BI Asset Management Fondsmaeglerselskab A S Buys 108,662 Shares of Exelixis, Inc. $EXEL

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its Exelixis stake by 248.9% in the first quarter, buying 108,662 additional shares and bringing its total holdings to 152,320 shares worth about $6.53 million.
• Other large institutional investors also boosted their positions, and 85.27% of Exelixis shares are owned by institutions, signaling strong professional investor interest in the biotech company.
• Exelixis reported better-than-expected quarterly results, with EPS of $0.87 versus $0.75 expected and revenue of $610.81 million, while analysts currently rate the stock a consensus Hold with an average target price of $47.35.

BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 248.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 152,320 shares of the biotechnology company's stock after buying an additional 108,662 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned 0.06% of Exelixis worth $6,533,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Farallon Capital Management LLC raised its position in Exelixis by 21.6% during the third quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company's stock valued at $805,412,000 after purchasing an additional 3,466,000 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Exelixis by 48.8% during the 4th quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock valued at $598,647,000 after purchasing an additional 4,477,029 shares during the last quarter. Invesco Ltd. increased its position in shares of Exelixis by 1.6% during the 4th quarter. Invesco Ltd. now owns 6,054,743 shares of the biotechnology company's stock valued at $265,379,000 after purchasing an additional 94,218 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Exelixis by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,259,677 shares of the biotechnology company's stock valued at $186,705,000 after buying an additional 78,765 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Exelixis by 31.0% during the 4th quarter. Morgan Stanley now owns 4,206,656 shares of the biotechnology company's stock valued at $184,378,000 after buying an additional 995,949 shares in the last quarter. 85.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, 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 sale, the director owned 284,384 shares in the company, valued at $14,375,611.20. The trade was a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue Gail Eckhardt sold 9,812 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.14, for a total transaction of $491,973.68. Following the transaction, the director directly owned 16,079 shares in the company, valued at approximately $806,201.06. The trade was 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. In the last quarter, insiders have sold 219,170 shares of company stock worth $10,620,641. Insiders own 2.60% of the company's stock.

Exelixis Stock Down 1.1%

Shares of NASDAQ EXEL opened at $51.35 on Tuesday. The firm's fifty day moving average is $48.93 and its 200 day moving average is $45.26. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $53.93. The company has a market cap of $12.91 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.50 and a beta of 0.41.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly 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. The business had revenue of $610.81 million for the quarter, compared to analyst estimates of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company's revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 EPS. Equities research analysts anticipate that Exelixis, Inc. will post 3.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Exelixis in a research note on Tuesday, May 19th. Wall Street Zen upgraded shares of Exelixis from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 9th. Truist Financial raised shares of Exelixis to a "strong-buy" rating in a research note on Monday, April 27th. Zacks Research lowered shares of Exelixis from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. Finally, Stifel Nicolaus raised their price objective on Exelixis from $44.00 to $47.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Exelixis presently has an average rating of "Hold" and an average target price of $47.35.

About Exelixis

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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