Exelixis, Inc. $EXEL Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Exelixis position by 41.7% in the second quarter, selling 38,732 shares and retaining 54,245 shares valued at approximately $2.95 million. Institutional investors and hedge funds collectively own 85.27% of the company.
• Exelixis shares opened at $56.89, near their 52-week high of $57.57. The company recently reported adjusted earnings of $0.91 per share, topping estimates, while revenue rose 10.6% year over year to $628.69 million.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $50.07. A company director also sold 9,812 shares for roughly $526,512 under a pre-arranged trading plan.

Corient Private Wealth LP cut its position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 41.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,245 shares of the biotechnology company's stock after selling 38,732 shares during the quarter. Corient Private Wealth LP's holdings in Exelixis were worth $2,951,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arkadios Wealth Advisors acquired a new position in shares of Exelixis during the first quarter worth approximately $476,000. L2 Asset Management LLC acquired a new stake in Exelixis in the 2nd quarter valued at approximately $6,839,000. Stephens Investment Management Group LLC raised its stake in Exelixis by 1.1% during the 4th quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock valued at $111,303,000 after acquiring an additional 28,265 shares in the last quarter. BlackRock Inc. bought a new stake in Exelixis during the 2nd quarter valued at $1,581,991,000. Finally, JLB & Associates Inc. acquired a new position in Exelixis during the 2nd quarter worth $2,658,000. 85.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Exelixis

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets began coverage on Exelixis in a report on Tuesday, August 18th. They set a "market perform" rating and a $54.00 price target on the stock. Weiss Ratings upgraded shares of Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday, August 11th. Citigroup reissued a "market outperform" rating on shares of Exelixis in a research note on Wednesday, July 22nd. Zacks Research lowered shares of Exelixis from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. Finally, Leerink Partners cut shares of Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price objective for the company. in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $50.07.

Exelixis Stock Up 4.1%

Shares of EXEL stock opened at $56.89 on Wednesday. The stock has a 50-day simple moving average of $54.75 and a 200 day simple moving average of $49.22. Exelixis, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $57.57. The stock has a market capitalization of $14.10 billion, a P/E ratio of 17.89, a P/E/G ratio of 1.63 and a beta of 0.42.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted 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 net margin of 35.33% and a return on equity of 42.17%. The company had revenue of $628.69 million during the quarter, compared to analyst estimates of $636.40 million. During the same quarter last year, the firm posted $0.75 EPS. The business's revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Exelixis, Inc. will post 3.19 earnings per share for the current year.

Exelixis Profile

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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