Convergence Investment Partners LLC Raises Holdings in Exelixis, Inc. $EXEL

Convergence Investment Partners LLC raised its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,111 shares of the biotechnology company’s stock after purchasing an additional 1,105 shares during the period. Convergence Investment Partners LLC’s holdings in Exelixis were worth $1,680,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Belpointe Asset Management LLC purchased a new stake in Exelixis during the 1st quarter valued at $572,000. GAMMA Investing LLC boosted its stake in Exelixis by 32.2% during the 1st quarter. GAMMA Investing LLC now owns 5,457 shares of the biotechnology company’s stock valued at $201,000 after purchasing an additional 1,328 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Exelixis by 23.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 248,073 shares of the biotechnology company’s stock valued at $9,159,000 after purchasing an additional 47,845 shares during the last quarter. Fortis Capital Advisors LLC purchased a new stake in Exelixis during the 1st quarter valued at $572,000. Finally, Intech Investment Management LLC boosted its stake in Exelixis by 46.4% during the 1st quarter. Intech Investment Management LLC now owns 392,022 shares of the biotechnology company’s stock valued at $14,473,000 after purchasing an additional 124,297 shares during the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Exelixis Stock Performance

NASDAQ EXEL opened at $38.72 on Monday. The company has a market capitalization of $10.42 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 0.78 and a beta of 0.38. The business’s fifty day moving average is $38.68 and its 200 day moving average is $40.12. Exelixis, Inc. has a fifty-two week low of $27.86 and a fifty-two week high of $49.62.

Exelixis (NASDAQ:EXEL) last released its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.12. The company had revenue of $568.26 million for the quarter, compared to the consensus estimate of $574.36 million. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.Exelixis’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. On average, sell-side analysts forecast that Exelixis, Inc. will post 2.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Citigroup restated a “market outperform” rating on shares of Exelixis in a research note on Tuesday, October 21st. Guggenheim restated a “buy” rating and issued a $45.00 price target on shares of Exelixis in a research note on Tuesday, July 29th. Barclays assumed coverage on Exelixis in a research note on Wednesday, September 17th. They issued an “equal weight” rating and a $40.00 price target on the stock. HC Wainwright dropped their price target on Exelixis from $53.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, August 12th. Finally, Wells Fargo & Company dropped their price target on Exelixis from $36.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Exelixis presently has an average rating of “Moderate Buy” and a consensus price target of $44.53.

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.