Pallas Capital Advisors LLC Invests $1.67 Million in Exelixis, Inc. $EXEL

Pallas Capital Advisors LLC purchased a new stake in Exelixis, Inc. (NASDAQ:EXEL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 30,721 shares of the biotechnology company’s stock, valued at approximately $1,672,000.

Other hedge funds also recently modified their holdings of the company. Motiv8 Investments LLC acquired a new position in Exelixis in the 4th quarter worth about $26,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Exelixis during the first quarter valued at about $27,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Exelixis during the fourth quarter valued at about $29,000. Western Wealth Management LLC bought a new stake in shares of Exelixis during the first quarter worth about $29,000. Finally, Activest Wealth Management bought a new stake in shares of Exelixis during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Price Performance

Shares of EXEL opened at $52.32 on Tuesday. The business has a 50-day moving average of $54.20 and a 200-day moving average of $48.28. The company has a market capitalization of $12.96 billion, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 1.53 and a beta of 0.44. Exelixis, Inc. has a 1 year low of $33.76 and a 1 year high of $57.57.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $628.69 million for the quarter, compared to analysts’ expectations of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. As a group, sell-side analysts anticipate that Exelixis, Inc. will post 3.18 EPS for the current year.

Insider Transactions at Exelixis

In other news, EVP Dana Aftab sold 43,451 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $50.35, for a total transaction of $2,187,757.85. Following the completion of the sale, the executive vice president directly owned 594,741 shares in the company, valued at $29,945,209.35. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sue Gail Eckhardt sold 9,812 shares of Exelixis stock in a transaction on Monday, June 1st. The stock was sold at an average price of $50.14, for a total transaction of $491,973.68. Following the transaction, the director directly owned 16,079 shares of the company’s stock, valued at $806,201.06. This represents a 37.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 99,110 shares of company stock worth $5,004,051. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on EXEL. Barclays raised their price objective on shares of Exelixis from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. UBS Group set a $55.00 price target on shares of Exelixis in a research report on Monday, August 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Exelixis in a research note on Wednesday, July 22nd. Royal Bank Of Canada lifted their price target on shares of Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Finally, Citizens Jmp boosted their price objective on shares of Exelixis from $50.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $49.79.

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.