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JPMorgan Chase & Co. Trims Position in Exelixis, Inc. (NASDAQ:EXEL)

Exelixis logo with Medical background

JPMorgan Chase & Co. decreased its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 12.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,430,653 shares of the biotechnology company's stock after selling 618,203 shares during the quarter. JPMorgan Chase & Co. owned about 1.55% of Exelixis worth $114,975,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in Exelixis in the 3rd quarter worth approximately $30,000. Brooklyn Investment Group bought a new stake in Exelixis in the third quarter worth $42,000. Capital Performance Advisors LLP purchased a new stake in Exelixis during the third quarter valued at $61,000. Essex Investment Management Co. LLC purchased a new position in shares of Exelixis in the 3rd quarter worth $74,000. Finally, GAMMA Investing LLC increased its holdings in shares of Exelixis by 50.0% in the 3rd quarter. GAMMA Investing LLC now owns 3,010 shares of the biotechnology company's stock worth $78,000 after buying an additional 1,004 shares during the last quarter. 85.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Exelixis

In related news, EVP Jeffrey Hessekiel sold 60,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $36.67, for a total transaction of $2,200,200.00. Following the completion of the sale, the executive vice president now owns 486,059 shares of the company's stock, valued at $17,823,783.53. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Patrick J. Haley sold 10,000 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $35.27, for a total value of $352,700.00. Following the completion of the sale, the executive vice president now directly owns 278,665 shares of the company's stock, valued at $9,828,514.55. The trade was a 3.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 314,736 shares of company stock valued at $10,849,110. Company insiders own 2.85% of the company's stock.

Exelixis Stock Up 1.9 %

NASDAQ:EXEL traded up $0.64 during midday trading on Thursday, hitting $33.94. The stock had a trading volume of 1,740,175 shares, compared to its average volume of 2,064,151. The stock has a 50-day moving average of $34.45 and a 200 day moving average of $28.28. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 0.89 and a beta of 0.52. Exelixis, Inc. has a one year low of $19.20 and a one year high of $36.97.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.04. The business had revenue of $539.50 million for the quarter, compared to the consensus estimate of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The business's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS. On average, sell-side analysts anticipate that Exelixis, Inc. will post 1.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on EXEL shares. The Goldman Sachs Group upgraded Exelixis to a "strong sell" rating in a research report on Tuesday, October 15th. Piper Sandler lifted their target price on Exelixis from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. TD Cowen increased their price target on Exelixis from $27.00 to $34.00 and gave the company a "buy" rating in a report on Monday, October 21st. Guggenheim lifted their price objective on shares of Exelixis from $32.00 to $33.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.44.

Get Our Latest Research Report on Exelixis

About Exelixis

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Exelixis (NASDAQ:EXEL)

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