Prudential PLC Raises Position in Exelixis, Inc. (NASDAQ:EXEL)

Key Points

• Prudential PLC increased its stake in Exelixis by 326.7%, owning a total of 143,258 shares valued at approximately $5.29 million, according to its latest SEC filing.
• Recent quarterly earnings showed a net margin of 27.01% with a reported EPS of $0.75, surpassing estimates of $0.63, but revenue fell 10.8% year-over-year.
• Analyst ratings for Exelixis indicate a consensus of "Moderate Buy" with a price target of $44.06, with some brokerages raising their targets based on positive performance expectations.

Prudential PLC grew its position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 326.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,258 shares of the biotechnology company's stock after purchasing an additional 109,684 shares during the quarter. Prudential PLC owned approximately 0.05% of Exelixis worth $5,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in EXEL. Coppell Advisory Solutions LLC bought a new stake in Exelixis during the 4th quarter worth approximately $25,000. Hemington Wealth Management grew its stake in shares of Exelixis by 211.3% in the first quarter. Hemington Wealth Management now owns 769 shares of the biotechnology company's stock worth $28,000 after purchasing an additional 522 shares during the last quarter. Colonial Trust Co SC increased its holdings in Exelixis by 616.9% in the fourth quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 765 shares during the period. Bartlett & CO. Wealth Management LLC bought a new position in Exelixis during the 1st quarter worth $37,000. Finally, Costello Asset Management INC acquired a new position in Exelixis during the 1st quarter worth about $39,000. 85.27% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Jack L. Wyszomierski sold 7,535 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total value of $324,683.15. Following the transaction, the director owned 358,882 shares of the company's stock, valued at approximately $15,464,225.38. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Patrick J. Haley sold 34,387 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $44.06, for a total value of $1,515,091.22. Following the transaction, the executive vice president owned 412,072 shares of the company's stock, valued at approximately $18,155,892.32. The trade was a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,304 shares of company stock valued at $2,846,164. 2.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EXEL. Benchmark reissued a "neutral" rating on shares of Exelixis in a research note on Monday, June 23rd. HC Wainwright set a $46.00 price target on shares of Exelixis and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Morgan Stanley cut their price target on shares of Exelixis from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. Bank of America increased their price target on Exelixis from $45.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, June 5th. Finally, William Blair reissued an "outperform" rating on shares of Exelixis in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Exelixis has an average rating of "Moderate Buy" and a consensus target price of $44.06.

Exelixis Stock Performance

EXEL stock traded down $0.16 during mid-day trading on Friday, hitting $38.31. The company had a trading volume of 2,370,582 shares, compared to its average volume of 3,938,011. The firm has a market cap of $10.31 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 0.80 and a beta of 0.29. Exelixis, Inc. has a 12 month low of $25.12 and a 12 month high of $49.62. The stock's fifty day moving average price is $41.96 and its two-hundred day moving average price is $39.15.

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, topping 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 during the quarter, compared to analyst estimates of $574.36 million. During the same quarter last year, the business earned $0.84 earnings per share. The company's quarterly revenue was down 10.8% on a year-over-year basis. Equities analysts anticipate that Exelixis, Inc. will post 2.04 earnings per share 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.