Corient Private Wealth LP Takes $4.32 Million Position in Exelixis, Inc. $EXEL

Key Points

• Corient Private Wealth purchased 79,467 Exelixis shares during the second quarter, establishing a position worth approximately $4.32 million. Institutional investors collectively own 85.27% of the company.
• Exelixis exceeded quarterly earnings expectations, reporting EPS of $0.91 versus the $0.85 consensus estimate. Revenue rose 10.6% year over year to $628.69 million, although it fell short of analysts’ $636.40 million forecast.
• EXEL opened at $54.64, near its 52-week high of $57.57, while analysts maintained a consensus “Hold” rating with an average price target of $50.07. A company director also sold 9,812 shares under a pre-arranged trading plan.

Corient Private Wealth LP purchased a new position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 79,467 shares of the biotechnology company's stock, valued at approximately $4,324,000.

A number of other large investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in Exelixis by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock worth $2,549,000 after purchasing an additional 281 shares in the last quarter. Meeder Advisory Services Inc. grew its position in shares of Exelixis by 5.8% during the 4th quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company's stock valued at $237,000 after purchasing an additional 298 shares in the last quarter. Cim LLC grew its position in shares of Exelixis by 0.9% during the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company's stock valued at $1,462,000 after purchasing an additional 305 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in shares of Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company's stock worth $235,000 after purchasing an additional 329 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its holdings in shares of Exelixis by 3.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company's stock worth $389,000 after purchasing an additional 333 shares during the period. 85.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Exelixis

In related news, Director Mary C. Beckerle sold 9,812 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $53.66, for a total transaction of $526,511.92. Following the transaction, the director directly owned 16,079 shares of the company's stock, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.60% of the company's stock.

Exelixis Stock Up 0.3%

EXEL opened at $54.64 on Tuesday. The business's fifty day simple moving average is $54.64 and its 200 day simple moving average is $49.12. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $57.57. The stock has a market cap of $13.54 billion, a PE ratio of 17.18, a P/E/G ratio of 1.62 and a beta of 0.44.

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

Analyst Upgrades and Downgrades

EXEL has been the subject of several recent analyst reports. UBS Group set a $55.00 target price on Exelixis in a research report on Monday, August 3rd. HC Wainwright restated a "buy" rating and issued a $56.00 target price on shares of Exelixis in a research note on Thursday, July 2nd. Morgan Stanley raised their price target on Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Barclays lifted their price target on Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Finally, TD Cowen upped their price objective on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $50.07.

About Exelixis

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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