Exelixis, Inc. (NASDAQ:EXEL) Holdings Cut by Commerce Bank

Key Points

• Commerce Bank reduced its stake in Exelixis, Inc. by 8.5%, selling 12,347 shares to hold 132,341 shares valued at approximately $4.89 million.
• Exelixis reported $0.75 earnings per share for the last quarter, exceeding expectations of $0.63, despite a 10.8% decline in revenue year-over-year.
• Several institutional investors, including Wells Fargo and GAMMA Investing, significantly increased their holdings in Exelixis, reflecting strong interest from the investment community.

Commerce Bank lowered its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,341 shares of the biotechnology company's stock after selling 12,347 shares during the quarter. Commerce Bank's holdings in Exelixis were worth $4,886,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its position in shares of Exelixis by 6.1% during the 1st quarter. Farther Finance Advisors LLC now owns 5,372 shares of the biotechnology company's stock worth $195,000 after purchasing an additional 307 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Exelixis by 1.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 17,203 shares of the biotechnology company's stock worth $573,000 after purchasing an additional 317 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Exelixis by 9.2% during the 1st quarter. Larson Financial Group LLC now owns 4,367 shares of the biotechnology company's stock worth $161,000 after purchasing an additional 367 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of Exelixis by 7.8% during the 4th quarter. Sterling Capital Management LLC now owns 6,627 shares of the biotechnology company's stock worth $221,000 after purchasing an additional 477 shares during the last quarter. Finally, Comerica Bank raised its position in shares of Exelixis by 0.6% during the 4th quarter. Comerica Bank now owns 87,681 shares of the biotechnology company's stock worth $2,920,000 after purchasing an additional 544 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Insider Activity

In related news, Director Jack L. Wyszomierski sold 7,535 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total value of $324,683.15. Following the completion of the transaction, the director owned 358,882 shares of the company's stock, valued at approximately $15,464,225.38. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Amy C. Peterson sold 72,776 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $45.47, for a total transaction of $3,309,124.72. Following the completion of the transaction, the chief marketing officer directly owned 465,393 shares of the company's stock, valued at $21,161,419.71. This represents a 13.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 456,605 shares of company stock valued at $20,966,005 in the last ninety days. 2.85% of the stock is owned by company insiders.

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded up $0.20 during trading hours on Tuesday, hitting $37.01. The stock had a trading volume of 314,158 shares, compared to its average volume of 3,081,630. The stock's fifty day simple moving average is $42.82 and its 200 day simple moving average is $38.93. Exelixis, Inc. has a 1-year low of $23.21 and a 1-year high of $49.62. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 0.77 and a beta of 0.29.

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

Wall Street Analysts Forecast Growth

EXEL has been the subject of several analyst reports. Truist Financial cut their price target on Exelixis from $56.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Stifel Nicolaus upped their price objective on Exelixis from $38.00 to $41.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. HC Wainwright upped their price target on shares of Exelixis from $47.00 to $53.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Royal Bank Of Canada decreased their price target on shares of Exelixis from $50.00 to $45.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Finally, Jefferies Financial Group set a $50.00 price target on shares of Exelixis and gave the stock a "buy" rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Exelixis has an average rating of "Moderate Buy" and an average price target of $44.44.

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.