Seven Fleet Capital Management LP Makes New $3 Million Investment in Exelixis, Inc. $EXEL

Seven Fleet Capital Management LP purchased a new position in shares of Exelixis, Inc. (NASDAQ:EXEL) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 68,569 shares of the biotechnology company’s stock, valued at approximately $3,005,000. Exelixis makes up approximately 2.3% of Seven Fleet Capital Management LP’s holdings, making the stock its 6th largest holding.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Wick Capital Partners LLC acquired a new stake in Exelixis in the 4th quarter valued at $1,440,000. Van Diest Capital LLC acquired a new position in Exelixis in the fourth quarter valued at about $340,000. Invesco Ltd. grew its stake in Exelixis by 1.6% during the fourth quarter. Invesco Ltd. now owns 6,054,743 shares of the biotechnology company’s stock worth $265,379,000 after buying an additional 94,218 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Exelixis by 107.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 143,780 shares of the biotechnology company’s stock worth $6,302,000 after buying an additional 74,360 shares during the last quarter. Finally, Vident Advisory LLC increased its holdings in shares of Exelixis by 2.0% during the fourth quarter. Vident Advisory LLC now owns 153,901 shares of the biotechnology company’s stock worth $6,745,000 after buying an additional 3,085 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EXEL. Morgan Stanley lifted their target price on shares of Exelixis from $49.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Truist Financial upgraded Exelixis to a “strong-buy” rating in a research report on Monday, April 27th. Barclays lifted their price target on shares of Exelixis from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, April 20th. Royal Bank Of Canada decreased their price objective on Exelixis from $46.00 to $43.00 and set a “sector perform” rating for the company in a research note on Monday, March 2nd. Finally, HC Wainwright lifted their price objective on shares of Exelixis from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Exelixis presently has an average rating of “Hold” and a consensus target price of $47.35.

Exelixis Stock Down 1.0%

NASDAQ:EXEL opened at $51.91 on Friday. The company has a market cap of $13.05 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.51 and a beta of 0.41. Exelixis, Inc. has a twelve month low of $33.76 and a twelve month high of $53.93. The business has a 50 day moving average price of $48.66 and a two-hundred day moving average price of $45.15.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.75 by $0.12. The firm had revenue of $610.81 million for the quarter, compared to analysts’ expectations of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 EPS. As a group, analysts anticipate that Exelixis, Inc. will post 3.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Exelixis

In other Exelixis news, Director George Poste sold 60,000 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $45.71, for a total transaction of $2,742,600.00. Following the sale, the director directly owned 118,832 shares of the company’s stock, valued at approximately $5,431,810.72. This represents a 33.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Christopher J. Senner sold 34,901 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the completion of the sale, the chief financial officer directly owned 952,317 shares in the company, valued at approximately $47,615,850. The trade was a 3.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,170 shares of company stock valued at $10,620,641 in the last 90 days. Company insiders own 2.60% of the company’s stock.

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.