Convergence Investment Partners LLC Takes $2.12 Million Position in Exelixis, Inc. $EXEL

Convergence Investment Partners LLC bought a new stake in Exelixis, Inc. (NASDAQ:EXEL) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 48,292 shares of the biotechnology company’s stock, valued at approximately $2,117,000.

Other large investors also recently made changes to their positions in the company. Richardson Financial Services Inc. increased its holdings 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 purchasing an additional 292 shares during the period. Anchor Investment Management LLC increased its holdings in shares of Exelixis by 500.0% in the 3rd quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 500 shares during the period. Root Financial Partners LLC acquired a new position in shares of Exelixis in the 3rd quarter valued at about $28,000. Activest Wealth Management acquired a new position in shares of Exelixis in the 4th quarter valued at about $32,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of 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 purchasing an additional 773 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on EXEL shares. Truist Financial upgraded Exelixis to a “strong-buy” rating in a report on Monday, April 27th. Morgan Stanley upped their target price on Exelixis from $49.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. TD Cowen boosted their price target on Exelixis from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Stifel Nicolaus boosted their price target on Exelixis from $44.00 to $47.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Finally, Barclays boosted their price target on Exelixis from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $47.35.

Exelixis Stock Down 1.9%

Shares of Exelixis stock opened at $50.13 on Friday. The stock has a market capitalization of $12.60 billion, a P/E ratio of 16.65, a PEG ratio of 1.08 and a beta of 0.38. The stock has a 50 day moving average price of $44.30 and a two-hundred day moving average price of $43.48. Exelixis, Inc. has a 12-month low of $33.76 and a 12-month high of $51.63.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.12. The firm had revenue of $610.81 million during the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The company’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 earnings per share. Sell-side analysts anticipate that Exelixis, Inc. will post 3.15 earnings per share for the current year.

Insider Activity

In other Exelixis news, EVP Dana Aftab sold 47,918 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $44.50, for a total transaction of $2,132,351.00. Following the completion of the sale, the executive vice president owned 616,106 shares of the company’s stock, valued at $27,416,717. This represents a 7.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack L. Wyszomierski sold 99,574 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $44.01, for a total value of $4,382,251.74. Following the sale, the director directly owned 279,942 shares of the company’s stock, valued at $12,320,247.42. The trade was a 26.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 382,811 shares of company stock valued at $17,014,813. Insiders own 2.60% of the company’s stock.

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.