Bank of New York Mellon Corp Cuts Position in Exelixis, Inc. $EXEL

Key Points

• Bank of New York Mellon cut its Exelixis stake by 12.3% in the fourth quarter, selling 285,584 shares and leaving it with 2,044,030 shares valued at about $89.6 million.
• Exelixis reported better-than-expected first-quarter results, with EPS of $0.87 versus estimates of $0.75 and revenue of $610.8 million, up 10% year over year.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating with a mean price target of $47.35, even as TD Cowen raised its target to $55 and Wall Street Zen upgraded the shares to strong-buy.

Bank of New York Mellon Corp lowered its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,044,030 shares of the biotechnology company's stock after selling 285,584 shares during the period. Bank of New York Mellon Corp owned about 0.76% of Exelixis worth $89,590,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake in shares of Exelixis by 111.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,115,456 shares of the biotechnology company's stock valued at $92,720,000 after acquiring an additional 1,113,916 shares during the last quarter. Peak Retirement Planning Inc. grew its holdings in Exelixis by 10.7% in the fourth quarter. Peak Retirement Planning Inc. now owns 62,506 shares of the biotechnology company's stock valued at $2,740,000 after purchasing an additional 6,031 shares during the period. Natixis Advisors LLC increased its holdings in shares of Exelixis by 6.4% during the 4th quarter. Natixis Advisors LLC now owns 77,204 shares of the biotechnology company's stock worth $3,384,000 after buying an additional 4,646 shares during the last quarter. Rothschild Wealth LLC acquired a new stake in Exelixis during the fourth quarter worth about $382,000. Finally, BNP Paribas Financial Markets increased its position in Exelixis by 79.5% during the 4th quarter. BNP Paribas Financial Markets now owns 1,117,936 shares of the biotechnology company's stock worth $48,999,000 after purchasing an additional 495,247 shares in the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Trading Down 1.8%

Shares of Exelixis stock opened at $51.74 on Tuesday. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $52.98. The company's 50-day moving average price is $47.15 and its two-hundred day moving average price is $44.60. The stock has a market cap of $13.00 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.52 and a beta of 0.41.

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 analysts' consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business had revenue of $610.81 million for the quarter, compared to analysts' expectations of $607.51 million. During the same period in the previous year, the firm posted $0.55 EPS. The company's quarterly revenue was up 10.0% on a year-over-year basis. On average, equities analysts predict that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EXEL. Morgan Stanley increased their price target on Exelixis from $49.00 to $50.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. Stifel Nicolaus raised 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. TD Cowen boosted their price target on Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Barclays boosted their price objective on shares of Exelixis from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $47.35.

Insider Buying and Selling at Exelixis

In other news, Director Maria C. Freire sold 20,634 shares of the company's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $46.00, for a total value of $949,164.00. Following the transaction, the director directly owned 100,819 shares of the company's stock, valued at approximately $4,637,674. This represents a 16.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Christopher J. Senner sold 34,901 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $50.00, for a total value of $1,745,050.00. Following the completion of the transaction, the chief financial officer owned 952,317 shares in the company, valued at $47,615,850. This represents a 3.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 219,170 shares of company stock worth $10,620,641 over the last 90 days. 2.60% of the stock is currently owned by insiders.

Exelixis Company 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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