Pictet Asset Management Holding SA Boosts Stock Holdings in Exelixis, Inc. $EXEL

Key Points

• Pictet Asset Management increased its Exelixis stake by 29.3% in the first quarter, buying 142,579 additional shares to own 628,601 shares worth about $26.4 million.
• Analyst sentiment remains mixed: several firms raised price targets, but Truist downgraded the stock to hold; the overall consensus rating is also Hold with an average target of $46.87.
• Exelixis posted strong quarterly results, with EPS of $0.87 beating estimates and revenue of $610.8 million topping forecasts, while insiders sold shares and the stock traded near its 52-week high.

Pictet Asset Management Holding SA increased its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 29.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 628,601 shares of the biotechnology company's stock after purchasing an additional 142,579 shares during the quarter. Pictet Asset Management Holding SA owned 0.25% of Exelixis worth $26,409,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of 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 acquiring an additional 419,596 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Exelixis by 62.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company's stock valued at $8,224,000 after purchasing an additional 71,987 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its position in shares of Exelixis by 124.3% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 54,643 shares of the biotechnology company's stock worth $2,257,000 after buying an additional 30,279 shares during the last quarter. Private Client Services LLC purchased a new stake in shares of Exelixis during the 4th quarter worth approximately $1,992,000. Finally, Stephens Investment Management Group LLC boosted its holdings in shares of Exelixis by 1.1% in 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 buying an additional 28,265 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Analyst Ratings Changes

EXEL has been the topic of several research analyst reports. TD Cowen lifted their price target on shares of Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Truist Financial downgraded shares of Exelixis from a "buy" rating to a "hold" rating and increased their target price for the stock from $51.00 to $54.00 in a research note on Thursday, June 25th. Wall Street Zen raised Exelixis from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Barclays boosted their target price on Exelixis from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Monday, April 20th. Finally, Stifel Nicolaus lifted their price objective on shares of Exelixis from $44.00 to $47.00 and gave the company a "hold" rating in a research report on Wednesday, May 6th. Eight investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Exelixis currently has a consensus rating of "Hold" and an average price target of $46.87.

Insider Activity at Exelixis

In other Exelixis news, EVP Dana Aftab sold 43,451 shares of the company's stock in a transaction 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 sale, the executive vice president owned 594,741 shares of the company's stock, valued at approximately $29,945,209.35. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Wyszomierski sold 3,925 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.55, for a total value of $198,408.75. Following the completion of the transaction, the director owned 284,384 shares of the company's stock, valued at approximately $14,375,611.20. This represents a 1.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 219,170 shares of company stock valued at $10,620,641 in the last 90 days. 2.60% of the stock is owned by corporate insiders.

Exelixis Trading Down 0.8%

EXEL stock opened at $53.96 on Thursday. The company's 50-day moving average price is $50.18 and its 200 day moving average price is $45.80. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $55.91. The company has a market cap of $13.56 billion, a P/E ratio of 17.93, a P/E/G ratio of 1.57 and a beta of 0.42.

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

Exelixis 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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