M&T Bank Corp Acquires 31,028 Shares of Exelixis, Inc. $EXEL

Key Points

• M&T Bank Corp boosted its stake in Exelixis by 427.6% in Q4, buying 31,028 shares and ending the period with 38,284 shares worth $1.678 million.
• Institutional investors own 85.27% of Exelixis, with large increases from major funds—Farallon now holds ~19.5 million shares (~$805.4M) and AQR holds ~9.18 million shares (~$379.2M).
• Exelixis beat quarterly EPS estimates ($0.94 vs. $0.74) but slightly missed revenue; the stock has a $11.41 billion market cap, a consensus analyst rating of "Hold" with an average target of $47, and insiders sold ~362,849 shares (~$15.9M) last quarter.

M&T Bank Corp lifted its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 427.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,284 shares of the biotechnology company's stock after purchasing an additional 31,028 shares during the period. M&T Bank Corp's holdings in Exelixis were worth $1,678,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Farallon Capital Management LLC boosted its position in shares of Exelixis by 21.6% during 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 purchasing an additional 3,466,000 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Exelixis by 20.7% during 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 purchasing an additional 1,575,280 shares in the last quarter. Invesco Ltd. raised its stake in Exelixis by 7.1% during the 3rd quarter. Invesco Ltd. now owns 5,960,525 shares of the biotechnology company's stock worth $246,170,000 after buying an additional 394,897 shares during the period. Dimensional Fund Advisors LP raised its stake in Exelixis by 11.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,180,912 shares of the biotechnology company's stock worth $172,658,000 after buying an additional 419,596 shares during the period. Finally, Assetmark Inc. raised its stake in Exelixis by 4.2% during the 4th quarter. Assetmark Inc. now owns 3,330,771 shares of the biotechnology company's stock worth $145,988,000 after buying an additional 134,800 shares during the period. Institutional investors own 85.27% of the company's stock.

Exelixis Stock Up 0.6%

Shares of Exelixis stock opened at $44.93 on Wednesday. The company has a market cap of $11.41 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.00 and a beta of 0.42. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $49.62. The business has a 50 day moving average price of $43.29 and a 200-day moving average price of $42.75.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings data on Tuesday, February 10th. The biotechnology company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.74 by $0.20. The firm had revenue of $598.66 million during the quarter, compared to the consensus estimate of $609.17 million. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The company's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 earnings per share. As a group, research analysts anticipate that Exelixis, Inc. will post 3.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EXEL shares. Royal Bank Of Canada dropped their price target on Exelixis from $46.00 to $43.00 and set a "sector perform" rating on the stock in a research note on Monday, March 2nd. Zacks Research downgraded Exelixis from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Truist Financial raised Exelixis to a "strong-buy" rating in a research note on Monday. Wall Street Zen downgraded Exelixis from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 18th. Finally, Morgan Stanley upped their price target on Exelixis from $48.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $47.00.

Insider Transactions at Exelixis

In other news, EVP Patrick J. Haley sold 67,814 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $43.52, for a total value of $2,951,265.28. Following the completion of the sale, the executive vice president directly owned 381,908 shares of the company's stock, valued at $16,620,636.16. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dana Aftab sold 47,918 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $44.50, for a total value of $2,132,351.00. Following the completion of the sale, the executive vice president directly owned 616,106 shares of the company's stock, valued at approximately $27,416,717. This trade represents a 7.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 362,849 shares of company stock valued at $15,917,463. Corporate insiders own 2.85% of the company's stock.

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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