Convergence Investment Partners LLC Boosts Stake in Exelixis, Inc. (NASDAQ:EXEL)

Convergence Investment Partners LLC lifted its holdings in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 57.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,006 shares of the biotechnology company's stock after buying an additional 13,518 shares during the quarter. Convergence Investment Partners LLC's holdings in Exelixis were worth $1,366,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EXEL. Coppell Advisory Solutions LLC purchased a new stake in shares of Exelixis in the 4th quarter worth about $25,000. Colonial Trust Co SC grew its position in shares of Exelixis by 616.9% in the 4th quarter. Colonial Trust Co SC now owns 889 shares of the biotechnology company's stock worth $30,000 after buying an additional 765 shares during the period. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of Exelixis in the 1st quarter worth about $37,000. Hurley Capital LLC purchased a new stake in shares of Exelixis in the 4th quarter worth about $68,000. Finally, True Wealth Design LLC grew its position in Exelixis by 222.3% during the 4th quarter. True Wealth Design LLC now owns 2,253 shares of the biotechnology company's stock valued at $75,000 after purchasing an additional 1,554 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on EXEL shares. UBS Group set a $43.00 price objective on shares of Exelixis and gave the company a "neutral" rating in a research report on Friday, July 11th. Morgan Stanley increased their price objective on shares of Exelixis from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday. Benchmark reissued a "neutral" rating on shares of Exelixis in a research report on Monday, June 23rd. Guggenheim set a $45.00 price objective on shares of Exelixis and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Wells Fargo & Company reissued a "market outperform" rating on shares of Exelixis in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.33.

Insider Buying and Selling at Exelixis

In other news, CFO Christopher J. Senner sold 100,000 shares of Exelixis stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $46.00, for a total value of $4,600,000.00. Following the completion of the transaction, the chief financial officer owned 967,842 shares in the company, valued at approximately $44,520,732. This trade represents a 9.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Hessekiel sold 25,000 shares of Exelixis stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $46.18, for a total value of $1,154,500.00. Following the completion of the transaction, the executive vice president owned 693,396 shares of the company's stock, valued at $32,021,027.28. The trade was a 3.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 458,113 shares of company stock worth $21,024,817. Insiders own 2.82% of the company's stock.

Exelixis Price Performance

NASDAQ EXEL traded up $0.81 during mid-day trading on Friday, hitting $45.60. The stock had a trading volume of 3,571,221 shares, compared to its average volume of 2,573,794. Exelixis, Inc. has a twelve month low of $22.80 and a twelve month high of $49.62. The stock has a market capitalization of $12.44 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 0.89 and a beta of 0.28. The firm's 50 day moving average is $43.46 and its 200 day moving average is $38.79.

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.