Exelixis (NASDAQ:EXEL) Director George Poste Sells 60,000 Shares of Stock

Exelixis, Inc. (NASDAQ:EXEL) Director George Poste sold 60,000 shares of the firm’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 owned 118,832 shares in the company, valued at approximately $5,431,810.72. This represents a 33.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Exelixis Stock Performance

EXEL stock opened at $48.16 on Friday. The firm has a market cap of $12.11 billion, a PE ratio of 16.00, a P/E/G ratio of 0.99 and a beta of 0.38. The firm’s fifty day moving average is $43.44 and its 200 day moving average is $42.97. Exelixis, Inc. has a one year low of $33.76 and a one year high of $49.62.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.12. The business had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share. Research analysts predict that Exelixis, Inc. will post 3.11 earnings per share for the current fiscal year.

More Exelixis News

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis reported solid Q1 results, with revenue of $610.8 million and earnings per share of $0.87, both ahead of expectations. The company also completed its prior buyback authorization and launched a new $750 million share repurchase program, which can support the stock by reducing share count. Article Title
• Positive Sentiment: Analysts turned more constructive, with HC Wainwright raising its price target to $56 and Morgan Stanley lifting its target to $50, signaling improved confidence in Exelixis’ outlook. Article Title Article Title
• Positive Sentiment: The company also announced upcoming investor conference appearances in May, which may help keep investor attention on its pipeline and strategy. Article Title
• Neutral Sentiment: Several directors disclosed stock sales on May 7, including George Poste, Maria C. Freire, and Mary C. Beckerle. Insider selling can create some near-term caution, but the transactions were disclosed and do not by themselves indicate a change in the business outlook. Article Title Article Title Article Title

Hedge Funds Weigh In On Exelixis

Several hedge funds and other institutional investors have recently modified their holdings of EXEL. BridgePort Financial Solutions LLC purchased a new position in Exelixis during the third quarter worth about $517,000. Candriam S.C.A. raised its stake in Exelixis by 18.4% during the third quarter. Candriam S.C.A. now owns 696,104 shares of the biotechnology company’s stock worth $28,749,000 after purchasing an additional 108,367 shares during the period. Dimensional Fund Advisors LP raised its stake in Exelixis by 11.2% during the third quarter. Dimensional Fund Advisors LP now owns 4,180,912 shares of the biotechnology company’s stock worth $172,658,000 after purchasing an additional 419,596 shares during the period. Allianz Asset Management GmbH raised its stake in Exelixis by 153.3% during the third quarter. Allianz Asset Management GmbH now owns 2,462,948 shares of the biotechnology company’s stock worth $101,720,000 after purchasing an additional 1,490,520 shares during the period. Finally, Illinois Municipal Retirement Fund raised its stake in Exelixis by 19.1% during the third quarter. Illinois Municipal Retirement Fund now owns 204,211 shares of the biotechnology company’s stock worth $8,434,000 after purchasing an additional 32,737 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EXEL has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of Exelixis from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday. Zacks Research downgraded shares of Exelixis from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. TD Cowen increased their price objective on shares of Exelixis from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen raised shares of Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, HC Wainwright increased their price objective on shares of Exelixis from $54.00 to $56.00 and gave the company a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $47.83.

Exelixis Company 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.