Insider Selling: Exelixis (NASDAQ:EXEL) Director Sells 60,000 Shares of Stock

Key Points

• Exelixis director George Poste sold 60,000 shares on May 7 at an average price of $45.71, totaling about $2.74 million. After the sale, he still held 118,832 shares, a 33.55% reduction in his position.
• The company reported stronger-than-expected quarterly results, posting EPS of $0.87 versus the $0.75 estimate and revenue of $610.81 million, up 10% year over year.
• Wall Street sentiment remains mixed but generally constructive, with an average analyst rating of “Hold” and a consensus target price of $47.83, while some firms recently raised their ratings or price targets.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report) Director George Poste sold 60,000 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $45.71, for a total transaction of $2,742,600.00. Following the completion of the sale, the director owned 118,832 shares in the company, valued at $5,431,810.72. This represents a 33.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Exelixis Stock Performance

Shares of NASDAQ EXEL traded up $1.95 during mid-day trading on Friday, hitting $48.16. 2,179,003 shares of the stock were exchanged, compared to its average volume of 2,756,304. Exelixis, Inc. has a twelve month low of $33.76 and a twelve month high of $49.62. The stock's fifty day simple moving average is $43.44 and its two-hundred day simple moving average is $42.97. The company has a market cap of $12.11 billion, a P/E ratio of 16.00, a PEG ratio of 1.09 and a beta of 0.38.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The firm had revenue of $610.81 million during the quarter, compared to the consensus estimate of $607.51 million. During the same quarter in the previous year, the company posted $0.55 EPS. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities research analysts predict that Exelixis, Inc. will post 3.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Exelixis

Several hedge funds have recently bought and sold shares of the company. Richardson Financial Services Inc. increased its position in shares of Exelixis by 95.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company's stock valued at $25,000 after buying an additional 292 shares in the last quarter. Anchor Investment Management LLC grew its stake in Exelixis by 500.0% in the third quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company's stock valued at $25,000 after acquiring an additional 500 shares during the period. Motiv8 Investments LLC bought a new stake in shares of Exelixis in the fourth quarter worth about $26,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Exelixis in the first quarter worth about $27,000. Finally, Root Financial Partners LLC acquired a new stake in shares of Exelixis during the third quarter worth about $28,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EXEL has been the subject of several research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Exelixis in a research note on Thursday, January 22nd. Truist Financial upgraded Exelixis to a "strong-buy" rating in a report on Monday, April 27th. HC Wainwright lifted their price objective on Exelixis from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley raised their target price on shares of Exelixis from $49.00 to $50.00 and gave the company an "equal weight" rating in a research note on Wednesday. Finally, Wall Street Zen cut shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.83.

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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