VIRGINIA RETIREMENT SYSTEMS ET Al Takes $5.07 Million Position in Exelixis, Inc. $EXEL

Key Points

• Virginia Retirement Systems acquired 93,199 Exelixis shares in the second quarter, establishing a position worth approximately $5.07 million. Institutional investors collectively own 85.27% of the company.
• Exelixis reported quarterly earnings of $0.91 per share, exceeding estimates of $0.85, while revenue rose 10.6% year over year to $628.69 million, slightly below analyst expectations.
• EXEL shares opened at $57.67, near their 52-week high of $59.72. Analysts maintain a consensus “Hold” rating with an average price target of $50.07, below the current share price.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 93,199 shares of the biotechnology company's stock, valued at approximately $5,071,000.

Several other large investors also recently added to or reduced their stakes in the company. Motiv8 Investments LLC purchased a new stake in Exelixis during the fourth quarter valued at about $26,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Exelixis in the first quarter valued at approximately $27,000. Western Wealth Management LLC purchased a new stake in shares of Exelixis during the 1st quarter valued at approximately $29,000. Acumen Wealth Advisors LLC purchased a new position in Exelixis in the 4th quarter valued at approximately $29,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Exelixis by 1,380.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company's stock valued at $34,000 after buying an additional 773 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis Stock Performance

NASDAQ:EXEL opened at $57.67 on Wednesday. Exelixis, Inc. has a 52-week low of $33.76 and a 52-week high of $59.72. The stock has a fifty day moving average of $55.23 and a 200 day moving average of $49.74. The firm has a market capitalization of $14.29 billion, a price-to-earnings ratio of 18.14, a P/E/G ratio of 1.76 and a beta of 0.42.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. The business had revenue of $628.69 million for the quarter, compared to analyst estimates of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. Equities analysts forecast that Exelixis, Inc. will post 3.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EXEL. Truist Financial dropped their target price on Exelixis from $56.00 to $52.00 and set a "hold" rating on the stock in a research report on Thursday, August 6th. Citigroup reiterated a "market outperform" rating on shares of Exelixis in a research note on Wednesday, July 22nd. Citizens Jmp increased their price objective on Exelixis from $50.00 to $55.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 24th. Morgan Stanley raised their target price on Exelixis from $50.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada lifted their target price on Exelixis from $43.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $50.07.

Insiders Place Their Bets

In related news, Director Mary Beckerle sold 9,812 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $53.66, for a total value of $526,511.92. Following the sale, the director directly owned 16,079 shares of the company's stock, valued at $862,799.14. This trade represents a 37.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.60% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.