QRG Capital Management Inc. Trims Stake in Exelixis, Inc. $EXEL

Key Points

• QRG Capital Management Inc. reduced its stake in Exelixis, Inc. by 14.3%, now holding 53,647 shares worth approximately $2.36 million following the sale of 8,917 shares in Q2.
• Several hedge funds have also adjusted their positions in Exelixis, with 85.27% of its stock currently owned by institutional investors, highlighting a trend of increasing investments in the biotech firm.
• Analysts have mixed opinions on Exelixis, with recommendations ranging from "buy" to "hold," and price targets varying significantly, the average consensus target at $44.42.

QRG Capital Management Inc. cut its stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 14.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,647 shares of the biotechnology company's stock after selling 8,917 shares during the period. QRG Capital Management Inc.'s holdings in Exelixis were worth $2,364,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Belpointe Asset Management LLC bought a new position in shares of Exelixis in the first quarter worth about $572,000. GAMMA Investing LLC grew its holdings in shares of Exelixis by 32.2% in the first quarter. GAMMA Investing LLC now owns 5,457 shares of the biotechnology company's stock worth $201,000 after purchasing an additional 1,328 shares during the last quarter. Park Avenue Securities LLC grew its holdings in shares of Exelixis by 10.6% in the first quarter. Park Avenue Securities LLC now owns 7,358 shares of the biotechnology company's stock worth $272,000 after purchasing an additional 707 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Exelixis by 23.9% in the first quarter. Envestnet Asset Management Inc. now owns 248,073 shares of the biotechnology company's stock worth $9,159,000 after purchasing an additional 47,845 shares during the last quarter. Finally, Fortis Capital Advisors LLC bought a new position in shares of Exelixis in the first quarter worth about $572,000. 85.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Stephens upgraded shares of Exelixis from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $29.00 to $60.00 in a report on Tuesday, June 24th. HC Wainwright lowered their price target on shares of Exelixis from $53.00 to $46.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Exelixis from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Stifel Nicolaus upped their price target on shares of Exelixis from $38.00 to $41.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Finally, Barclays began coverage on shares of Exelixis in a research report on Wednesday, September 17th. They issued an "equal weight" rating and a $40.00 price target for the company. Fifteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.42.

Exelixis Stock Down 0.9%

EXEL stock opened at $39.63 on Wednesday. The firm has a 50 day moving average of $38.53 and a 200 day moving average of $39.91. The stock has a market capitalization of $10.67 billion, a PE ratio of 19.05, a price-to-earnings-growth ratio of 0.83 and a beta of 0.38. Exelixis, Inc. has a 52 week low of $25.17 and a 52 week high of $49.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its earnings results on Monday, July 28th. The biotechnology company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.12. Exelixis had a net margin of 27.01% and a return on equity of 27.47%. The company had revenue of $568.26 million during the quarter, compared to analysts' expectations of $574.36 million. During the same period last year, the business earned $0.84 EPS. Exelixis's revenue for the quarter was down 10.8% on a year-over-year basis. Exelixis has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Exelixis Profile

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of progressive and metastatic medullary thyroid cancer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.