Mirae Asset Global Investments Co. Ltd. Buys 23,999 Shares of Exelixis, Inc. $EXEL

Key Points

• Mirae Asset Global Investments initiated a position in Exelixis, buying 23,999 shares worth approximately $1.4 million in the third quarter. Institutional investors and hedge funds collectively own 85.27% of the company.
• Exelixis beat quarterly earnings and revenue expectations, reporting EPS of $0.94 versus $0.89 expected and revenue of $658.7 million, up 10.2% year over year.
• Analyst sentiment is mixed: the stock carries a consensus “Hold” rating and an average price target of $58.85, while shares were recently quoted at $69.57.

Mirae Asset Global Investments Co. Ltd. bought a new position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 23,999 shares of the biotechnology company's stock, valued at approximately $1,402,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Exelixis in the first quarter worth about $27,000. Western Wealth Management LLC purchased a new stake in Exelixis in the first quarter valued at approximately $29,000. Mather Group LLC. boosted its position in Exelixis by 124.6% in the third quarter. Mather Group LLC. now owns 757 shares of the biotechnology company's stock valued at $44,000 after buying an additional 420 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Exelixis in the second quarter valued at approximately $46,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Exelixis in the 2nd quarter worth approximately $57,000. Institutional investors and hedge funds own 85.27% of the company's stock.

Insider Buying and Selling

In other Exelixis news, Director Mary Beckerle sold 9,812 shares of Exelixis stock in a transaction on Monday, August 10th. The shares were sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the transaction, the director owned 16,079 shares of the company's stock, valued at approximately $862,799.14. The trade was a 37.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.60% of the company's stock.

Exelixis Trading Up 1.3%

Exelixis stock opened at $69.57 on Friday. The firm has a market cap of $16.98 billion, a PE ratio of 20.83, a P/E/G ratio of 1.79 and a beta of 0.45. Exelixis, Inc. has a 12 month low of $39.71 and a 12 month high of $73.69. The stock's 50 day simple moving average is $60.92 and its two-hundred day simple moving average is $51.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Thursday, October 29th. The biotechnology company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.05. Exelixis had a net margin of 35.45% and a return on equity of 45.54%. The firm had revenue of $658.70 million during the quarter, compared to analyst estimates of $646.51 million. During the same period in the previous year, the firm earned $0.78 EPS. The business's quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts forecast that Exelixis, Inc. will post 3.42 EPS for the current year.

Wall Street Analyst Weigh In

EXEL has been the subject of a number of recent research reports. Citizens Jmp raised their price target on shares of Exelixis from $55.00 to $65.00 and gave the stock a "market outperform" rating in a research report on Monday, October 19th. UBS Group set a $55.00 price objective on shares of Exelixis in a report on Monday, August 3rd. Stifel Nicolaus increased their price objective on shares of Exelixis from $47.00 to $51.00 and gave the stock a "hold" rating in a research note on Thursday, August 6th. Leerink Partners raised their target price on shares of Exelixis from $55.00 to $58.00 and gave the stock a "market perform" rating in a report on Thursday. Finally, Weiss Ratings raised shares of Exelixis from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Exelixis presently has a consensus rating of "Hold" and an average price target of $58.85.

Exelixis Company Profile

Exelixis, Inc is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies.

Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.

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