NFJ Investment Group LLC Makes New $18.39 Million Investment in Exelixis, Inc. $EXEL

Key Points

• NFJ Investment Group purchased 338,045 Exelixis shares during the second quarter, worth approximately $18.39 million and representing 0.13% of the company. Institutional investors collectively own 85.27% of Exelixis.
• Analyst sentiment remains mixed: Exelixis has an average “Hold” rating and a consensus price target of $50.07, despite several analysts raising targets to as high as $55.
• Exelixis reported quarterly adjusted earnings of $0.91 per share, beating estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million. The stock opened at $53.69, near its 52-week high of $57.57.

NFJ Investment Group LLC purchased a new stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 338,045 shares of the biotechnology company's stock, valued at approximately $18,393,000. NFJ Investment Group LLC owned 0.13% of Exelixis at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Arkadios Wealth Advisors bought a new position in Exelixis in the 1st quarter worth about $476,000. Stephens Investment Management Group LLC boosted its position in shares of Exelixis by 1.1% during the 4th quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock valued at $111,303,000 after acquiring an additional 28,265 shares during the last quarter. JLB & Associates Inc. bought a new stake in shares of Exelixis during the 2nd quarter valued at about $2,658,000. Annex Advisory Services LLC purchased a new position in shares of Exelixis during the second quarter worth about $1,410,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Exelixis by 79.5% during the fourth quarter. BNP Paribas Financial Markets now owns 1,117,936 shares of the biotechnology company's stock worth $48,999,000 after purchasing an additional 495,247 shares in the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Exelixis from $50.00 to $53.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Citizens Jmp raised their price objective on shares of Exelixis from $50.00 to $55.00 and gave the company a "market outperform" rating in a research report on Wednesday, June 24th. Stifel Nicolaus lifted their price objective on shares of Exelixis from $47.00 to $51.00 and gave the stock a "hold" rating in a report on Thursday, August 6th. TD Cowen upped 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. Finally, Weiss Ratings raised Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis presently has an average rating of "Hold" and a consensus target price of $50.07.

Insider Buying and Selling at Exelixis

In related news, Director Sue Gail Eckhardt sold 9,812 shares of Exelixis stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.14, for a total value of $491,973.68. Following the transaction, the director owned 16,079 shares in the company, valued at $806,201.06. This trade represents a 37.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Dana Aftab sold 43,451 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the completion of the sale, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 67,000 shares of company stock worth $3,404,652 in the last 90 days. 2.60% of the stock is owned by company insiders.

Exelixis Price Performance

NASDAQ:EXEL opened at $53.69 on Friday. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.62 and a beta of 0.44. The business has a 50 day moving average of $54.24 and a 200 day moving average of $48.53. Exelixis, Inc. has a 1-year low of $33.76 and a 1-year high of $57.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The business had revenue of $628.69 million for the quarter, compared to analysts' expectations of $636.40 million. Exelixis had a net margin of 35.33% and a return on equity of 42.17%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $0.75 earnings per share. As a group, sell-side analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current year.

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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