Ifrah Financial Services Inc. Makes New $1.15 Million Investment in Exelixis, Inc. $EXEL

Key Points

• Ifrah Financial Services initiated a $1.15 million position in Exelixis during the third quarter, purchasing 19,654 shares. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly EPS of $0.91, exceeding estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million but fell slightly short of forecasts.
• Analysts have a consensus “Hold” rating with an average price target of $50.79, below the stock’s reported trading price of $59.51.

Ifrah Financial Services Inc. bought a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,654 shares of the biotechnology company's stock, valued at approximately $1,148,000.

Several other hedge funds and other institutional investors have also bought and sold shares of EXEL. BlackRock Inc. bought a new stake in Exelixis during the second quarter valued at $1,581,991,000. Dimensional Fund Advisors LP raised its position in shares of Exelixis by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company's stock worth $184,391,000 after acquiring an additional 39,920 shares in the last quarter. Assetmark Inc. raised its position in shares of Exelixis by 1.7% in the 1st quarter. Assetmark Inc. now owns 3,388,920 shares of the biotechnology company's stock worth $145,351,000 after acquiring an additional 58,149 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Exelixis by 30.7% in the 2nd quarter. Bank of America Corp DE now owns 2,149,397 shares of the biotechnology company's stock valued at $116,949,000 after purchasing an additional 504,660 shares during the period. Finally, Caisse de depot et placement du Quebec acquired a new position in shares of Exelixis in the 2nd quarter valued at about $113,951,000. Institutional investors and hedge funds own 85.27% of the company's stock.

Wall Street Analysts Forecast Growth

EXEL has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on Exelixis from $40.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Monday, July 13th. BMO Capital Markets began coverage on Exelixis in a report on Tuesday, August 18th. They issued a "market perform" rating and a $54.00 target price for the company. Leerink Partners lowered Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 price target on the stock. in a research note on Thursday, August 6th. UBS Group set a $55.00 price target on Exelixis in a research note on Monday, August 3rd. Finally, Zacks Research upgraded Exelixis from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $50.79.

Exelixis Trading Down 0.5%

NASDAQ:EXEL opened at $59.51 on Wednesday. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $61.66. The stock has a market capitalization of $14.75 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.68 and a beta of 0.47. The firm has a fifty day simple moving average of $56.43 and a two-hundred day simple moving average of $52.53.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. The firm had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. Equities analysts predict that Exelixis, Inc. will post 3.19 earnings per share for the current fiscal year.

Insider Activity at Exelixis

In related news, Director Mary Beckerle sold 9,812 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the sale, the director directly owned 16,079 shares of the company's stock, valued at $862,799.14. The trade was a 37.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is currently owned by corporate insiders.

Exelixis Profile

Exelixis, Inc is a biopharmaceutical company focused on discovering, developing, and commercializing medicines for cancer. The company's research and development activities are centered primarily on targeted therapies and other treatments for solid tumors.

Exelixis' principal product is cabozantinib, marketed in the United States as CABOMETYX tablets for certain patients with renal cell carcinoma, hepatocellular carcinoma, and differentiated thyroid cancer. The company also markets COMETRIQ, a cabozantinib formulation approved in the United States for progressive or metastatic medullary thyroid cancer.

Exelixis was founded in 1994 and is headquartered in Alameda, California.

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