The Manufacturers Life Insurance Company Sells 10,407 Shares of Exelixis, Inc. $EXEL

The Manufacturers Life Insurance Company lessened its holdings in Exelixis, Inc. (NASDAQ:EXEL) by 5.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 184,117 shares of the biotechnology company’s stock after selling 10,407 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Exelixis were worth $7,897,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Motiv8 Investments LLC bought a new position in Exelixis in the 4th quarter worth about $26,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Exelixis in the 1st quarter valued at about $27,000. Acumen Wealth Advisors LLC bought a new stake in shares of Exelixis during the 4th quarter valued at about $29,000. Activest Wealth Management bought a new stake in shares of Exelixis during the 4th quarter valued at about $32,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Exelixis by 1,380.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 773 shares in the last quarter. Institutional investors own 85.27% of the company’s stock.

Insider Transactions at Exelixis

In related news, Director Jack L. Wyszomierski sold 3,925 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $50.55, for a total transaction of $198,408.75. Following the transaction, the director 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick J. Haley sold 32,110 shares of Exelixis stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $49.81, for a total transaction of $1,599,399.10. Following the completion of the transaction, the executive vice president owned 357,638 shares in the company, valued at approximately $17,813,948.78. The trade was a 8.24% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 219,170 shares of company stock worth $10,620,641. Corporate insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

EXEL has been the topic of several research analyst reports. Royal Bank Of Canada upped their price objective on shares of Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. Morgan Stanley lifted their target price on shares of Exelixis from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Wall Street Zen raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Barclays increased their price target on shares of Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Exelixis from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, July 24th. Eight investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.50.

Exelixis Trading Up 1.7%

Shares of NASDAQ EXEL opened at $56.00 on Wednesday. The stock has a market cap of $14.08 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 1.59 and a beta of 0.44. Exelixis, Inc. has a 1-year low of $33.76 and a 1-year high of $57.57. The stock’s 50-day moving average is $53.95 and its 200 day moving average is $47.76.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company 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. Exelixis’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts forecast that Exelixis, Inc. will post 3.15 EPS for the current fiscal year.

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.