Globeflex Capital L P Invests $13.87 Million in Exelixis, Inc. $EXEL

Key Points

• Globeflex Capital initiated a $13.87 million position in Exelixis during the second quarter, purchasing 254,993 shares. The investment represents 1.8% of Globeflex’s portfolio and approximately 0.10% of Exelixis’s outstanding shares.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million. Shares opened at $54.08, near their 52-week high of $57.57.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a consensus price target of $50.07. Institutional investors own 85.27% of the company, while insiders sold 67,000 shares worth approximately $3.4 million over the past three months.

Globeflex Capital L P acquired a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 254,993 shares of the biotechnology company's stock, valued at approximately $13,874,000. Exelixis accounts for 1.8% of Globeflex Capital L P's holdings, making the stock its 3rd largest holding. Globeflex Capital L P owned approximately 0.10% of Exelixis at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arkadios Wealth Advisors bought a new stake in Exelixis during the first quarter worth about $476,000. Stephens Investment Management Group LLC boosted its position in Exelixis by 1.1% in the fourth quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock valued at $111,303,000 after buying an additional 28,265 shares in the last quarter. JLB & Associates Inc. acquired a new stake in shares of Exelixis during the 2nd quarter valued at $2,658,000. Annex Advisory Services LLC bought a new stake in shares of Exelixis during the second quarter worth about $1,410,000. Finally, BNP Paribas Financial Markets grew its holdings in Exelixis by 79.5% during the 4th quarter. BNP Paribas Financial Markets now owns 1,117,936 shares of the biotechnology company's stock worth $48,999,000 after acquiring an additional 495,247 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Exelixis Price Performance

Shares of Exelixis stock opened at $54.08 on Monday. The firm has a market cap of $13.40 billion, a PE ratio of 17.01, a P/E/G ratio of 1.61 and a beta of 0.44. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $57.57. The stock has a fifty day moving average price of $54.26 and a 200-day moving average price of $48.60.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $636.40 million. During the same period in the previous year, the company earned $0.75 earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current fiscal year.

Insider Buying and Selling at Exelixis

In other Exelixis news, EVP Dana Aftab sold 43,451 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the completion of the transaction, the executive vice president owned 594,741 shares in the company, valued at $29,945,209.35. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary C. Beckerle sold 9,812 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total transaction of $526,511.92. Following the sale, the director owned 16,079 shares in the company, valued at $862,799.14. The trade was a 37.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 67,000 shares of company stock valued at $3,404,652 in the last three months. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Barclays lifted their target price on Exelixis from $45.00 to $49.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 14th. Citizens Jmp lifted their target price on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. Zacks Research lowered shares of Exelixis from a "hold" rating to a "strong sell" rating in a report on Monday, August 3rd. HC Wainwright reiterated a "buy" rating and issued a $56.00 target price on shares of Exelixis in a report on Thursday, July 2nd. Finally, Truist Financial dropped their price target on shares of Exelixis from $56.00 to $52.00 and set a "hold" rating on the stock in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $50.07.

Exelixis Profile

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.

Want to see what other hedge funds are holding EXEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Exelixis, Inc. (NASDAQ:EXEL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source