Mackenzie Financial Corp Sells 61,906 Shares of Exelixis, Inc. (NASDAQ:EXEL)

Key Points

• Mackenzie Financial Corp reduced its holdings in Exelixis, Inc. by 18.9%, selling 61,906 shares and owning approximately 0.10% of the company valued at $9,825,000 by the end of the first quarter.
• Wall Street analysts have shown optimism for Exelixis, raising price targets, with HC Wainwright setting it at $53.00 and majority of analysts rating it as a "Moderate Buy" with a consensus target price of $44.44.
• Exelixis reported earnings of $0.75 per share for the last quarter, surpassing expectations, although its revenue fell by 10.8% compared to the previous year.

Mackenzie Financial Corp lessened its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 18.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,110 shares of the biotechnology company's stock after selling 61,906 shares during the period. Mackenzie Financial Corp owned approximately 0.10% of Exelixis worth $9,825,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. LSV Asset Management increased its stake in Exelixis by 0.8% in the fourth quarter. LSV Asset Management now owns 8,169,847 shares of the biotechnology company's stock worth $272,056,000 after purchasing an additional 67,470 shares during the period. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Exelixis by 10.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 7,630,940 shares of the biotechnology company's stock worth $254,110,000 after buying an additional 708,312 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Exelixis by 308.1% in the 4th quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company's stock valued at $132,376,000 after acquiring an additional 3,001,204 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Exelixis by 25.7% during the 4th quarter. AQR Capital Management LLC now owns 3,967,005 shares of the biotechnology company's stock valued at $132,101,000 after buying an additional 810,857 shares during the last quarter. Finally, FMR LLC raised its position in Exelixis by 19.7% during the fourth quarter. FMR LLC now owns 2,947,599 shares of the biotechnology company's stock valued at $98,155,000 after acquiring an additional 485,527 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Benchmark reiterated a "neutral" rating on shares of Exelixis in a research report on Monday, June 23rd. Truist Financial dropped their target price on Exelixis from $56.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Barclays upped their price objective on shares of Exelixis from $29.00 to $40.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen cut Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Stifel Nicolaus lifted their target price on Exelixis from $38.00 to $41.00 and gave the company a "hold" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Exelixis presently has an average rating of "Moderate Buy" and a consensus target price of $44.44.

Exelixis Stock Up 1.2%

Shares of NASDAQ EXEL traded up $0.44 during midday trading on Tuesday, hitting $37.25. 1,862,260 shares of the company's stock were exchanged, compared to its average volume of 3,092,528. The firm has a market capitalization of $10.03 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 0.77 and a beta of 0.29. The company's 50 day moving average price is $42.82 and its 200 day moving average price is $38.93. Exelixis, Inc. has a 12 month low of $23.21 and a 12 month high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.12. Exelixis had a net margin of 27.01% and a return on equity of 27.47%. The firm had revenue of $568.26 million for the quarter, compared to analysts' expectations of $574.36 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The company's revenue was down 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Exelixis, Inc. will post 2.04 EPS for the current year.

Insider Transactions at Exelixis

In other news, EVP Patrick J. Haley sold 126,383 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $47.96, for a total value of $6,061,328.68. Following the completion of the sale, the executive vice president owned 446,459 shares in the company, valued at $21,412,173.64. This represents a 22.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stelios Papadopoulos sold 36,508 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $44.35, for a total value of $1,619,129.80. Following the completion of the sale, the director owned 1,279,416 shares in the company, valued at $56,742,099.60. This represents a 2.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 456,605 shares of company stock worth $20,966,005. Company insiders own 2.85% of the company's stock.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.