Point72 Asset Management L.P. Sells 1,686,646 Shares of Exelixis, Inc. (NASDAQ:EXEL)

Point72 Asset Management L.P. cut its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL) by 50.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,686,254 shares of the biotechnology company’s stock after selling 1,686,646 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.54% of Exelixis worth $38,092,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Exelixis by 0.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 104,082 shares of the biotechnology company’s stock worth $2,351,000 after buying an additional 480 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Exelixis by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 102,761 shares of the biotechnology company’s stock worth $2,321,000 after buying an additional 550 shares in the last quarter. Cigna Investments Inc. New raised its holdings in shares of Exelixis by 5.2% in the 1st quarter. Cigna Investments Inc. New now owns 11,158 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 555 shares during the period. Arizona State Retirement System raised its holdings in shares of Exelixis by 0.8% in the 1st quarter. Arizona State Retirement System now owns 90,312 shares of the biotechnology company’s stock valued at $2,040,000 after purchasing an additional 703 shares during the period. Finally, Virtus ETF Advisers LLC raised its holdings in shares of Exelixis by 2.8% in the 1st quarter. Virtus ETF Advisers LLC now owns 30,432 shares of the biotechnology company’s stock valued at $687,000 after purchasing an additional 830 shares during the period. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

Shares of EXEL opened at $17.03 on Thursday. Exelixis, Inc. has a 52 week low of $16.24 and a 52 week high of $27.35. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 85.15, a P/E/G ratio of 1.28 and a beta of 1.07. The firm has a 50-day moving average of $21.15.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Thursday, May 6th. The biotechnology company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.05. Exelixis had a net margin of 6.28% and a return on equity of 3.47%. The firm had revenue of $270.23 million for the quarter, compared to analyst estimates of $265.04 million. During the same quarter in the prior year, the business posted $0.19 EPS. The business’s revenue was up 19.1% compared to the same quarter last year. On average, equities research analysts predict that Exelixis, Inc. will post 0.3 EPS for the current year.

EXEL has been the topic of a number of research analyst reports. TheStreet cut shares of Exelixis from a “b-” rating to a “c” rating in a report on Friday, July 9th. Oppenheimer dropped their target price on shares of Exelixis from $35.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, June 29th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price (down from $47.00) on shares of Exelixis in a report on Tuesday, June 29th. Morgan Stanley dropped their target price on shares of Exelixis from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, April 19th. Finally, Credit Suisse Group initiated coverage on shares of Exelixis in a report on Tuesday, March 30th. They issued an “outperform” rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $30.75.

In other Exelixis news, EVP Peter Lamb sold 60,000 shares of the stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $17.47, for a total transaction of $1,048,200.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincent T. Marchesi sold 40,000 shares of the stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $25.04, for a total transaction of $1,001,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 353,028 shares of company stock worth $8,240,174. Company insiders own 3.30% of the company’s stock.

Exelixis Company Profile

Exelixis, Inc, an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of patients with progressive and metastatic medullary thyroid cancer.

Further Reading: Ex-Dividend

Institutional Ownership by Quarter for Exelixis (NASDAQ:EXEL)

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