State of New Jersey Common Pension Fund D Sells 10,944 Shares of Exelixis, Inc. $EXEL

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Exelixis, Inc. by 11.0%, owning 88,523 shares after selling 10,944 shares in the first quarter.
• Exelixis reported earnings of $0.75 per share for the last quarter, exceeding analysts’ expectations, but experienced a 10.8% decline in revenue year-over-year.
• Thirteen analysts have given Exelixis a Buy rating, while the stock has a consensus target price of $44.06, indicating moderate confidence in future growth.

State of New Jersey Common Pension Fund D decreased its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,523 shares of the biotechnology company's stock after selling 10,944 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Exelixis were worth $3,268,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Exelixis by 32.2% in the 1st quarter. GAMMA Investing LLC now owns 5,457 shares of the biotechnology company's stock worth $201,000 after acquiring an additional 1,328 shares during the period. Park Avenue Securities LLC raised its holdings in shares of Exelixis by 10.6% in the 1st quarter. Park Avenue Securities LLC now owns 7,358 shares of the biotechnology company's stock worth $272,000 after buying an additional 707 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Exelixis by 23.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 248,073 shares of the biotechnology company's stock worth $9,159,000 after buying an additional 47,845 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Exelixis in the 1st quarter worth approximately $233,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Exelixis in the 1st quarter worth approximately $457,000. Institutional investors own 85.27% of the company's stock.

Insider Activity

In other news, Director Sue Gail Eckhardt sold 18,838 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $42.74, for a total transaction of $805,136.12. Following the completion of the transaction, the director directly owned 21,380 shares of the company's stock, valued at $913,781.20. This represents a 46.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jack L. Wyszomierski sold 7,535 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $43.09, for a total value of $324,683.15. Following the transaction, the director directly owned 358,882 shares of the company's stock, valued at $15,464,225.38. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.85% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EXEL. William Blair reissued an "outperform" rating on shares of Exelixis in a report on Tuesday, July 29th. JMP Securities reaffirmed a "market outperform" rating and set a $50.00 price target on shares of Exelixis in a report on Tuesday, July 29th. Guggenheim reaffirmed a "buy" rating and set a $45.00 price target on shares of Exelixis in a report on Tuesday, July 29th. Barclays raised their price target on Exelixis from $29.00 to $40.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Finally, Morgan Stanley lowered their target price on Exelixis from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Exelixis presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.06.

Exelixis Stock Performance

EXEL stock traded down $0.60 during midday trading on Monday, hitting $38.03. 692,961 shares of the company's stock were exchanged, compared to its average volume of 3,029,347. The stock's fifty day moving average price is $41.56 and its 200-day moving average price is $39.36. The company has a market cap of $10.24 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 0.80 and a beta of 0.29. Exelixis, Inc. has a one year low of $25.12 and a one year high of $49.62.

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

Exelixis Company 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.