. Insiders own 2.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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