Exelixis, Inc. $EXEL Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its position in shares of Exelixis, Inc. (NASDAQ:EXEL) by 9.5% in the third quarter, Holdings Channel reports. The institutional investor owned 502,453 shares of the biotechnology company’s stock after selling 52,985 shares during the period. Pictet Asset Management Holding SA’s holdings in Exelixis were worth $29,460,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cassaday & Co Wealth Management LLC acquired a new stake in Exelixis in the 1st quarter valued at approximately $27,000. Western Wealth Management LLC bought a new stake in Exelixis in the 1st quarter valued at approximately $29,000. Mather Group LLC. lifted its stake in Exelixis by 124.6% in the 3rd quarter. Mather Group LLC. now owns 757 shares of the biotechnology company’s stock valued at $44,000 after acquiring an additional 420 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Exelixis during the 2nd quarter worth approximately $46,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Exelixis during the 2nd quarter worth approximately $57,000. 85.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on EXEL shares. Zacks Research raised shares of Exelixis from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 1st. Morgan Stanley boosted their price objective on shares of Exelixis from $53.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Friday, October 30th. Citizens Jmp increased their target price on shares of Exelixis from $55.00 to $65.00 and gave the stock a “market outperform” rating in a report on Monday, October 19th. Leerink Partners raised their target price on shares of Exelixis from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Thursday, November 5th. Finally, Stifel Nicolaus lifted their price target on shares of Exelixis from $47.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Exelixis currently has a consensus rating of “Hold” and a consensus price target of $58.85.

Exelixis Stock Performance

EXEL opened at $70.58 on Wednesday. Exelixis, Inc. has a 52-week low of $39.71 and a 52-week high of $73.69. The firm has a market capitalization of $17.22 billion, a PE ratio of 21.13, a PEG ratio of 1.85 and a beta of 0.45. The business’s 50-day simple moving average is $61.59 and its 200 day simple moving average is $51.84.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Thursday, October 29th. The biotechnology company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.89 by $0.05. The firm had revenue of $658.70 million during the quarter, compared to analysts’ expectations of $646.51 million. Exelixis had a return on equity of 45.54% and a net margin of 35.45%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 earnings per share. On average, research analysts forecast that Exelixis, Inc. will post 3.42 earnings per share for the current year.

About Exelixis

Exelixis, Inc. is a biotechnology company focused on discovering, developing and commercializing medicines for cancer. Founded in 1994 and headquartered in Alameda, California, the company has built its business around oncology treatments and continues to advance a pipeline of potential cancer therapies. Its principal marketed medicine is cabozantinib, sold in the United States as Cabometyx and Cometriq. Cabometyx is used to treat certain patients with advanced kidney, liver and thyroid cancers, while Cometriq is used for medullary thyroid cancer.