Verition Fund Management LLC Takes $1.23 Million Position in Exelixis, Inc. (NASDAQ:EXEL)

Verition Fund Management LLC bought a new stake in Exelixis, Inc. (NASDAQ:EXEL - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 47,195 shares of the biotechnology company's stock, valued at approximately $1,225,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EXEL. Captrust Financial Advisors boosted its stake in Exelixis by 4.0% during the 3rd quarter. Captrust Financial Advisors now owns 35,430 shares of the biotechnology company's stock valued at $919,000 after purchasing an additional 1,368 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Exelixis during the third quarter valued at approximately $625,000. CreativeOne Wealth LLC bought a new position in Exelixis during the 3rd quarter valued at $203,000. Brooklyn Investment Group purchased a new position in Exelixis during the 3rd quarter worth $42,000. Finally, Quantbot Technologies LP bought a new stake in shares of Exelixis in the 3rd quarter worth $149,000. Institutional investors own 85.27% of the company's stock.

Exelixis Stock Performance

Shares of NASDAQ:EXEL traded down $0.22 on Friday, reaching $35.82. The company's stock had a trading volume of 1,357,790 shares, compared to its average volume of 1,864,066. The company has a 50-day simple moving average of $31.77 and a 200 day simple moving average of $26.63. The company has a market cap of $10.23 billion, a P/E ratio of 22.96, a PEG ratio of 0.90 and a beta of 0.52. Exelixis, Inc. has a 52-week low of $19.20 and a 52-week high of $36.97.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its earnings results on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.04. The firm 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 company's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS. On average, equities research analysts forecast that Exelixis, Inc. will post 1.69 EPS for the current fiscal year.

Insider Activity

In other Exelixis news, EVP Patrick J. Haley sold 10,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $9,828,514.55. This trade represents a 3.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Hessekiel sold 60,000 shares of the firm's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $36.67, for a total value of $2,200,200.00. Following the completion of the transaction, the executive vice president now owns 486,059 shares of the company's stock, valued at $17,823,783.53. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 339,736 shares of company stock valued at $11,508,610. 2.85% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EXEL. TD Cowen boosted their price objective on Exelixis from $27.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. JMP Securities reissued a "market outperform" rating and set a $29.00 target price on shares of Exelixis in a research report on Friday, October 11th. Royal Bank of Canada reissued an "outperform" rating and set a $34.00 price objective on shares of Exelixis in a report on Wednesday, October 30th. The Goldman Sachs Group upgraded Exelixis to a "strong sell" rating in a research note on Tuesday, October 15th. Finally, Truist Financial boosted their price target on shares of Exelixis from $33.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.44.

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.