Forum Financial Management LP Buys New Position in Exelixis, Inc. (NASDAQ:EXEL)

Forum Financial Management LP bought a new stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,244 shares of the biotechnology company's stock, valued at approximately $241,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Tri Ri Asset Management Corp acquired a new stake in shares of Exelixis during the 3rd quarter worth about $4,396,000. Blue Trust Inc. lifted its position in shares of Exelixis by 134.7% during the 4th quarter. Blue Trust Inc. now owns 14,302 shares of the biotechnology company's stock worth $476,000 after buying an additional 8,208 shares during the last quarter. Range Financial Group LLC acquired a new position in shares of Exelixis in the 4th quarter valued at $994,000. Raymond James Financial Inc. purchased a new position in shares of Exelixis in the 4th quarter valued at $17,046,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Exelixis by 82.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company's stock worth $52,884,000 after acquiring an additional 704,786 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis Trading Up 2.4 %

Shares of EXEL traded up $0.91 during trading hours on Monday, reaching $38.34. The company had a trading volume of 685,506 shares, compared to its average volume of 2,176,348. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 1.13 and a beta of 0.57. Exelixis, Inc. has a 12-month low of $20.14 and a 12-month high of $40.02. The firm has a 50 day simple moving average of $36.68 and a 200-day simple moving average of $34.73.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.03). Exelixis had a net margin of 24.04% and a return on equity of 23.52%. Sell-side analysts forecast that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on EXEL. StockNews.com upgraded shares of Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, February 19th. Piper Sandler raised their price target on Exelixis from $37.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Citigroup lifted their price target on Exelixis from $38.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Stifel Nicolaus increased their price objective on Exelixis from $30.00 to $36.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada lifted their target price on shares of Exelixis from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Thursday, March 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.59.

Insiders Place Their Bets

In other Exelixis news, Director Jack L. Wyszomierski sold 8,768 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $37.80, for a total value of $331,430.40. Following the sale, the director now owns 356,605 shares of the company's stock, valued at $13,479,669. This represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Patrick J. Haley sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $38.80, for a total transaction of $388,000.00. Following the transaction, the executive vice president now directly owns 341,028 shares of the company's stock, valued at approximately $13,231,886.40. This trade represents a 2.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,343 shares of company stock worth $5,177,234. 2.85% of the stock is owned by corporate insiders.

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.