abrdn plc Sells 243,268 Shares of Exelixis, Inc. (NASDAQ:EXEL)

abrdn plc lowered its position in Exelixis, Inc. (NASDAQ:EXEL) by 43.6% in the third quarter, Holdings Channel.com reports. The fund owned 314,537 shares of the biotechnology company’s stock after selling 243,268 shares during the period. abrdn plc’s holdings in Exelixis were worth $8,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. LSV Asset Management lifted its position in Exelixis by 1,651.4% in the first quarter. LSV Asset Management now owns 2,774,707 shares of the biotechnology company’s stock worth $65,844,000 after purchasing an additional 2,616,278 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Exelixis by 45.3% during the 2nd quarter. Hsbc Holdings PLC now owns 90,211 shares of the biotechnology company’s stock worth $2,031,000 after acquiring an additional 28,126 shares during the period. Farallon Capital Management LLC boosted its position in shares of Exelixis by 1.6% during the 2nd quarter. Farallon Capital Management LLC now owns 27,102,500 shares of the biotechnology company’s stock valued at $608,993,000 after acquiring an additional 424,000 shares in the last quarter. Intech Investment Management LLC increased its stake in Exelixis by 155.8% in the first quarter. Intech Investment Management LLC now owns 100,039 shares of the biotechnology company’s stock valued at $2,374,000 after acquiring an additional 60,925 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Exelixis in the first quarter worth about $1,281,000. Institutional investors own 85.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EXEL. Wells Fargo & Company lifted their price objective on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday. JMP Securities reiterated a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a research report on Friday, October 11th. Truist Financial increased their price objective on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler upped their target price on shares of Exelixis from $33.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Stephens lifted their price target on shares of Exelixis from $23.00 to $29.00 and gave the company an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.44.

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 1,162 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total value of $36,486.80. Following the transaction, the executive vice president now owns 498,945 shares of the company’s stock, valued at $15,666,873. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Jeffrey Hessekiel sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.39, for a total transaction of $709,750.00. Following the completion of the transaction, the executive vice president now owns 580,325 shares in the company, valued at approximately $16,475,426.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dana Aftab sold 1,162 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $31.40, for a total transaction of $36,486.80. Following the completion of the sale, the executive vice president now owns 498,945 shares in the company, valued at approximately $15,666,873. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 354,020 shares of company stock valued at $9,386,366. Company insiders own 2.85% of the company’s stock.

Exelixis Stock Up 2.8 %

Exelixis stock opened at $34.12 on Friday. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 0.69 and a beta of 0.51. Exelixis, Inc. has a 12-month low of $19.20 and a 12-month high of $34.45. The business’s 50-day simple moving average is $27.13 and its 200 day simple moving average is $24.29.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.04. The company had revenue of $539.50 million for the quarter, compared to analyst estimates of $490.31 million. Exelixis had a net margin of 22.43% and a return on equity of 20.99%. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS. As a group, sell-side analysts expect that Exelixis, Inc. will post 1.59 EPS for the current 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.