Burney Co. Sells 69,390 Shares of Exelixis, Inc. $EXEL

Key Points

• Burney Co. reduced its Exelixis stake by 33.9% in the first quarter, selling 69,390 shares and leaving it with 135,207 shares worth about $5.8 million.
• Several other institutional investors also adjusted holdings, while institutional ownership remains high at 85.27% of Exelixis stock.
• Analysts are mixed on the biotech name: the consensus rating is “Hold” with an average price target of $47.73, even as the stock recently traded at $55.53 after Exelixis posted better-than-expected quarterly earnings.

Burney Co. cut its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 33.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,207 shares of the biotechnology company's stock after selling 69,390 shares during the period. Burney Co. owned 0.05% of Exelixis worth $5,799,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. DGS Capital Management LLC lifted its stake in shares of Exelixis by 16.0% in the 1st quarter. DGS Capital Management LLC now owns 14,116 shares of the biotechnology company's stock valued at $605,000 after purchasing an additional 1,949 shares during the period. Blue Capital Inc. acquired a new stake in shares of Exelixis during the first quarter worth $707,000. Strs Ohio increased its holdings in Exelixis by 712.8% in the first quarter. Strs Ohio now owns 51,303 shares of the biotechnology company's stock valued at $2,200,000 after purchasing an additional 44,991 shares during the last quarter. Root Financial Partners LLC increased its holdings in Exelixis by 198.5% in the first quarter. Root Financial Partners LLC now owns 2,331 shares of the biotechnology company's stock valued at $100,000 after purchasing an additional 1,550 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new position in Exelixis in the first quarter valued at about $729,000. Institutional investors own 85.27% of the company's stock.

Wall Street Analysts Forecast Growth

EXEL has been the topic of a number of recent analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Exelixis in a report on Tuesday, May 19th. Truist Financial increased their price target on shares of Exelixis from $54.00 to $56.00 and gave the company a "hold" rating in a research report on Tuesday. Barclays lifted their price objective on shares of Exelixis from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Monday, April 20th. Stifel Nicolaus boosted their price objective on shares of Exelixis from $44.00 to $47.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company increased their target price on shares of Exelixis from $35.00 to $40.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 6th. Nine research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $47.73.

Insider Transactions at Exelixis

In related news, Director George Poste sold 60,000 shares of the firm's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $45.71, for a total transaction of $2,742,600.00. Following the sale, the director directly owned 118,832 shares in the company, valued at $5,431,810.72. This trade represents a 33.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Dana Aftab sold 43,451 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the completion of the sale, the executive vice president directly owned 594,741 shares in the company, valued at $29,945,209.35. This represents a 6.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 219,170 shares of company stock valued at $10,620,641. 2.60% of the stock is currently owned by insiders.

Exelixis Price Performance

Shares of Exelixis stock opened at $55.53 on Tuesday. The company has a market capitalization of $13.96 billion, a P/E ratio of 18.45, a price-to-earnings-growth ratio of 1.61 and a beta of 0.42. The business has a 50-day moving average of $50.75 and a two-hundred day moving average of $46.10. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $56.21.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, beating the consensus estimate 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 quarter in the previous year, the business posted $0.55 EPS. Exelixis's revenue for the quarter was up 10.0% on a year-over-year basis. On average, equities analysts anticipate that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

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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