Cresset Asset Management LLC Sells 21,295 Shares of Exelixis, Inc. $EXEL

Cresset Asset Management LLC cut its position in shares of Exelixis, Inc. (NASDAQ:EXEL) by 44.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,140 shares of the biotechnology company’s stock after selling 21,295 shares during the quarter. Cresset Asset Management LLC’s holdings in Exelixis were worth $1,196,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Nuveen LLC bought a new position in Exelixis during the first quarter valued at approximately $123,310,000. AQR Capital Management LLC boosted its stake in shares of Exelixis by 73.8% in the 1st quarter. AQR Capital Management LLC now owns 6,893,889 shares of the biotechnology company’s stock valued at $250,869,000 after purchasing an additional 2,926,884 shares in the last quarter. Norges Bank bought a new position in shares of Exelixis during the 2nd quarter valued at $122,099,000. Invesco Ltd. raised its position in Exelixis by 40.2% in the 1st quarter. Invesco Ltd. now owns 5,572,189 shares of the biotechnology company’s stock worth $205,725,000 after purchasing an additional 1,596,948 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Exelixis by 42.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,262,643 shares of the biotechnology company’s stock worth $231,951,000 after purchasing an additional 1,580,567 shares during the last quarter. Institutional investors own 85.27% of the company’s stock.

Insider Transactions at Exelixis

In related news, Director Stelios Papadopoulos sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $43.55, for a total value of $4,355,000.00. Following the sale, the director directly owned 1,189,228 shares of the company’s stock, valued at $51,790,879.40. This represents a 7.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary C. Beckerle sold 24,622 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $41.93, for a total value of $1,032,400.46. Following the completion of the transaction, the director owned 21,380 shares of the company’s stock, valued at approximately $896,463.40. This trade represents a 53.52% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 245,235 shares of company stock valued at $10,490,600. Insiders own 2.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on EXEL. Stifel Nicolaus set a $43.00 price objective on Exelixis in a report on Wednesday, November 5th. Barclays lifted their price target on Exelixis from $40.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. TD Cowen increased their price objective on Exelixis from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Zacks Research downgraded shares of Exelixis from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.45.

Exelixis Trading Down 1.9%

Shares of Exelixis stock opened at $41.07 on Thursday. Exelixis, Inc. has a 12-month low of $31.90 and a 12-month high of $49.62. The company has a market cap of $11.01 billion, a P/E ratio of 17.33, a PEG ratio of 0.75 and a beta of 0.40. The company’s fifty day simple moving average is $40.75 and its two-hundred day simple moving average is $40.83.

Exelixis (NASDAQ:EXEL) last posted its earnings results on Tuesday, November 4th. The biotechnology company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.68 by $0.10. Exelixis had a net margin of 29.63% and a return on equity of 31.06%. The firm had revenue of $597.76 million during the quarter, compared to analysts’ expectations of $590.04 million. During the same period last year, the company posted $0.47 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts predict that Exelixis, Inc. will post 2.04 EPS for the current fiscal year.

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.