TriaGen Wealth Management LLC has acquired a significant position in Exelixis, Inc. (NASDAQ:EXEL), purchasing 49,001 shares valued at approximately $2,024,000. This acquisition took place during the third quarter of 2023, as disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC).
A number of other institutional investors have also adjusted their stakes in Exelixis during the same period. Notably, Commonwealth Equity Services LLC increased its holdings by 43.3%, now owning 381,659 shares worth $15,763,000 after acquiring an additional 115,395 shares. Similarly, Earned Wealth Advisors LLC raised its stake by 8.5%, now holding 6,205 shares valued at $256,000 following the purchase of 487 shares.
Asset Management One Co. Ltd. has made substantial adjustments, boosting its position by 106.0% to own 40,166 shares worth $1,659,000 after acquiring 20,665 shares. Global Retirement Partners LLC saw a significant growth of 876.2%, now owning 16,547 shares valued at $683,000 after buying an additional 14,852 shares. Merit Financial Group LLC also increased its stake by 70.1%, owning 69,341 shares worth $2,864,000 after purchasing 28,581 shares. Collectively, institutional investors control approximately 85.27% of Exelixis stock.
Analyst Ratings and Market Performance
Several brokerages have weighed in on Exelixis shares recently. Wolfe Research initiated coverage with a “peer perform” rating. Weiss Ratings has maintained a “buy (b)” rating, while Wall Street Zen upgraded the stock from “buy” to “strong-buy.” Additionally, Leerink Partners also raised its rating from “hold” to “strong-buy.”
On the other hand, Wells Fargo & Company reduced its price target from $36.00 to $30.00, maintaining an “equal weight” rating. Currently, Exelixis holds an average rating of “Moderate Buy” across analysts, with a consensus price target set at $45.74. This sentiment reflects a mix of optimism and caution among market experts, with one analyst issuing a Strong Buy rating, thirteen recommending Buy, eleven suggesting Hold, and one advising Sell.
As of Monday, Exelixis stock traded down 0.6%, opening at $43.58. The company boasts a market capitalization of $11.68 billion, a price-to-earnings (P/E) ratio of 18.39, and a price-to-earnings-growth (PEG) ratio of 0.73. The stock has fluctuated between a 12-month low of $31.90 and a high of $49.62.
Exelixis recently reported its quarterly earnings on November 4, 2023, revealing earnings of $0.78 per share, which exceeded analysts’ expectations of $0.68 by $0.10. The company generated revenue of $597.76 million for the quarter, surpassing expectations of $590.04 million and reflecting a year-over-year revenue increase of 10.8%.
Insider Trading Activity
In related news, insider trading activity has been observed at Exelixis. Executive Vice President Patrick J. Haley sold 28,043 shares on November 21, 2023, at an average price of $42.58, totaling approximately $1,194,070.94. Post-sale, Haley holds 374,029 shares valued at $15,926,154.82, marking a 6.97% decrease in holdings.
Similarly, EVP Dana Aftab sold 48,383 shares on November 11, 2023, for a total transaction of $2,056,277.50. Following this transaction, Aftab retains 664,778 shares valued at $28,253,065, representing a 6.78% decline in ownership. Over the past 90 days, insiders have sold a total of 245,235 shares worth approximately $10,490,600, with insiders owning 2.85% of the company’s stock.
Exelixis, Inc. is recognized for its focus on the discovery, development, and commercialization of small molecule therapies for cancer treatment. The company’s notable products include CABOMETYX® and COMETRIQ®, which are approved for various cancer treatments. As Exelixis continues to evolve in the biotechnology sector, these recent investment moves and stock performance are likely to be closely monitored by analysts and investors alike.
