Charles Schwab Investment Management Inc. Increases Stock Position in Exelixis, Inc. (NASDAQ:EXEL)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Exelixis, Inc. by 2.1% in the first quarter, owning 3,321,407 shares valued at approximately $122.63 million.
• Exelixis reported earnings of $0.75 per share for the last quarter, surpassing analysts' expectations, although revenue fell 10.8% year-over-year.
• Most research firms have a positive outlook on Exelixis, with a consensus rating of "Moderate Buy" and an average target price of $44.44.

Charles Schwab Investment Management Inc. raised its holdings in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,321,407 shares of the biotechnology company's stock after acquiring an additional 69,054 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.21% of Exelixis worth $122,626,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of EXEL. Fuller & Thaler Asset Management Inc. grew its stake in shares of Exelixis by 10.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 7,630,940 shares of the biotechnology company's stock valued at $254,110,000 after buying an additional 708,312 shares during the period. AQR Capital Management LLC grew its stake in shares of Exelixis by 25.7% in the 4th quarter. AQR Capital Management LLC now owns 3,967,005 shares of the biotechnology company's stock valued at $132,101,000 after buying an additional 810,857 shares during the period. FMR LLC grew its stake in shares of Exelixis by 19.7% in the 4th quarter. FMR LLC now owns 2,947,599 shares of the biotechnology company's stock valued at $98,155,000 after buying an additional 485,527 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Exelixis by 330.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company's stock valued at $82,730,000 after buying an additional 1,907,167 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Exelixis by 25.7% in the 4th quarter. Northern Trust Corp now owns 2,478,460 shares of the biotechnology company's stock valued at $82,533,000 after buying an additional 506,539 shares during the period. Institutional investors and hedge funds own 85.27% of the company's stock.

Insider Activity at Exelixis

In other news, Director Sue Gail Eckhardt sold 18,838 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $42.74, for a total value of $805,136.12. Following the completion of the sale, the director owned 21,380 shares of the company's stock, valued at $913,781.20. This represents a 46.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrick J. Haley sold 34,387 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $44.06, for a total transaction of $1,515,091.22. Following the completion of the sale, the executive vice president directly owned 412,072 shares of the company's stock, valued at $18,155,892.32. The trade was a 7.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,304 shares of company stock worth $2,846,164. 2.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

EXEL has been the subject of several analyst reports. UBS Group set a $38.00 price target on shares of Exelixis and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Stifel Nicolaus increased their price objective on shares of Exelixis from $38.00 to $41.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Stephens raised shares of Exelixis from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $29.00 to $60.00 in a research report on Tuesday, June 24th. Wall Street Zen cut shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Morgan Stanley lowered their price objective on shares of Exelixis from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $44.06.

Exelixis Price Performance

EXEL stock traded down $0.16 on Friday, hitting $38.31. 2,370,582 shares of the company were exchanged, compared to its average volume of 3,938,011. Exelixis, Inc. has a twelve month low of $25.12 and a twelve month high of $49.62. The business's fifty day moving average is $41.96 and its two-hundred day moving average is $39.11. The stock has a market capitalization of $10.31 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 0.80 and a beta of 0.29.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The biotechnology company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.63 by $0.12. Exelixis had a net margin of 27.01% and a return on equity of 27.47%. The firm had revenue of $568.26 million during the quarter, compared to analyst estimates of $574.36 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. Exelixis's revenue for the quarter was down 10.8% compared to the same quarter last year. Equities research analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Exelixis Company Profile

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.