Exelixis, Inc. $EXEL Stock Position Cut by CX Institutional

Key Points

• CX Institutional reduced its Exelixis stake by 97.6% in the third quarter, selling 89,071 shares and retaining 2,145 shares worth approximately $125,000.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below expectations.
• Shares opened at $58.33, near their 52-week high of $61.14, but analysts’ consensus rating remains “Hold” with an average price target of $50.29.

CX Institutional cut its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 97.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,145 shares of the biotechnology company's stock after selling 89,071 shares during the quarter. CX Institutional's holdings in Exelixis were worth $125,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Arkadios Wealth Advisors bought a new stake in shares of Exelixis during the first quarter valued at approximately $476,000. Corient Private Wealth LP purchased a new stake in Exelixis in the second quarter worth $4,324,000. L2 Asset Management LLC bought a new position in Exelixis in the second quarter worth $6,839,000. BlackRock Inc. bought a new position in Exelixis in the second quarter worth $1,581,991,000. Finally, JLB & Associates Inc. purchased a new position in Exelixis during the second quarter valued at $2,658,000. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Stock Performance

NASDAQ:EXEL opened at $58.33 on Wednesday. The firm has a market cap of $14.45 billion, a P/E ratio of 18.34, a P/E/G ratio of 1.75 and a beta of 0.47. Exelixis, Inc. has a fifty-two week low of $33.76 and a fifty-two week high of $61.14. The firm has a 50-day simple moving average of $56.00 and a two-hundred day simple moving average of $51.91.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its 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 net margin of 35.33% and a return on equity of 42.17%. The firm had revenue of $628.69 million for the quarter, compared to the consensus estimate of $636.40 million. During the same quarter in the prior year, the firm posted $0.75 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Exelixis, Inc. will post 3.19 EPS for the current year.

Insider Buying and Selling

In other Exelixis news, Director Mary Beckerle sold 9,812 shares of the 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 sale, the director directly owned 16,079 shares in the company, valued at approximately $862,799.14. This trade represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on EXEL. Wells Fargo & Company boosted their target price on shares of Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 13th. Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Leerink Partners cut shares of Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price target for the company. in a research report on Thursday, August 6th. Citigroup reissued a "market outperform" rating on shares of Exelixis in a research note on Monday, September 14th. Finally, Barclays upped their price objective on shares of Exelixis from $45.00 to $49.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $50.29.

Exelixis Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company's research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis' principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.

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