Meritage Portfolio Management Sells 8,511 Shares of Exelixis, Inc. (NASDAQ:EXEL)

Meritage Portfolio Management decreased its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 2.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 399,238 shares of the biotechnology company's stock after selling 8,511 shares during the period. Exelixis accounts for 1.0% of Meritage Portfolio Management's investment portfolio, making the stock its 20th largest position. Meritage Portfolio Management owned about 0.14% of Exelixis worth $14,740,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in EXEL. Oppenheimer & Co. Inc. purchased a new stake in Exelixis during the 4th quarter worth about $561,000. Proficio Capital Partners LLC purchased a new stake in Exelixis during the 4th quarter worth about $706,000. Fisher Asset Management LLC purchased a new stake in Exelixis during the 4th quarter worth about $1,493,000. Smartleaf Asset Management LLC lifted its holdings in Exelixis by 958.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,942 shares of the biotechnology company's stock worth $99,000 after purchasing an additional 2,664 shares in the last quarter. Finally, Schechter Investment Advisors LLC raised its holdings in shares of Exelixis by 6.3% in the 4th quarter. Schechter Investment Advisors LLC now owns 13,705 shares of the biotechnology company's stock valued at $456,000 after acquiring an additional 816 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis Stock Up 3.6%

Shares of NASDAQ EXEL traded up $1.61 during trading hours on Friday, reaching $45.91. 6,040,447 shares of the stock traded hands, compared to its average volume of 2,496,550. The company has a market capitalization of $12.52 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 0.93 and a beta of 0.28. Exelixis, Inc. has a 52-week low of $21.86 and a 52-week high of $49.62. The company's 50-day simple moving average is $41.88 and its two-hundred day simple moving average is $37.65.

Insider Activity at Exelixis

In related news, CFO Christopher J. Senner sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $46.00, for a total transaction of $4,600,000.00. Following the transaction, the chief financial officer directly owned 967,842 shares in the company, valued at $44,520,732. This trade represents a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stelios Papadopoulos sold 36,508 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $44.35, for a total value of $1,619,129.80. Following the transaction, the director owned 1,279,416 shares in the company, valued at approximately $56,742,099.60. The trade was a 2.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 458,113 shares of company stock worth $21,024,817 in the last quarter. 2.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bank of America raised their price target on Exelixis from $45.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, June 5th. Citigroup raised their price target on Exelixis from $45.00 to $56.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Jefferies Financial Group set a $50.00 price target on Exelixis and gave the company a "buy" rating in a report on Tuesday, June 24th. Wall Street Zen cut Exelixis from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company reaffirmed a "market outperform" rating on shares of Exelixis in a report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Exelixis presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.56.

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.