Acadian Asset Management LLC Sells 316,490 Shares of Exelixis, Inc. $EXEL

Key Points

• Acadian Asset Management LLC has reduced its stake in Exelixis, Inc. by 14.5%, now holding approximately 1.86 million shares valued at around $68.6 million.
• Exelixis reported $0.75 earnings per share for the last quarter, exceeding the consensus estimate by $0.12, despite a year-over-year revenue decline of 10.8%.
• The stock currently holds an average rating of "Moderate Buy" among analysts, with an average price target of $44.06.

Acadian Asset Management LLC trimmed its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 14.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,859,939 shares of the biotechnology company's stock after selling 316,490 shares during the period. Acadian Asset Management LLC owned about 0.68% of Exelixis worth $68,639,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of EXEL. Frank Rimerman Advisors LLC raised its holdings in shares of Exelixis by 4.7% in the 1st quarter. Frank Rimerman Advisors LLC now owns 6,342 shares of the biotechnology company's stock valued at $234,000 after purchasing an additional 285 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Exelixis by 6.1% in the 1st quarter. Farther Finance Advisors LLC now owns 5,372 shares of the biotechnology company's stock valued at $195,000 after purchasing an additional 307 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Exelixis by 1.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 17,203 shares of the biotechnology company's stock valued at $573,000 after purchasing an additional 317 shares during the period. Rathbones Group PLC raised its holdings in shares of Exelixis by 5.3% in the 1st quarter. Rathbones Group PLC now owns 6,847 shares of the biotechnology company's stock valued at $253,000 after purchasing an additional 347 shares during the period. Finally, Larson Financial Group LLC raised its holdings in shares of Exelixis by 9.2% in the 1st quarter. Larson Financial Group LLC now owns 4,367 shares of the biotechnology company's stock valued at $161,000 after purchasing an additional 367 shares during the period. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EXEL. Bank of America upped their target price on shares of Exelixis from $45.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, June 5th. Royal Bank Of Canada lowered their price target on shares of Exelixis from $50.00 to $45.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 29th. Stephens raised shares of Exelixis from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $29.00 to $60.00 in a report on Tuesday, June 24th. HC Wainwright lowered their price target on shares of Exelixis from $53.00 to $46.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, Truist Financial lowered their price target on shares of Exelixis from $56.00 to $49.00 and set a "buy" rating on the stock in a report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $44.06.

Exelixis Price Performance

NASDAQ:EXEL traded up $0.08 during mid-day trading on Friday, reaching $39.15. The stock had a trading volume of 2,475,619 shares, compared to its average volume of 2,200,644. The stock has a 50-day simple moving average of $39.97 and a two-hundred day simple moving average of $39.64. The stock has a market capitalization of $10.54 billion, a PE ratio of 18.82, a P/E/G ratio of 0.81 and a beta of 0.32. Exelixis, Inc. has a 12 month low of $25.17 and a 12 month high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $574.36 million. During the same quarter last year, the business posted $0.84 earnings per share. The company's quarterly revenue was down 10.8% on a year-over-year basis. Exelixis has set its FY 2025 guidance at EPS. Equities analysts expect that Exelixis, Inc. will post 2.04 EPS 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.