Panagora Asset Management Inc. Decreases Stock Position in Exelixis, Inc. (NASDAQ:EXEL)

Panagora Asset Management Inc. decreased its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL) by 56.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,781 shares of the biotechnology company’s stock after selling 15,038 shares during the period. Panagora Asset Management Inc.’s holdings in Exelixis were worth $265,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of EXEL. Fisher Asset Management LLC increased its stake in Exelixis by 232.6% during the 4th quarter. Fisher Asset Management LLC now owns 1,041 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 728 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Exelixis in the 1st quarter valued at $28,000. Park Place Capital Corp acquired a new position in shares of Exelixis in the 2nd quarter valued at $45,000. GAMMA Investing LLC raised its stake in Exelixis by 107.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,006 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 1,041 shares during the last quarter. Finally, USA Financial Formulas lifted its position in Exelixis by 1,548.0% during the 4th quarter. USA Financial Formulas now owns 2,060 shares of the biotechnology company’s stock worth $49,000 after acquiring an additional 1,935 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Exelixis Stock Performance

NASDAQ:EXEL opened at $25.61 on Thursday. The stock has a market capitalization of $7.31 billion, a PE ratio of 40.02, a P/E/G ratio of 0.50 and a beta of 0.54. Exelixis, Inc. has a fifty-two week low of $18.64 and a fifty-two week high of $27.53. The company has a fifty day moving average of $24.19 and a two-hundred day moving average of $22.94.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.44. Exelixis had a net margin of 17.38% and a return on equity of 15.54%. The firm had revenue of $637.18 million for the quarter, compared to analyst estimates of $468.21 million. Research analysts forecast that Exelixis, Inc. will post 1.54 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EXEL. JMP Securities raised their price objective on Exelixis from $27.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 7th. Royal Bank of Canada restated an “outperform” rating and set a $27.00 price objective on shares of Exelixis in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 13th. Oppenheimer reissued an “outperform” rating and set a $29.00 target price on shares of Exelixis in a report on Tuesday, July 30th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $33.00 price target (up from $32.00) on shares of Exelixis in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.43.

Insider Activity

In related news, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $27.19, for a total value of $3,398,750.00. Following the completion of the transaction, the chief financial officer now directly owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Maria C. Freire sold 8,250 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $26.56, for a total transaction of $219,120.00. Following the transaction, the director now directly owns 91,007 shares in the company, valued at $2,417,145.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Christopher J. Senner sold 125,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $27.19, for a total transaction of $3,398,750.00. Following the completion of the sale, the chief financial officer now owns 721,680 shares of the company’s stock, valued at approximately $19,622,479.20. The disclosure for this sale can be found here. Insiders have sold a total of 302,858 shares of company stock worth $7,980,629 over the last quarter. 2.85% of the stock is currently owned by corporate insiders.

Exelixis Company Profile

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.