Convergence Investment Partners LLC Takes Position in Exelixis, Inc. (NASDAQ:EXEL)

Convergence Investment Partners LLC acquired a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 23,488 shares of the biotechnology company’s stock, valued at approximately $782,000.

A number of other institutional investors and hedge funds have also bought and sold shares of EXEL. FMR LLC increased its position in shares of Exelixis by 6.1% during the third quarter. FMR LLC now owns 2,462,072 shares of the biotechnology company’s stock valued at $63,891,000 after acquiring an additional 140,568 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Exelixis by 124.0% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock worth $46,473,000 after purchasing an additional 991,494 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of Exelixis by 6.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,702,590 shares of the biotechnology company’s stock worth $44,182,000 after purchasing an additional 98,000 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Exelixis by 82.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company’s stock worth $52,884,000 after purchasing an additional 704,786 shares in the last quarter. Finally, Systematic Financial Management LP increased its holdings in shares of Exelixis by 7.1% in the 3rd quarter. Systematic Financial Management LP now owns 1,168,391 shares of the biotechnology company’s stock worth $30,320,000 after purchasing an additional 77,599 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Exelixis Price Performance

EXEL opened at $35.07 on Thursday. The firm has a market cap of $9.82 billion, a P/E ratio of 19.81, a PEG ratio of 1.13 and a beta of 0.53. Exelixis, Inc. has a 1-year low of $20.14 and a 1-year high of $37.59. The company has a 50 day simple moving average of $34.16 and a two-hundred day simple moving average of $31.11.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a return on equity of 23.52% and a net margin of 24.04%. Equities analysts anticipate that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Insider Transactions at Exelixis

In other news, Director Mary C. Beckerle sold 12,210 shares of Exelixis stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $34.88, for a total value of $425,884.80. Following the sale, the director now directly owns 30,406 shares of the company’s stock, valued at approximately $1,060,561.28. The trade was a 28.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Hessekiel sold 60,000 shares of Exelixis stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the sale, the executive vice president now directly owns 486,059 shares in the company, valued at $17,823,783.53. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,210 shares of company stock valued at $2,978,785 over the last 90 days. Company insiders own 2.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EXEL. Bank of America cut shares of Exelixis from a “buy” rating to a “neutral” rating and upped their target price for the company from $35.00 to $39.00 in a research note on Tuesday, December 17th. Wells Fargo & Company increased their price objective on shares of Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Truist Financial raised their target price on shares of Exelixis from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, January 27th. JMP Securities reiterated a “market outperform” rating and set a $41.00 target price on shares of Exelixis in a research note on Thursday, January 23rd. Finally, UBS Group raised their price target on Exelixis from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.24.

About Exelixis

Exelixis, Inc, an oncology company, focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the United States. The company offers 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 progressive and metastatic medullary thyroid cancer.