BlackRock Inc. Purchases New Stake in Exelixis, Inc. $EXEL

Key Points

• BlackRock acquired a new 29.1 million-share stake in Exelixis valued at approximately $1.58 billion, representing about 11.57% of the biotechnology company. Institutional investors and hedge funds collectively own 85.27% of EXEL.
• 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 shares recently opened at $53.69, near their 52-week high of $57.57. Analysts maintain a consensus “Hold” rating with an average price target of $50.07, while insiders sold $3.4 million of stock over the past three months.

BlackRock Inc. purchased a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 29,075,377 shares of the biotechnology company's stock, valued at approximately $1,581,991,000. BlackRock Inc. owned about 11.57% of Exelixis as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC boosted its position in 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 period. Norges Bank acquired a new stake in Exelixis during the fourth quarter valued at approximately $106,460,000. Bank of New York Mellon Corp bought a new stake in shares of Exelixis during the 2nd quarter worth $107,803,000. UBS Group AG increased its stake in Exelixis by 100.1% in the 3rd quarter. UBS Group AG now owns 2,655,069 shares of the biotechnology company's stock worth $109,654,000 after purchasing an additional 1,328,087 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Exelixis by 1,821.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,188,105 shares of the biotechnology company's stock valued at $52,075,000 after acquiring an additional 1,126,256 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Exelixis

In related news, Director Mary C. Beckerle sold 9,812 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the sale, the director owned 16,079 shares of the company's stock, valued at $862,799.14. This trade represents a 37.90% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 business'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 sale, the director owned 16,079 shares of the company's stock, valued at approximately $806,201.06. The trade was a 37.90% 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 sold 67,000 shares of company stock valued at $3,404,652 over the last three months. 2.60% of the stock is owned by company insiders.

Exelixis Price Performance

Shares of Exelixis stock opened at $53.69 on Friday. Exelixis, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $57.57. The firm has a fifty day moving average price of $54.24 and a two-hundred day moving average price of $48.53. The company has a market cap of $13.30 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.62 and a beta of 0.44.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The company had revenue of $628.69 million during the quarter, compared to analysts' expectations of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The business's revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.75 EPS. Analysts expect that Exelixis, Inc. will post 3.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday, August 11th. Citizens Jmp raised their price target on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Wednesday, June 24th. Stifel Nicolaus lifted their price target on Exelixis from $47.00 to $51.00 and gave the company a "hold" rating in a report on Thursday, August 6th. Finally, Morgan Stanley boosted their price target on Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $50.07.

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.

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