Hsbc Holdings PLC Lowers Position in Exelixis, Inc. $EXEL

Key Points

• Hsbc Holdings PLC cut its Exelixis stake by 53.1% in the fourth quarter, holding 26,084 shares worth about $1.15 million after selling 29,488 shares.
• Institutional ownership remains high, with hedge funds and other investors owning 85.27% of Exelixis shares. Several firms increased positions, including Wealth Enhancement Advisory Services and Nisa Investment Advisors.
• Analysts are generally constructive but mixed: Exelixis has a consensus rating of “Hold” with a $47.93 target price, while the stock recently traded at $56.50 after reporting better-than-expected quarterly earnings and 10% revenue growth year over year.

Hsbc Holdings PLC cut its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 53.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,084 shares of the biotechnology company's stock after selling 29,488 shares during the period. Hsbc Holdings PLC's holdings in Exelixis were worth $1,149,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in Exelixis by 62.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company's stock worth $8,224,000 after purchasing an additional 71,987 shares during the last quarter. Stephens Investment Management Group LLC increased its position in shares of Exelixis by 1.1% during the 4th quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock valued at $111,303,000 after purchasing an additional 28,265 shares during the last quarter. Private Client Services LLC bought a new stake in shares of Exelixis during the 4th quarter worth $1,992,000. Nisa Investment Advisors LLC boosted its holdings in shares of Exelixis by 692.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 140,446 shares of the biotechnology company's stock worth $6,156,000 after buying an additional 122,720 shares during the last quarter. Finally, Strategic Investment Advisors MI boosted its holdings in shares of Exelixis by 486.6% in the 3rd quarter. Strategic Investment Advisors MI now owns 33,343 shares of the biotechnology company's stock worth $1,377,000 after buying an additional 27,659 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on EXEL shares. HC Wainwright restated a "buy" rating and set a $56.00 price objective on shares of Exelixis in a report on Thursday, July 2nd. Citizens Jmp increased their target price on shares of Exelixis from $50.00 to $55.00 and gave the company a "market outperform" rating in a research report on Wednesday, June 24th. Royal Bank Of Canada increased their target price on shares of Exelixis from $43.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 7th. Weiss Ratings raised shares of Exelixis from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday. Finally, Wells Fargo & Company lifted their price target on shares of Exelixis from $35.00 to $40.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 6th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $47.93.

Exelixis Price Performance

NASDAQ EXEL opened at $56.50 on Monday. The company has a market cap of $14.20 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.63 and a beta of 0.42. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $57.57. The firm's 50-day simple moving average is $51.70 and its two-hundred day simple moving average is $46.47.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.12. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The firm had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same quarter last year, the company earned $0.55 earnings per share. The company's revenue was up 10.0% on a year-over-year basis. As a group, equities research analysts anticipate that Exelixis, Inc. will post 3.16 EPS for the current year.

Insider Buying and Selling

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 in the company, valued at $17,813,948.78. This represents a 8.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Maria C. Freire sold 20,634 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total value of $949,164.00. Following the completion of the transaction, the director directly owned 100,819 shares of the company's stock, valued at $4,637,674. The trade was a 16.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 219,170 shares of company stock worth $10,620,641 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

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.

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