Exelixis, Inc. $EXEL Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Exelixis stake by 210.9% in the second quarter, acquiring 644,204 shares to own 949,669 shares worth approximately $51.7 million. Institutional investors collectively hold 85.27% of the company.
• Exelixis reported quarterly earnings of $0.91 per share, exceeding estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million. The company’s stock opened at $58.16, near its 12-month high of $59.72.
• Analyst sentiment remains mixed, with an overall “Hold” consensus and an average price target of $50.29; meanwhile, director Mary Beckerle sold 9,812 shares under a pre-arranged 10b5-1 trading plan.

Envestnet Asset Management Inc. increased its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 210.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 949,669 shares of the biotechnology company's stock after acquiring an additional 644,204 shares during the quarter. Envestnet Asset Management Inc. owned 0.38% of Exelixis worth $51,671,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Exelixis by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock worth $2,549,000 after acquiring an additional 281 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of Exelixis by 3.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company's stock valued at $389,000 after acquiring an additional 333 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of Exelixis by 2.8% during the first quarter. Chicago Partners Investment Group LLC now owns 16,204 shares of the biotechnology company's stock valued at $759,000 after acquiring an additional 442 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Exelixis by 4.7% during the second quarter. Allworth Financial LP now owns 10,562 shares of the biotechnology company's stock valued at $575,000 after acquiring an additional 478 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Exelixis by 5.7% during the first quarter. Parallel Advisors LLC now owns 9,115 shares of the biotechnology company's stock worth $391,000 after purchasing an additional 495 shares during the period. Institutional investors and hedge funds own 85.27% of the company's stock.

Insiders Place Their Bets

In other news, Director Mary Beckerle sold 9,812 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $862,799.14. The trade was a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.60% of the company's stock.

Exelixis Stock Performance

NASDAQ:EXEL opened at $58.16 on Monday. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $59.72. The firm's 50 day moving average is $55.62 and its 200 day moving average is $51.07. The stock has a market capitalization of $14.41 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 1.73 and a beta of 0.42.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, beating 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 business had revenue of $628.69 million during the quarter, compared to analyst estimates of $636.40 million. During the same period in the prior year, the company earned $0.75 earnings per share. Exelixis's revenue was up 10.6% compared to the same quarter last year. Research analysts predict that Exelixis, Inc. will post 3.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. HC Wainwright reiterated a "buy" rating and issued a $56.00 target price on shares of Exelixis in a report on Thursday, July 2nd. Citizens Jmp boosted their price target on shares of Exelixis from $50.00 to $55.00 and gave the company a "market outperform" rating in a research note on Wednesday, June 24th. Truist Financial lowered their price objective on shares of Exelixis from $56.00 to $52.00 and set a "hold" rating on the stock in a report on Thursday, August 6th. Royal Bank Of Canada raised their price objective on shares of Exelixis from $43.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Exelixis has an average rating of "Hold" and a consensus price target of $50.29.

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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