Norges Bank Takes $94.87 Million Position in Exelixis, Inc. (NASDAQ:EXEL)

Norges Bank purchased a new stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,848,870 shares of the biotechnology company's stock, valued at approximately $94,867,000. Norges Bank owned 1.00% of Exelixis as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Securities Inc. lifted its stake in Exelixis by 62.8% during the fourth quarter. Principal Securities Inc. now owns 967 shares of the biotechnology company's stock valued at $32,000 after buying an additional 373 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Exelixis during the fourth quarter valued at approximately $32,000. Kestra Investment Management LLC purchased a new stake in shares of Exelixis in the 4th quarter valued at approximately $39,000. UMB Bank n.a. boosted its stake in Exelixis by 68.4% in the 4th quarter. UMB Bank n.a. now owns 1,361 shares of the biotechnology company's stock worth $45,000 after purchasing an additional 553 shares during the period. Finally, Crowley Wealth Management Inc. purchased a new position in Exelixis during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 85.27% of the company's stock.

Insider Buying and Selling at Exelixis

In related news, EVP Patrick J. Haley sold 52,636 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $36.98, for a total transaction of $1,946,479.28. Following the completion of the sale, the executive vice president now owns 303,310 shares in the company, valued at $11,216,403.80. This represents a 14.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jack L. Wyszomierski sold 8,768 shares of Exelixis stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $37.80, for a total value of $331,430.40. Following the completion of the transaction, the director now directly owns 356,605 shares in the company, valued at approximately $13,479,669. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,343 shares of company stock worth $5,177,234 over the last ninety days. Company insiders own 2.85% of the company's stock.

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Exelixis Price Performance

Shares of EXEL stock traded down $2.11 during trading on Friday, reaching $34.57. The company had a trading volume of 2,944,993 shares, compared to its average volume of 2,149,678. The firm's 50 day simple moving average is $35.90 and its two-hundred day simple moving average is $33.65. Exelixis, Inc. has a one year low of $20.14 and a one year high of $40.02. The company has a market capitalization of $9.68 billion, a PE ratio of 19.53, a PEG ratio of 1.13 and a beta of 0.57.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Oppenheimer lowered Exelixis from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $41.00 to $33.00 in a report on Friday, January 24th. Piper Sandler raised their price objective on Exelixis from $37.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Citigroup upped their target price on Exelixis from $38.00 to $45.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Morgan Stanley upgraded shares of Exelixis from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $30.00 to $40.00 in a report on Monday, January 27th. Finally, Bank of America lowered shares of Exelixis from a "buy" rating to a "neutral" rating and upped their price objective for the company from $35.00 to $39.00 in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $37.59.

Exelixis Company 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.