Convergence Investment Partners LLC Takes $782,000 Position in Exelixis, Inc. (NASDAQ:EXEL)

Convergence Investment Partners LLC bought a new stake in shares of Exelixis, Inc. (NASDAQ:EXEL) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,488 shares of the biotechnology company’s stock, valued at approximately $782,000.

Other hedge funds have also recently made changes to their positions in the company. Seizert Capital Partners LLC raised its position in Exelixis by 8.0% during the third quarter. Seizert Capital Partners LLC now owns 469,940 shares of the biotechnology company’s stock valued at $12,195,000 after purchasing an additional 34,875 shares during the period. Los Angeles Capital Management LLC raised its holdings in Exelixis by 124.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,790,855 shares of the biotechnology company’s stock valued at $46,473,000 after buying an additional 991,494 shares during the period. Tri Ri Asset Management Corp purchased a new stake in Exelixis during the 3rd quarter valued at $4,396,000. China Universal Asset Management Co. Ltd. raised its holdings in Exelixis by 60.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 54,863 shares of the biotechnology company’s stock valued at $1,424,000 after buying an additional 20,641 shares during the period. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Exelixis in the third quarter valued at $577,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Exelixis Stock Up 2.5 %

Shares of NASDAQ:EXEL opened at $35.07 on Thursday. The company has a market capitalization of $9.82 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 1.13 and a beta of 0.53. Exelixis, Inc. has a 52 week low of $20.14 and a 52 week high of $37.59. The firm has a 50 day moving average of $34.16 and a 200 day moving average of $31.11.

Exelixis (NASDAQ:EXEL) last released its quarterly earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 EPS 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%. On average, sell-side analysts expect that Exelixis, Inc. will post 2.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Brookline Capital Management assumed coverage on shares of Exelixis in a research note on Monday, December 23rd. They issued a “buy” rating on the stock. Piper Sandler increased their price objective on shares of Exelixis from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Barclays increased their price target on Exelixis from $25.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, February 13th. Wells Fargo & Company increased their price target on Exelixis from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Oppenheimer lowered Exelixis from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $41.00 to $33.00 in a research note on Friday, January 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.24.

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.