LSV Asset Management Sells 22,695 Shares of Exelixis, Inc. $EXEL

Key Points

• LSV Asset Management slightly reduced its Exelixis stake in the fourth quarter, selling 22,695 shares but still holding 7.75 million shares valued at about $339.5 million.
• Exelixis reported better-than-expected quarterly earnings, posting $0.87 EPS versus the $0.75 estimate and revenue of $610.8 million, up 10% year over year.
• Insider activity was notably negative, with executives and directors selling shares, while analysts remain mixed overall with a consensus rating of Hold and an average price target of $47.35.

LSV Asset Management cut its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,745,932 shares of the biotechnology company's stock after selling 22,695 shares during the period. LSV Asset Management owned 2.89% of Exelixis worth $339,504,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Farallon Capital Management LLC boosted its stake in shares of Exelixis by 21.6% during the third quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company's stock valued at $805,412,000 after purchasing an additional 3,466,000 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Exelixis by 20.7% during the 3rd quarter. AQR Capital Management LLC now owns 9,181,359 shares of the biotechnology company's stock valued at $379,190,000 after purchasing an additional 1,575,280 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Exelixis by 7.1% during the 3rd quarter. Invesco Ltd. now owns 5,960,525 shares of the biotechnology company's stock valued at $246,170,000 after purchasing an additional 394,897 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Exelixis by 11.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,180,912 shares of the biotechnology company's stock worth $172,658,000 after purchasing an additional 419,596 shares in the last quarter. Finally, UBS Group AG grew its stake in Exelixis by 40.2% during the 4th quarter. UBS Group AG now owns 3,722,334 shares of the biotechnology company's stock worth $163,150,000 after buying an additional 1,067,265 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.

Exelixis Trading Up 1.0%

NASDAQ:EXEL opened at $50.15 on Friday. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $51.63. The firm has a fifty day simple moving average of $45.10 and a 200-day simple moving average of $43.84. The company has a market capitalization of $12.61 billion, a P/E ratio of 16.66, a PEG ratio of 1.05 and a beta of 0.38.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 EPS 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 business had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same period in the previous year, the firm posted $0.55 earnings per share. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts forecast that Exelixis, Inc. will post 3.15 EPS for the current year.

Insider Buying and Selling at Exelixis

In other news, EVP Patrick J. Haley sold 32,110 shares of Exelixis stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $49.81, for a total transaction of $1,599,399.10. Following the completion of the sale, the executive vice president directly owned 357,638 shares in the company, valued at approximately $17,813,948.78. The trade was a 8.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Maria C. Freire sold 20,634 shares of Exelixis stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total transaction of $949,164.00. Following the sale, the director 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. In the last ninety days, insiders sold 209,900 shares of company stock valued at $9,874,852. Company insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on EXEL shares. HC Wainwright increased their price target on Exelixis from $54.00 to $56.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. TD Cowen increased their price target on Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Zacks Research cut Exelixis from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Finally, Stifel Nicolaus increased their price target on Exelixis from $44.00 to $47.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. One 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 stock. According to data from MarketBeat, Exelixis currently has a consensus rating of "Hold" and an average price target of $47.35.

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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