Victory Capital Management Inc. Acquires 187,034 Shares of Exelixis, Inc. $EXEL

Key Points

• Victory Capital Management increased its stake in Exelixis by 55%, buying an additional 187,034 shares to hold 527,135 shares (about 0.20% of the company) valued at roughly $21.77 million.
• Exelixis beat quarterly EPS estimates with $0.94 versus $0.74 expected while revenue of $598.66M slightly missed forecasts but rose 5.6% year-over-year; analysts' consensus rating is Hold with a $46.94 price target.
• Insiders sold a total of 362,849 shares (about $15.9M) in the last quarter, reducing insider ownership to 2.85%, while institutional investors own roughly 85.27% of the stock.

Victory Capital Management Inc. boosted its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 55.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 527,135 shares of the biotechnology company's stock after buying an additional 187,034 shares during the period. Victory Capital Management Inc. owned approximately 0.20% of Exelixis worth $21,771,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of EXEL. Richardson Financial Services Inc. increased its position in shares of Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 292 shares in the last quarter. Root Financial Partners LLC bought a new stake in Exelixis in the 3rd quarter valued at $28,000. Luminist Capital LLC boosted its stake in Exelixis by 2,740.0% in the 2nd quarter. Luminist Capital LLC now owns 710 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 685 shares during the period. Abich Financial Wealth Management LLC acquired a new position in Exelixis in the 3rd quarter worth $47,000. Finally, Elevation Point Wealth Partners LLC bought a new position in Exelixis during the 2nd quarter worth about $60,000. Institutional investors own 85.27% of the company's stock.

Exelixis Stock Performance

NASDAQ:EXEL opened at $42.37 on Tuesday. Exelixis, Inc. has a 52-week low of $32.38 and a 52-week high of $49.62. The company has a market cap of $11.00 billion, a P/E ratio of 15.30, a P/E/G ratio of 0.93 and a beta of 0.41. The stock's 50-day simple moving average is $43.51 and its 200 day simple moving average is $41.62.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Tuesday, February 10th. The biotechnology company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.74 by $0.20. The firm had revenue of $598.66 million during the quarter, compared to analysts' expectations of $609.17 million. Exelixis had a return on equity of 36.29% and a net margin of 33.73%.The business's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share. As a group, equities analysts predict that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on EXEL shares. Wolfe Research began coverage on Exelixis in a research note on Tuesday, November 18th. They issued a "peer perform" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Exelixis in a report on Thursday, January 22nd. Wall Street Zen lowered Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Monday, March 2nd. UBS Group set a $41.00 target price on Exelixis in a research note on Monday, January 5th. Finally, Morgan Stanley upped their price target on Exelixis from $48.00 to $49.00 and gave the stock an "equal weight" rating in a research report on Monday, February 2nd. Ten research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $46.94.

Insider Buying and Selling

In related news, CFO Christopher J. Senner sold 30,617 shares of the firm's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $43.67, for a total value of $1,337,044.39. Following the completion of the transaction, the chief financial officer directly owned 976,092 shares of the company's stock, valued at approximately $42,625,937.64. This trade represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack L. Wyszomierski sold 99,574 shares of the company's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total transaction of $4,382,251.74. Following the sale, the director directly owned 279,942 shares in the company, valued at $12,320,247.42. This trade represents a 26.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 362,849 shares of company stock worth $15,917,463 in the last quarter. 2.85% of the stock is owned by company insiders.

About Exelixis

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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