Exelixis, Inc. $EXEL Shares Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC increased its position in shares of Exelixis, Inc. (NASDAQ:EXEL) by 44.2% during the first quarter, Holdings Channel.com reports. The fund owned 69,616 shares of the biotechnology company’s stock after acquiring an additional 21,324 shares during the quarter. Convergence Investment Partners LLC’s holdings in Exelixis were worth $2,986,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in shares of Exelixis by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,299,597 shares of the biotechnology company’s stock valued at $184,391,000 after purchasing an additional 39,920 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Exelixis by 5.7% in the 1st quarter. Parallel Advisors LLC now owns 9,115 shares of the biotechnology company’s stock worth $391,000 after purchasing an additional 495 shares in the last quarter. KBC Group NV lifted its stake in Exelixis by 2.8% during the first quarter. KBC Group NV now owns 45,472 shares of the biotechnology company’s stock valued at $1,950,000 after purchasing an additional 1,236 shares during the last quarter. Precision Wealth Strategies LLC acquired a new stake in Exelixis during the first quarter valued at approximately $578,000. Finally, California Public Employees Retirement System boosted its holdings in Exelixis by 7.1% during the first quarter. California Public Employees Retirement System now owns 555,750 shares of the biotechnology company’s stock worth $23,836,000 after buying an additional 36,751 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on EXEL shares. Stifel Nicolaus lifted their price target on shares of Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. HC Wainwright reiterated a “buy” rating and set a $56.00 price objective on shares of Exelixis in a research report on Thursday, July 2nd. Morgan Stanley reissued a “positive” rating on shares of Exelixis in a research note on Monday, June 22nd. Citizens Jmp lifted their target price on Exelixis from $50.00 to $55.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 24th. Finally, Royal Bank Of Canada lifted their target price on Exelixis from $43.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.80.

Exelixis Stock Performance

Exelixis stock opened at $55.53 on Tuesday. The company has a 50 day moving average price of $52.76 and a 200 day moving average price of $46.88. Exelixis, Inc. has a 52 week low of $33.76 and a 52 week high of $57.57. The firm has a market capitalization of $13.96 billion, a price-to-earnings ratio of 18.45, a P/E/G ratio of 1.61 and a beta of 0.42.

Exelixis (NASDAQ:EXEL) last released its earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $607.51 million. During the same quarter in the prior year, the company earned $0.55 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities analysts forecast that Exelixis, Inc. will post 3.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Maria C. Freire sold 20,634 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $46.00, for a total value of $949,164.00. Following the completion of the sale, the director directly owned 100,819 shares of the company’s stock, valued at $4,637,674. This represents a 16.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Patrick J. Haley sold 32,110 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $49.81, for a total transaction of $1,599,399.10. Following the transaction, the executive vice president directly owned 357,638 shares in the company, valued at $17,813,948.78. The trade was a 8.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 219,170 shares of company stock worth $10,620,641 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

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.