New York State Teachers Retirement System Lowers Position in Exelixis, Inc. $EXEL

Key Points

• New York State Teachers Retirement System cut its Exelixis stake by 16.3% in the first quarter, selling 52,415 shares and leaving it with 269,792 shares worth about $11.6 million.
• Several institutional investors and insiders have been active in EXEL, with institutional ownership still high at 85.27% while insiders sold 219,170 shares in the last quarter.
• Exelixis reported better-than-expected Q1 results, posting EPS of $0.87 versus $0.75 expected and revenue of $610.8 million, while analysts currently have a consensus rating of Hold with an average price target of $47.60.

New York State Teachers Retirement System decreased its position in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 16.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 269,792 shares of the biotechnology company's stock after selling 52,415 shares during the period. New York State Teachers Retirement System owned about 0.11% of Exelixis worth $11,571,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in EXEL. AQR Capital Management LLC lifted its position in Exelixis by 48.8% in the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company's stock valued at $598,647,000 after purchasing an additional 4,477,029 shares during the period. Farallon Capital Management LLC increased its position in Exelixis by 21.6% during the 3rd quarter. Farallon Capital Management LLC now owns 19,501,500 shares of the biotechnology company's stock worth $805,412,000 after purchasing an additional 3,466,000 shares during the period. Norges Bank acquired a new position in Exelixis during the 4th quarter worth approximately $106,460,000. UBS Group AG raised its stake in shares of Exelixis by 100.1% during the 3rd quarter. UBS Group AG now owns 2,655,069 shares of the biotechnology company's stock worth $109,654,000 after buying an additional 1,328,087 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Exelixis by 1,821.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,188,105 shares of the biotechnology company's stock worth $52,075,000 after buying an additional 1,126,256 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Exelixis

In other news, Director Maria C. Freire sold 20,634 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $46.00, for a total transaction of $949,164.00. Following the completion of the transaction, the director directly owned 100,819 shares of the company's stock, valued at $4,637,674. This trade represents a 16.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Dana Aftab sold 43,451 shares of Exelixis stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total value of $2,187,757.85. Following the transaction, the executive vice president owned 594,741 shares of the company's stock, valued at $29,945,209.35. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 219,170 shares of company stock valued at $10,620,641 in the last quarter. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wells Fargo & Company raised their price target on Exelixis from $35.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. Truist Financial cut Exelixis from a "buy" rating to a "hold" rating and increased their price objective for the stock from $51.00 to $54.00 in a research report on Thursday, June 25th. UBS Group reissued a "buy" rating on shares of Exelixis in a report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Exelixis in a report on Tuesday, May 19th. Finally, TD Cowen boosted their target price on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $47.60.

Exelixis Stock Performance

EXEL opened at $55.85 on Monday. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.61 and a beta of 0.42. Exelixis, Inc. has a one year low of $33.76 and a one year high of $56.21. The business's fifty day moving average is $50.56 and its two-hundred day moving average is $46.00.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.12. The business had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business's revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.55 EPS. On average, analysts predict that Exelixis, Inc. will post 3.16 EPS for the current fiscal year.

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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