M&T Bank Corp Trims Stock Position in Exelixis, Inc. (NASDAQ:EXEL)

M&T Bank Corp trimmed its holdings in Exelixis, Inc. (NASDAQ:EXEL) by 8.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,403 shares of the biotechnology company’s stock after selling 1,287 shares during the quarter. M&T Bank Corp’s holdings in Exelixis were worth $495,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Exelixis by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 29,429,252 shares of the biotechnology company’s stock valued at $979,994,000 after buying an additional 121,750 shares during the period. LSV Asset Management lifted its holdings in Exelixis by 0.8% in the fourth quarter. LSV Asset Management now owns 8,169,847 shares of the biotechnology company’s stock valued at $272,056,000 after acquiring an additional 67,470 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in Exelixis by 10.2% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 7,630,940 shares of the biotechnology company’s stock worth $254,110,000 after purchasing an additional 708,312 shares in the last quarter. Invesco Ltd. grew its stake in shares of Exelixis by 308.1% during the 4th quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock worth $132,376,000 after purchasing an additional 3,001,204 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Exelixis by 25.7% during the 4th quarter. AQR Capital Management LLC now owns 3,967,005 shares of the biotechnology company’s stock valued at $132,101,000 after purchasing an additional 810,857 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $46.18, for a total value of $1,154,500.00. Following the completion of the sale, the executive vice president directly owned 693,396 shares in the company, valued at $32,021,027.28. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher J. Senner sold 100,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $46.00, for a total value of $4,600,000.00. Following the completion of the sale, the chief financial officer directly owned 967,842 shares of the company’s stock, valued at approximately $44,520,732. This represents a 9.36% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 458,113 shares of company stock worth $21,024,817. 2.82% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on EXEL shares. Guggenheim set a $45.00 price target on shares of Exelixis and gave the stock a “buy” rating in a report on Thursday, May 15th. Truist Financial set a $56.00 target price on shares of Exelixis and gave the stock a “buy” rating in a research note on Tuesday. Stephens upgraded Exelixis from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $29.00 to $60.00 in a research note on Tuesday, June 24th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $50.00 price target (up previously from $45.00) on shares of Exelixis in a research report on Tuesday, July 8th. Finally, Benchmark reissued a “neutral” rating on shares of Exelixis in a report on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Exelixis currently has an average rating of “Moderate Buy” and an average price target of $45.28.

Exelixis Trading Up 1.7%

NASDAQ:EXEL opened at $44.81 on Thursday. The company has a market cap of $12.22 billion, a P/E ratio of 20.37, a P/E/G ratio of 0.88 and a beta of 0.28. Exelixis, Inc. has a twelve month low of $22.20 and a twelve month high of $49.62. The company’s 50-day moving average price is $42.84 and its 200-day moving average price is $38.25.

Exelixis 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.