Systematic Financial Management LP Sells 31,115 Shares of Exelixis, Inc. $EXEL

Key Points

• Systematic Financial Management LP reduced its stake in Exelixis, Inc. by 2.7%, selling 31,115 shares, and now holds approximately $41.84 million worth of the stock, which makes up about 1.2% of its portfolio.
• Multiple brokerages have revised their target prices for Exelixis: Stifel Nicolaus raised it to $41.00, Barclays to $40.00, and Citigroup to $56.00, reflecting a generally positive outlook among analysts.
• Exelixis reported earnings of $0.75 per share for Q2, surpassing expectations, though revenue fell 10.8% year-over-year, with analysts forecasting an EPS of 2.04 for the current year.

Systematic Financial Management LP cut its position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,133,202 shares of the biotechnology company's stock after selling 31,115 shares during the quarter. Exelixis accounts for 1.2% of Systematic Financial Management LP's portfolio, making the stock its 16th largest position. Systematic Financial Management LP owned about 0.41% of Exelixis worth $41,838,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 1,328 shares during the period. Park Avenue Securities LLC lifted its position in 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. lifted its position in 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 purchased a new stake in Exelixis in the 1st quarter worth approximately $233,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in Exelixis in the 1st quarter worth approximately $457,000. 85.27% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Sue Gail Eckhardt sold 18,838 shares of Exelixis stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $42.74, for a total transaction of $805,136.12. Following the sale, the director directly owned 21,380 shares in the company, valued at approximately $913,781.20. The trade was a 46.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack L. Wyszomierski sold 7,535 shares of Exelixis stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $43.09, for a total transaction of $324,683.15. Following the sale, the director owned 358,882 shares in the company, valued at approximately $15,464,225.38. This trade 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 currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America increased their target price on shares of Exelixis from $45.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, June 5th. Morgan Stanley cut their target price on shares of Exelixis from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Tuesday, July 29th. Citigroup increased their target price on shares of Exelixis from $45.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Royal Bank Of Canada cut their target price on shares of Exelixis from $50.00 to $45.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Finally, Guggenheim restated a "buy" rating and set a $45.00 price target on shares of Exelixis in a report on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $44.06.

Exelixis Stock Up 0.4%

NASDAQ EXEL traded up $0.17 during midday trading on Wednesday, hitting $38.51. The company had a trading volume of 2,505,065 shares, compared to its average volume of 3,028,589. The stock has a market cap of $10.37 billion, a price-to-earnings ratio of 18.51, a P/E/G ratio of 0.78 and a beta of 0.29. The firm has a fifty day simple moving average of $41.42 and a two-hundred day simple moving average of $39.39. Exelixis, Inc. has a fifty-two week low of $25.12 and a fifty-two week high of $49.62.

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