Milestone Asset Management LLC Lowers Holdings in Exelixis, Inc. (NASDAQ:EXEL)

Milestone Asset Management LLC lessened its position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 74.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,476 shares of the biotechnology company's stock after selling 24,301 shares during the period. Milestone Asset Management LLC's holdings in Exelixis were worth $313,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in 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 purchasing an additional 3,001,204 shares during the last quarter. Norges Bank acquired a new stake in Exelixis in the 4th quarter valued at about $94,867,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in Exelixis by 330.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company's stock valued at $82,730,000 after acquiring an additional 1,907,167 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Exelixis by 104.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company's stock valued at $105,208,000 after acquiring an additional 1,613,482 shares during the period. Finally, Voloridge Investment Management LLC bought a new position in Exelixis in the 4th quarter valued at about $30,321,000. Institutional investors own 85.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wall Street Zen cut shares of Exelixis from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 15th. Citigroup raised their target price on shares of Exelixis from $45.00 to $56.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Piper Sandler raised their target price on shares of Exelixis from $37.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Stephens reissued an "equal weight" rating and issued a $29.00 price objective on shares of Exelixis in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $40.00 price objective on shares of Exelixis in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Exelixis has an average rating of "Moderate Buy" and a consensus target price of $38.94.

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded down $0.45 during mid-day trading on Wednesday, reaching $42.22. 1,787,390 shares of the company's stock were exchanged, compared to its average volume of 2,324,747. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 23.85, a PEG ratio of 1.13 and a beta of 0.28. The business's fifty day moving average price is $38.68 and its 200-day moving average price is $36.49. Exelixis, Inc. has a twelve month low of $21.36 and a twelve month high of $48.85.

Insider Activity

In other Exelixis news, EVP Dana Aftab sold 1,508 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $39.00, for a total value of $58,812.00. Following the transaction, the executive vice president now directly owns 693,181 shares in the company, valued at $27,034,059. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher J. Senner sold 100,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $46.00, for a total transaction of $4,600,000.00. Following the sale, the chief financial officer now owns 967,842 shares in the company, valued at $44,520,732. The trade was a 9.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 431,740 shares of company stock worth $19,894,998. Company insiders own 2.85% of the company's stock.

Exelixis Company Profile

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.