Bank of New York Mellon Corp Invests $107.80 Million in Exelixis, Inc. $EXEL

Key Points

• Bank of New York Mellon purchased 1.98 million Exelixis shares worth approximately $107.8 million during the second quarter, acquiring a 0.79% stake. Institutional investors and hedge funds collectively own 85.27% of the company.
• Exelixis reported quarterly earnings of $0.91 per share, exceeding estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below expectations.
• EXEL shares opened at $54.55, near their 12-month high of $57.57. Despite several analyst price-target increases, the stock carries a consensus “Hold” rating with an average target price of $50.07.

Bank of New York Mellon Corp purchased a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,981,311 shares of the biotechnology company's stock, valued at approximately $107,803,000. Bank of New York Mellon Corp owned approximately 0.79% of Exelixis at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of EXEL. Arkadios Wealth Advisors purchased a new position in shares of Exelixis during the 1st quarter valued at $476,000. Stephens Investment Management Group LLC increased its stake in shares of Exelixis by 1.1% in the fourth quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock worth $111,303,000 after acquiring an additional 28,265 shares during the last quarter. Annex Advisory Services LLC purchased a new stake in shares of Exelixis during the second quarter worth $1,410,000. BNP Paribas Financial Markets raised its holdings in shares of Exelixis by 79.5% during the fourth quarter. BNP Paribas Financial Markets now owns 1,117,936 shares of the biotechnology company's stock worth $48,999,000 after acquiring an additional 495,247 shares in the last quarter. Finally, Cibc World Market Inc. boosted its position in Exelixis by 462.3% during the fourth quarter. Cibc World Market Inc. now owns 38,904 shares of the biotechnology company's stock valued at $1,705,000 after purchasing an additional 31,985 shares during the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Exelixis

In other Exelixis news, Director Jack L. Wyszomierski sold 3,925 shares of Exelixis stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $50.55, for a total value 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. The trade was a 1.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue Gail Eckhardt sold 9,812 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 16,079 shares of the company's stock, valued at approximately $806,201.06. This trade represents a 37.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 23,549 shares of company stock worth $1,216,894. Company insiders own 2.60% of the company's stock.

Exelixis Stock Up 0.9%

Shares of EXEL stock opened at $54.55 on Tuesday. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $57.57. The company has a market cap of $13.52 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 1.61 and a beta of 0.44. The business's 50 day moving average is $54.29 and its two-hundred day moving average is $48.69.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share 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 business had revenue of $628.69 million during the quarter, compared to analysts' expectations of $636.40 million. During the same period in the previous year, the company earned $0.75 earnings per share. Exelixis's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Exelixis, Inc. will post 3.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen downgraded Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Stifel Nicolaus raised their price target on Exelixis from $47.00 to $51.00 and gave the stock a "hold" rating in a research note on Thursday, August 6th. Citizens Jmp lifted their price target on Exelixis from $50.00 to $55.00 and gave the company a "market outperform" rating in a report on Wednesday, June 24th. BMO Capital Markets started coverage on Exelixis in a research note on Tuesday, August 18th. They issued a "market perform" rating and a $54.00 price target for the company. Finally, TD Cowen increased their price objective on Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Exelixis currently has an average rating of "Hold" and an average target price of $50.07.

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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