Caisse de depot et placement du Quebec Invests $113.95 Million in Exelixis, Inc. $EXEL

Key Points

• Caisse de dépôt et placement du Québec purchased 2.09 million Exelixis shares worth approximately $113.95 million, giving it about a 0.85% stake. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly EPS of $0.91, exceeding the $0.85 consensus estimate, while revenue rose 10.6% year over year to $628.69 million. Shares opened at $56.10, near their 52-week high of $57.57.
• Analyst sentiment remains mixed, with an average “Hold” rating and a $50.07 price target, despite several firms raising targets to $54–$55. Insiders sold 23,549 shares worth about $1.22 million over the past 90 days under pre-arranged trading plans.

Caisse de depot et placement du Quebec purchased a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,094,299 shares of the biotechnology company's stock, valued at approximately $113,951,000. Caisse de depot et placement du Quebec owned approximately 0.85% of Exelixis at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Motiv8 Investments LLC purchased a new stake in Exelixis during the 4th quarter valued at about $26,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Exelixis in the first quarter worth approximately $27,000. Western Wealth Management LLC bought a new position in shares of Exelixis in the first quarter worth approximately $29,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Exelixis during the fourth quarter valued at approximately $29,000. Finally, Activest Wealth Management purchased a new stake in shares of Exelixis during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 85.27% of the company's stock.

Wall Street Analyst Weigh In

EXEL has been the subject of a number of recent analyst reports. TD Cowen boosted their price objective on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their target price on Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a research note on Monday, July 13th. Citizens Jmp lifted their target price on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. UBS Group set a $55.00 price target on Exelixis in a research note on Monday, August 3rd. Finally, BMO Capital Markets assumed coverage on Exelixis in a report on Tuesday, August 18th. They set a "market perform" rating and a $54.00 price target on the stock. One 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 given a Sell rating to the company's stock. According to data from MarketBeat, Exelixis presently has an average rating of "Hold" and an average target price of $50.07.

Insider Activity

In related news, Director Mary C. Beckerle sold 9,812 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the completion of the transaction, the director directly owned 16,079 shares in the company, valued at approximately $862,799.14. The trade was a 37.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 that occurred on Monday, June 1st. The shares were 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 23,549 shares of company stock valued at $1,216,894 in the last ninety days. Corporate insiders own 2.60% of the company's stock.

Exelixis Stock Performance

Shares of Exelixis stock opened at $56.10 on Thursday. The stock has a market cap of $13.90 billion, a P/E ratio of 17.64, a P/E/G ratio of 1.69 and a beta of 0.44. The stock's fifty day moving average is $54.46 and its 200 day moving average is $48.88. Exelixis, Inc. has a one year low of $33.76 and a one year high of $57.57.

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