Investors Purchase High Volume of Put Options on Exelixis (NASDAQ:EXEL)

Key Points

• Put-option activity surged for Exelixis, with investors purchasing 10,010 put options—an 826% increase over the average volume of 1,081.
• Insiders sold 23,549 shares worth approximately $1.22 million over the past 90 days, while institutional investors and hedge funds own 85.27% of the company.
• Analysts maintain a consensus “Hold” rating with a $50.07 target price. Exelixis shares fell 1.8% to $55.10, despite quarterly EPS of $0.91 surpassing estimates and revenue increasing 10.6% year over year.

Exelixis, Inc. (NASDAQ:EXEL - Get Free Report) was the target of unusually large options trading activity on Thursday. Stock investors purchased 10,010 put options on the company. This represents an increase of 826% compared to the average volume of 1,081 put options.

Insider Buying and Selling

In related news, Director Mary C. Beckerle sold 9,812 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $53.66, for a total value of $526,511.92. Following the completion of the sale, the director owned 16,079 shares in the company, 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 Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack L. Wyszomierski sold 3,925 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $50.55, for a total value of $198,408.75. Following the transaction, the director directly owned 284,384 shares of the company's stock, valued at approximately $14,375,611.20. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,549 shares of company stock valued at $1,216,894 over the last ninety days. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arkadios Wealth Advisors bought a new stake in Exelixis during the first quarter worth approximately $476,000. L2 Asset Management LLC acquired a new position in shares of Exelixis in the 2nd quarter worth approximately $6,839,000. Stephens Investment Management Group LLC raised its holdings in shares of Exelixis by 1.1% in the 4th quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company's stock worth $111,303,000 after purchasing an additional 28,265 shares in the last quarter. JLB & Associates Inc. acquired a new stake in Exelixis during the second quarter valued at approximately $2,658,000. Finally, Commerce Bank bought a new stake in Exelixis during the second quarter worth approximately $4,295,000. Institutional investors and hedge funds own 85.27% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Weiss Ratings raised Exelixis from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. UBS Group set a $55.00 price objective on shares of Exelixis in a research note on Monday, August 3rd. Leerink Partners lowered shares of Exelixis from an "outperform" rating to a "market perform" rating and set a $52.00 target price on the stock. in a research report on Thursday, August 6th. Citigroup reiterated a "market outperform" rating on shares of Exelixis in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada increased their price target on Exelixis from $43.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $50.07.

Exelixis Stock Down 1.8%

Shares of EXEL stock traded down $1.00 on Thursday, reaching $55.10. 519,060 shares of the stock were exchanged, compared to its average volume of 2,672,124. The stock has a market cap of $13.65 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.44. The firm has a 50 day moving average of $54.46 and a two-hundred day moving average of $48.88. Exelixis has a 1-year low of $33.76 and a 1-year high of $57.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The company had revenue of $628.69 million during the quarter, compared to analyst estimates of $636.40 million. During the same period in the prior year, the firm posted $0.75 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Exelixis will post 3.18 EPS for the current fiscal year.

Exelixis Company 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.

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