Marietta Investment Partners LLC Has $815,000 Stock Holdings in Exelixis, Inc. $EXEL

Key Points

• Marietta Investment Partners sharply reduced its Exelixis stake by 75.8% in the fourth quarter, ending with 18,584 shares worth about $815,000.
• Exelixis reported better-than-expected quarterly results, with EPS of $0.87 versus the $0.75 estimate and revenue of $610.81 million, up 10% year over year.
• Shares rose 6.3% to $51.60, while analysts remain mixed overall: the consensus rating is Hold, even though TD Cowen raised its price target to $55.

Marietta Investment Partners LLC lessened its holdings in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 75.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,584 shares of the biotechnology company's stock after selling 58,211 shares during the quarter. Marietta Investment Partners LLC's holdings in Exelixis were worth $815,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of EXEL. Farallon Capital Management LLC lifted its stake in shares of Exelixis by 21.6% in the 3rd quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company's stock valued at $805,412,000 after acquiring an additional 3,466,000 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Exelixis by 1,230.8% in the 3rd quarter. Assetmark Inc. now owns 3,195,971 shares of the biotechnology company's stock valued at $131,994,000 after acquiring an additional 2,955,813 shares during the last quarter. Norges Bank bought a new position in shares of Exelixis in the 4th quarter valued at $106,460,000. AQR Capital Management LLC lifted its stake in shares of Exelixis by 20.7% in 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 acquiring an additional 1,575,280 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Exelixis by 153.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company's stock valued at $101,720,000 after acquiring an additional 1,490,520 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.

Insider Transactions at Exelixis

In other news, EVP Patrick J. Haley sold 32,110 shares of Exelixis stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $49.81, for a total value of $1,599,399.10. Following the completion of the transaction, the executive vice president directly owned 357,638 shares of the company's stock, valued at approximately $17,813,948.78. This trade represents a 8.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Christopher J. Senner sold 34,901 shares of Exelixis stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $50.00, for a total value of $1,745,050.00. Following the completion of the transaction, the chief financial officer directly owned 952,317 shares of the company's stock, valued at approximately $47,615,850. This trade represents a 3.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 219,170 shares of company stock worth $10,620,641. Corporate insiders own 2.60% of the company's stock.

Exelixis Trading Up 6.3%

EXEL stock opened at $51.60 on Thursday. The stock has a 50-day moving average price of $46.54 and a 200-day moving average price of $44.39. Exelixis, Inc. has a 1-year low of $33.76 and a 1-year high of $52.96. The firm has a market cap of $12.97 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.41.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The firm had revenue of $610.81 million during the quarter, compared to analyst estimates of $607.51 million. During the same period last year, the company posted $0.55 EPS. The business's quarterly revenue was up 10.0% on a year-over-year basis. On average, analysts forecast that Exelixis, Inc. will post 3.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on EXEL shares. 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. Zacks Research cut Exelixis from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Truist Financial upgraded Exelixis to a "strong-buy" rating in a research note on Monday, April 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Exelixis in a research note on Tuesday, May 19th. Finally, Morgan Stanley increased their price target on Exelixis from $49.00 to $50.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $47.35.

Exelixis Company 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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