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

Convergence Investment Partners LLC purchased a new position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 23,488 shares of the biotechnology company's stock, valued at approximately $782,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. USA Financial Formulas purchased a new stake in Exelixis in the 4th quarter worth approximately $32,000. Principal Securities Inc. lifted its stake in shares of Exelixis by 62.8% in the 4th quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 373 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Exelixis in the 4th quarter valued at approximately $39,000. Brooklyn Investment Group bought a new position in Exelixis during the 3rd quarter valued at approximately $42,000. Finally, UMB Bank n.a. increased its position in Exelixis by 68.4% during the 4th quarter. UMB Bank n.a. now owns 1,361 shares of the biotechnology company's stock valued at $45,000 after buying an additional 553 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Exelixis Stock Performance

Shares of Exelixis stock traded up $1.64 during trading hours on Friday, hitting $36.73. The company's stock had a trading volume of 2,422,672 shares, compared to its average volume of 2,593,172. The business has a 50 day moving average price of $34.16 and a two-hundred day moving average price of $31.14. Exelixis, Inc. has a 12-month low of $20.14 and a 12-month high of $37.59. The company has a market cap of $10.28 billion, a PE ratio of 20.79, a PEG ratio of 1.13 and a beta of 0.53.

Exelixis (NASDAQ:EXEL - Get Free Report) last announced its quarterly earnings data 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 net margin of 24.04% and a return on equity of 23.52%. As a group, research analysts anticipate that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Insider Buying and Selling

In other Exelixis news, EVP Jeffrey Hessekiel sold 60,000 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the sale, the executive vice president now directly owns 486,059 shares of the company's stock, valued at $17,823,783.53. The trade was a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary C. Beckerle sold 12,210 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $1,060,561.28. The trade was a 28.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.85% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EXEL. Stifel Nicolaus raised their price objective on Exelixis from $30.00 to $36.00 and gave the company a "hold" rating in a research report on Wednesday, February 12th. Citigroup raised their price objective on Exelixis from $38.00 to $45.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Guggenheim reaffirmed a "buy" rating and set a $42.00 price objective on shares of Exelixis in a research report on Wednesday, February 12th. Royal Bank of Canada reissued an "outperform" rating and issued a $34.00 target price on shares of Exelixis in a report on Wednesday, October 30th. Finally, Piper Sandler lifted their target price on Exelixis from $37.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Exelixis has a consensus rating of "Moderate Buy" and an average target price of $37.24.

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.