Geode Capital Management LLC Sells 141,796 Shares of Exelixis, Inc. $EXEL

Key Points

• Geode Capital Management trimmed its Exelixis stake by 1.8% in the fourth quarter, selling 141,796 shares and ending with 7.53 million shares valued at about $330.1 million.
• Wall Street sentiment is mixed: several firms recently raised price targets or upgraded the stock, but the overall consensus remains Hold with an average target price of $47.35.
• Exelixis posted strong quarterly results, reporting EPS of $0.87 and revenue of $610.81 million, both above estimates, while revenue rose 10% year over year.

Geode Capital Management LLC reduced its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,529,163 shares of the biotechnology company's stock after selling 141,796 shares during the period. Geode Capital Management LLC owned 2.81% of Exelixis worth $330,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EXEL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Exelixis by 81.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,181 shares of the biotechnology company's stock worth $1,592,000 after purchasing an additional 19,407 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Exelixis by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,466,779 shares of the biotechnology company's stock worth $54,153,000 after acquiring an additional 68,133 shares in the last quarter. Focus Partners Wealth lifted its holdings in Exelixis by 83.4% during the first quarter. Focus Partners Wealth now owns 38,458 shares of the biotechnology company's stock worth $1,420,000 after acquiring an additional 17,483 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Exelixis by 134.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,647 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 944 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its holdings in Exelixis by 23.8% during the second quarter. Sivia Capital Partners LLC now owns 14,362 shares of the biotechnology company's stock worth $633,000 after acquiring an additional 2,764 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial upgraded Exelixis to a "strong-buy" rating in a report on Monday, April 27th. HC Wainwright lifted their target price on Exelixis from $54.00 to $56.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. TD Cowen lifted their target price on Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Exelixis in a report on Tuesday, May 19th. Finally, Zacks Research lowered Exelixis from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $47.35.

Insider Buying and Selling

In other news, Director George Poste sold 60,000 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $45.71, for a total value of $2,742,600.00. Following the transaction, the director owned 118,832 shares of the company's stock, valued at approximately $5,431,810.72. This represents a 33.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher J. Senner sold 34,901 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $50.00, for a total value of $1,745,050.00. Following the completion of the transaction, the chief financial officer directly owned 952,317 shares in the company, valued at $47,615,850. The trade was a 3.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 205,433 shares of company stock valued at $9,930,259 in the last ninety days. 2.60% of the stock is currently owned by company insiders.

Exelixis Stock Performance

EXEL opened at $50.28 on Tuesday. Exelixis, Inc. has a 52-week low of $33.76 and a 52-week high of $52.96. The firm has a market capitalization of $12.64 billion, a PE ratio of 16.70, a PEG ratio of 1.06 and a beta of 0.41. The business's 50-day simple moving average is $46.19 and its 200 day simple moving average is $44.29.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.12. The business had revenue of $610.81 million for the quarter, compared to analyst estimates of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.Exelixis's revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, research analysts forecast that Exelixis, Inc. will post 3.18 earnings per share for the current year.

About Exelixis

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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