California Public Employees Retirement System Trims Stake in Exelixis, Inc. (NASDAQ:EXEL)

California Public Employees Retirement System lowered its holdings in Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,331,027 shares of the biotechnology company's stock after selling 61,398 shares during the period. California Public Employees Retirement System owned approximately 0.47% of Exelixis worth $44,323,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Exelixis during the 4th quarter valued at $94,867,000. Arrowstreet Capital Limited Partnership grew its position in shares of Exelixis by 104.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company's stock valued at $105,208,000 after purchasing an additional 1,613,482 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Exelixis by 82.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,562,790 shares of the biotechnology company's stock valued at $52,884,000 after purchasing an additional 704,786 shares during the period. Globeflex Capital L P lifted its holdings in Exelixis by 203.8% during the 4th quarter. Globeflex Capital L P now owns 975,151 shares of the biotechnology company's stock worth $32,473,000 after purchasing an additional 654,200 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Exelixis in the 4th quarter worth about $17,046,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

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Exelixis Price Performance

NASDAQ EXEL traded up $0.27 during trading on Monday, hitting $34.84. 2,918,691 shares of the company's stock traded hands, compared to its average volume of 2,152,747. The stock has a fifty day moving average of $35.94 and a two-hundred day moving average of $33.70. Exelixis, Inc. has a 12-month low of $20.14 and a 12-month high of $40.02. The firm has a market cap of $9.75 billion, a P/E ratio of 19.68, a PEG ratio of 1.13 and a beta of 0.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a net margin of 24.04% and a return on equity of 23.52%. As a group, analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

EXEL has been the topic of several analyst reports. Morgan Stanley upgraded Exelixis from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $30.00 to $40.00 in a research report on Monday, January 27th. Wells Fargo & Company cut shares of Exelixis from an "overweight" rating to an "equal weight" rating and set a $36.00 target price on the stock. in a research note on Monday, February 24th. Stifel Nicolaus raised their price target on shares of Exelixis from $30.00 to $36.00 and gave the company a "hold" rating in a report on Wednesday, February 12th. Brookline Capital Management began coverage on Exelixis in a research report on Monday, December 23rd. They issued a "buy" rating on the stock. Finally, Bank of America cut Exelixis from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $35.00 to $39.00 in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.59.

Insider Transactions at Exelixis

In related news, Director Mary C. Beckerle sold 12,210 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $34.88, for a total value of $425,884.80. Following the sale, the director now directly owns 30,406 shares of the company's stock, valued at $1,060,561.28. This trade represents a 28.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bob Oliver sold 18,647 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $37.25, for a total value of $694,600.75. Following the transaction, the director now owns 33,514 shares in the company, valued at approximately $1,248,396.50. This represents a 35.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,343 shares of company stock worth $5,177,234. Insiders own 2.85% of the company's stock.

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.