Bank of New York Mellon Corp Lowers Stock Position in Exelixis, Inc. (NASDAQ:EXEL)

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp lessened its holdings in Exelixis, Inc. (NASDAQ:EXEL – Get Rating) by 12.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,168,784 shares of the biotechnology company’s stock after selling 431,529 shares during the quarter. Bank of New York Mellon Corp owned 0.98% of Exelixis worth $49,686,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Exelixis by 1.0% in the 3rd quarter. BlackRock Inc. now owns 33,895,320 shares of the biotechnology company’s stock valued at $531,477,000 after purchasing an additional 338,589 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Exelixis by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 30,268,772 shares of the biotechnology company’s stock valued at $686,193,000 after acquiring an additional 209,083 shares during the period. Renaissance Technologies LLC lifted its position in shares of Exelixis by 5.5% during the 2nd quarter. Renaissance Technologies LLC now owns 17,783,937 shares of the biotechnology company’s stock valued at $370,262,000 after acquiring an additional 921,659 shares during the period. FMR LLC lifted its position in shares of Exelixis by 1.1% during the 2nd quarter. FMR LLC now owns 17,397,286 shares of the biotechnology company’s stock valued at $362,212,000 after acquiring an additional 197,254 shares during the period. Finally, State Street Corp lifted its position in shares of Exelixis by 10.7% during the 2nd quarter. State Street Corp now owns 12,596,380 shares of the biotechnology company’s stock valued at $262,257,000 after acquiring an additional 1,219,174 shares during the period. Hedge funds and other institutional investors own 84.74% of the company’s stock.

Insider Buying and Selling at Exelixis

In other Exelixis news, EVP Peter Lamb sold 20,000 shares of the business’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $15.88, for a total value of $317,600.00. Following the completion of the transaction, the executive vice president now directly owns 410,958 shares in the company, valued at approximately $6,526,013.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Peter Lamb sold 20,000 shares of the business’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $15.88, for a total transaction of $317,600.00. Following the completion of the sale, the executive vice president now directly owns 410,958 shares of the company’s stock, valued at approximately $6,526,013.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl B. Feldbaum sold 40,000 shares of the business’s stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $17.78, for a total transaction of $711,200.00. Following the sale, the director now directly owns 18,701 shares of the company’s stock, valued at $332,503.78. The disclosure for this sale can be found here. In the last three months, insiders sold 202,870 shares of company stock worth $3,496,567. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EXEL. EF Hutton Acquisition Co. I reiterated a “buy” rating and set a $24.00 price target on shares of Exelixis in a research report on Friday, March 3rd. Cowen reduced their price target on shares of Exelixis from $21.00 to $20.00 in a research report on Monday, January 9th. StockNews.com upgraded shares of Exelixis from a “hold” rating to a “buy” rating in a research report on Friday, February 24th. Credit Suisse Group started coverage on Exelixis in a research report on Thursday, January 26th. They set an “outperform” rating and a $29.00 price objective for the company. Finally, Piper Sandler restated an “overweight” rating and set a $32.00 price objective on shares of Exelixis in a research report on Wednesday, February 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Exelixis presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Exelixis Stock Performance

Shares of EXEL opened at $16.68 on Friday. The stock has a fifty day moving average of $17.12 and a two-hundred day moving average of $16.80. The company has a market capitalization of $5.41 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 0.66 and a beta of 0.69. Exelixis, Inc. has a fifty-two week low of $14.87 and a fifty-two week high of $23.40.

Exelixis (NASDAQ:EXEL – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The business had revenue of $423.92 million during the quarter, compared to analyst estimates of $418.71 million. Exelixis had a net margin of 11.31% and a return on equity of 7.54%. The company’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. As a group, equities research analysts forecast that Exelixis, Inc. will post 0.67 earnings per share for the current fiscal year.

Exelixis Company Profile

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Exelixis, Inc operates as an oncology company, which focuses on discovering, developing, and commercialization of new medicines for difficult-to-treat cancers. Its products include cabometyx, cometriq, and cotellic. The company was founded by Stelios Papadopoulos on November 15, 1994, and is headquartered in Alameda, CA.