HighTower Advisors LLC Decreases Position in Exelixis, Inc. $EXEL

Key Points

• HighTower Advisors LLC cut its stake in Exelixis by 44.4% in the fourth quarter, leaving it with 48,504 shares valued at about $2.13 million.
• Several other institutional investors adjusted positions in the biotech company, and 85.27% of Exelixis shares are owned by hedge funds and other institutions.
• Exelixis reported better-than-expected Q1 results, with EPS of $0.87 versus the $0.75 estimate and revenue of $610.81 million; analysts currently have a consensus rating of Hold with an average price target of $47.35.

HighTower Advisors LLC cut its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 44.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,504 shares of the biotechnology company's stock after selling 38,724 shares during the period. HighTower Advisors LLC's holdings in Exelixis were worth $2,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Exelixis

In other Exelixis news, EVP Patrick J. Haley sold 32,110 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $49.81, for a total transaction of $1,599,399.10. Following the sale, the executive vice president owned 357,638 shares of the company's stock, valued at approximately $17,813,948.78. This trade represents a 8.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher J. Senner sold 34,901 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 952,317 shares in the company, valued at $47,615,850. This trade represents a 3.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 205,433 shares of company stock worth $9,930,259. 2.60% of the stock is currently owned by company insiders.

Exelixis Stock Down 0.4%

Shares of NASDAQ: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 stock has a market cap of $12.64 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 1.06 and a beta of 0.41. The business's 50 day moving average is $46.19 and its 200 day moving average is $44.29.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings data 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. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company had revenue of $610.81 million for the quarter, compared to analysts' expectations of $607.51 million. During the same quarter in the prior year, the firm earned $0.55 earnings per share. Exelixis's revenue was up 10.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Truist Financial raised Exelixis to a "strong-buy" rating in a research note on Monday, April 27th. Wall Street Zen raised Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Exelixis in a research note on Tuesday, May 19th. HC Wainwright raised their price target on shares of Exelixis from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Barclays lifted their price objective on shares of Exelixis from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $47.35.

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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