Meritage Portfolio Management Has $12.20 Million Stock Position in Exelixis, Inc. $EXEL

Meritage Portfolio Management lessened its stake in shares of Exelixis, Inc. (NASDAQ:EXEL) by 21.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 295,426 shares of the biotechnology company’s stock after selling 82,301 shares during the period. Exelixis comprises approximately 0.8% of Meritage Portfolio Management’s investment portfolio, making the stock its 24th largest holding. Meritage Portfolio Management owned 0.11% of Exelixis worth $12,201,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of EXEL. TriaGen Wealth Management LLC bought a new position in Exelixis in the 3rd quarter valued at about $2,024,000. Fox Run Management L.L.C. acquired a new position in shares of Exelixis in the second quarter valued at approximately $321,000. Capital Fund Management S.A. increased its stake in shares of Exelixis by 6.6% during the second quarter. Capital Fund Management S.A. now owns 283,639 shares of the biotechnology company’s stock worth $12,501,000 after purchasing an additional 17,673 shares during the period. D.A. Davidson & CO. acquired a new stake in Exelixis during the 2nd quarter worth approximately $212,000. Finally, Bayesian Capital Management LP acquired a new stake in Exelixis during the 2nd quarter worth approximately $2,803,000. 85.27% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Patrick J. Haley sold 28,043 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $42.58, for a total value of $1,194,070.94. Following the sale, the executive vice president directly owned 374,029 shares of the company’s stock, valued at $15,926,154.82. This trade represents a 6.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Mary C. Beckerle sold 24,622 shares of Exelixis stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $41.93, for a total value of $1,032,400.46. Following the completion of the transaction, the director owned 21,380 shares in the company, valued at approximately $896,463.40. This represents a 53.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 245,235 shares of company stock worth $10,490,600. 2.82% of the stock is owned by company insiders.

Exelixis Stock Up 2.6%

EXEL stock opened at $45.23 on Thursday. Exelixis, Inc. has a 12 month low of $31.90 and a 12 month high of $49.62. The firm has a market cap of $12.13 billion, a P/E ratio of 19.08, a P/E/G ratio of 0.81 and a beta of 0.40. The company’s 50-day moving average price is $43.37 and its two-hundred day moving average price is $41.11.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.10. The business had revenue of $597.76 million for the quarter, compared to analyst estimates of $590.04 million. Exelixis had a net margin of 29.63% and a return on equity of 31.06%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. Equities analysts predict that Exelixis, Inc. will post 2.04 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. The Goldman Sachs Group started coverage on Exelixis in a research report on Wednesday, September 17th. They set a “buy” rating and a $47.00 price objective on the stock. Guggenheim lowered shares of Exelixis from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Bank of America cut shares of Exelixis from a “neutral” rating to an “underperform” rating and set a $41.00 price objective for the company. in a research note on Monday, January 5th. Royal Bank Of Canada restated a “sector perform” rating and set a $45.00 target price on shares of Exelixis in a research report on Tuesday, October 21st. Finally, Cowen reiterated a “buy” rating on shares of Exelixis in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.95.

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.