Landscape Capital Management L.L.C. Makes New Investment in Exelixis, Inc. $EXEL

Key Points

• Landscape Capital Management initiated a position in Exelixis during the second quarter, purchasing 19,340 shares valued at approximately $1.05 million. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly EPS of $0.91, exceeding the $0.85 analyst consensus, while revenue rose 10.6% year over year to $628.69 million, slightly below estimates.
• Despite the company’s solid earnings and shares trading near $54, analysts maintain a consensus “Hold” rating with an average price target of $50.07; insiders have sold about 67,000 shares worth $3.4 million over the past quarter.

Landscape Capital Management L.L.C. bought a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 19,340 shares of the biotechnology company's stock, valued at approximately $1,052,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new position in Exelixis in the 2nd quarter worth about $1,581,991,000. AQR Capital Management LLC boosted its position in Exelixis by 48.8% during the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock worth $598,647,000 after purchasing an additional 4,477,029 shares in the last quarter. Invesco Ltd. grew its holdings in Exelixis by 1.6% in the fourth quarter. Invesco Ltd. now owns 6,054,743 shares of the biotechnology company's stock valued at $265,379,000 after purchasing an additional 94,218 shares during the period. Dimensional Fund Advisors LP grew its holdings in Exelixis by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company's stock valued at $184,391,000 after purchasing an additional 39,920 shares during the period. Finally, Morgan Stanley increased its position in shares of Exelixis by 31.0% in the fourth quarter. Morgan Stanley now owns 4,206,656 shares of the biotechnology company's stock valued at $184,378,000 after buying an additional 995,949 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Insider Transactions at Exelixis

In other news, Director Sue Gail Eckhardt sold 9,812 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.14, for a total transaction of $491,973.68. Following the completion of the sale, the director owned 16,079 shares of the company's stock, valued at $806,201.06. This represents a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack L. Wyszomierski sold 3,925 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $50.55, for a total transaction of $198,408.75. Following the completion of the sale, the director owned 284,384 shares of the company's stock, valued at $14,375,611.20. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 67,000 shares of company stock worth $3,404,652. Company insiders own 2.60% of the company's stock.

Exelixis Price Performance

Shares of Exelixis stock opened at $54.08 on Monday. The stock has a market capitalization of $13.40 billion, a P/E ratio of 17.01, a PEG ratio of 1.61 and a beta of 0.44. The business has a 50 day simple moving average of $54.26 and a two-hundred day simple moving average of $48.60. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $57.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The firm had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. During the same period in the previous year, the company posted $0.75 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. As a group, research analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on EXEL shares. Barclays upped their target price on Exelixis from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their price target on shares of Exelixis from $43.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 7th. Morgan Stanley upped their price objective on shares of Exelixis from $50.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 23rd. Wells Fargo & Company increased their price objective on shares of Exelixis from $40.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 13th. Finally, BMO Capital Markets assumed coverage on shares of Exelixis in a research report on Tuesday, August 18th. They issued a "market perform" rating and a $54.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $50.07.

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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