Man Group plc Takes $24.85 Million Position in Exelixis, Inc. $EXEL

Key Points

• Man Group acquired 456,761 Exelixis shares worth approximately $24.85 million in the second quarter, representing about 0.18% of the company. Institutional investors collectively own 85.27% of Exelixis.
• Exelixis reported quarterly EPS of $0.91, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below expectations.
• The stock opened at $56.10, near its 52-week high of $57.57. Analysts maintain a consensus “Hold” rating with an average price target of $50.07, while insiders sold $1.22 million of shares during the last quarter.

Man Group plc acquired a new stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 456,761 shares of the biotechnology company's stock, valued at approximately $24,852,000. Man Group plc owned about 0.18% of Exelixis at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new position in Exelixis in the 2nd quarter valued at approximately $267,000. Jupiter Topco LLC acquired a new position in shares of Exelixis during the second quarter worth $67,299,000. Hsbc Holdings PLC bought a new stake in shares of Exelixis in the second quarter worth $2,594,000. Canada Pension Plan Investment Board bought a new stake in shares of Exelixis in the 2nd quarter valued at about $35,464,000. Finally, Legal & General Group Plc bought a new stake in Exelixis in the second quarter valued at approximately $19,560,000. 85.27% of the stock is owned by institutional investors.

Insider Buying and Selling at Exelixis

In other news, Director Sue Gail Eckhardt sold 9,812 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.14, for a total transaction of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares of the company's stock, valued at $806,201.06. This trade represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack L. Wyszomierski sold 3,925 shares of Exelixis stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.55, for a total value of $198,408.75. Following the sale, the director owned 284,384 shares in the company, valued at $14,375,611.20. The trade was 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. Insiders sold 23,549 shares of company stock worth $1,216,894 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Exelixis Stock Performance

NASDAQ:EXEL opened at $56.10 on Thursday. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $57.57. The firm has a 50-day moving average price of $54.46 and a two-hundred day moving average price of $48.88. The firm has a market cap of $13.90 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 1.69 and a beta of 0.44.

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

Wall Street Analyst Weigh In

EXEL has been the topic of a number of research analyst reports. Barclays upped their price target on shares of Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Wall Street Zen lowered shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. BMO Capital Markets began coverage on Exelixis in a research note on Tuesday, August 18th. They issued a "market perform" rating and a $54.00 price objective for the company. Citizens Jmp upped their price target on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. Finally, TD Cowen increased their price target on Exelixis from $51.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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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