Bank of Nova Scotia Takes Position in Exelixis, Inc. $EXEL

Key Points

• Bank of Nova Scotia acquired 419,730 Exelixis shares worth approximately $22.8 million, representing a 0.17% stake. Institutional investors collectively own 85.27% of the biotechnology company.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below expectations.
• EXEL was trading near $54, close to its 52-week high of $57.57, but analysts’ average rating remains “Hold” with an average price target of $50.07; insiders have also sold about $3.4 million in shares over the past three months.

Bank of Nova Scotia acquired 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 & Exchange Commission. The firm acquired 419,730 shares of the biotechnology company's stock, valued at approximately $22,838,000. Bank of Nova Scotia owned 0.17% of Exelixis at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in Exelixis by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock worth $2,549,000 after acquiring an additional 281 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in shares of Exelixis by 5.8% in the 4th quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company's stock worth $237,000 after purchasing an additional 298 shares during the last quarter. Cim LLC raised its holdings in shares of Exelixis by 0.9% in the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company's stock worth $1,462,000 after purchasing an additional 305 shares in the last quarter. J.W. Cole Advisors Inc. raised its holdings in shares of Exelixis by 6.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company's stock worth $235,000 after purchasing an additional 329 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in Exelixis by 3.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company's stock valued at $389,000 after purchasing an additional 333 shares during the last quarter. Institutional investors own 85.27% of the company's stock.

Exelixis Price Performance

Exelixis stock opened at $54.08 on Monday. Exelixis, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $57.57. The firm's 50 day simple moving average is $54.26 and its 200-day simple moving average is $48.60. The company has a market cap of $13.40 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.61 and a beta of 0.44.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly 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 business had revenue of $628.69 million during the quarter, compared to the consensus estimate of $636.40 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm's quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Exelixis, Inc. will post 3.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen raised their target price on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Barclays increased their price objective on Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Leerink Partners lowered Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price objective for the company. in a research note on Thursday, August 6th. Zacks Research cut Exelixis from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. Finally, Morgan Stanley lifted their target price on Exelixis from $50.00 to $53.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis presently has an average rating of "Hold" and an average price target of $50.07.

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 43,451 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total value of $2,187,757.85. Following the completion of the sale, the executive vice president owned 594,741 shares of the company's stock, valued at $29,945,209.35. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jack L. Wyszomierski sold 3,925 shares of Exelixis stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.55, for a total value of $198,408.75. Following the transaction, the director owned 284,384 shares in the company, valued at $14,375,611.20. This represents a 1.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 67,000 shares of company stock worth $3,404,652 over the last three months. Company insiders own 2.60% of the company's stock.

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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