California State Teachers Retirement System Sells 25,416 Shares of Exelixis, Inc. $EXEL

Key Points

• California State Teachers Retirement System reduced its Exelixis stake by 8.6%, selling 25,416 shares and retaining 271,740 shares worth approximately $14.8 million. Institutional investors and hedge funds collectively own 85.27% of the company.
• Analyst sentiment remains mixed, with Exelixis carrying an overall “Hold” rating and an average price target of $50.07. Recent actions included UBS’s $55 target and BMO Capital Markets’ “market perform” rating with a $54 target.
• Exelixis shares rose 1.0% to $56.79, near their 52-week high of $59.72. The company beat quarterly EPS estimates, reporting $0.91 versus $0.85 expected, while revenue increased 10.6% year over year to $628.69 million.

California State Teachers Retirement System trimmed its position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 8.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 271,740 shares of the biotechnology company's stock after selling 25,416 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Exelixis worth $14,785,373 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EXEL. Wedmont Private Capital lifted its position in Exelixis by 13.3% during the 2nd quarter. Wedmont Private Capital now owns 8,342 shares of the biotechnology company's stock worth $471,000 after acquiring an additional 979 shares during the period. AlphaGrep UK Ltd purchased a new stake in shares of Exelixis during the second quarter valued at $260,000. Turner Financial Group Inc. acquired a new position in shares of Exelixis during the 2nd quarter worth $336,000. BAM Wealth Management LLC increased its position in shares of Exelixis by 8.7% during the second quarter. BAM Wealth Management LLC now owns 8,257 shares of the biotechnology company's stock valued at $449,000 after purchasing an additional 664 shares during the period. Finally, denkapparat Operations GmbH boosted its position in Exelixis by 38.5% in the 2nd quarter. denkapparat Operations GmbH now owns 33,152 shares of the biotechnology company's stock valued at $1,804,000 after buying an additional 9,222 shares during the last quarter. Institutional investors and hedge funds own 85.27% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on EXEL shares. Wall Street Zen cut Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 8th. UBS Group set a $55.00 target price on shares of Exelixis in a report on Monday, August 3rd. Zacks Research upgraded Exelixis from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 1st. BMO Capital Markets initiated coverage on Exelixis in a report on Tuesday, August 18th. They set a "market perform" rating and a $54.00 target price on the stock. Finally, Weiss Ratings upgraded Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $50.07.

Insider Activity at Exelixis

In other Exelixis news, Director Mary Beckerle sold 9,812 shares of the business's stock in a transaction 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 sale, the director owned 16,079 shares in the company, valued at $862,799.14. The trade was a 37.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by insiders.

Exelixis Stock Up 1.0%

EXEL traded up $0.58 during midday trading on Tuesday, reaching $56.79. 815,870 shares of the company's stock were exchanged, compared to its average volume of 2,633,289. The business has a 50-day simple moving average of $55.36 and a two-hundred day simple moving average of $50.10. The firm has a market capitalization of $14.07 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 1.67 and a beta of 0.42. Exelixis, Inc. has a one year low of $33.76 and a one year high of $59.72.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The company had revenue of $628.69 million during the quarter, compared to analysts' expectations of $636.40 million. During the same quarter last year, the company posted $0.75 EPS. Exelixis's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts anticipate that Exelixis, Inc. will post 3.19 EPS for the current fiscal year.

About Exelixis

Exelixis, Inc NASDAQ: EXEL is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company's research and development activities center on targeted therapies designed to address biological pathways involved in tumor growth and progression.

Exelixis' principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with advanced renal cell carcinoma, hepatocellular carcinoma and radioactive iodine-refractory differentiated thyroid cancer.

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