BNP Paribas Financial Markets Trims Position in Exelixis, Inc. (NASDAQ:EXEL)

BNP Paribas Financial Markets cut its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL) by 19.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 131,659 shares of the biotechnology company’s stock after selling 32,223 shares during the period. BNP Paribas Financial Markets’ holdings in Exelixis were worth $3,417,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Covestor Ltd grew its stake in Exelixis by 5.7% in the third quarter. Covestor Ltd now owns 6,335 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 341 shares during the period. Resonant Capital Advisors LLC grew its stake in Exelixis by 3.6% in the second quarter. Resonant Capital Advisors LLC now owns 13,746 shares of the biotechnology company’s stock worth $309,000 after purchasing an additional 477 shares during the period. Cornercap Investment Counsel Inc. grew its stake in Exelixis by 1.1% in the second quarter. Cornercap Investment Counsel Inc. now owns 50,497 shares of the biotechnology company’s stock worth $1,135,000 after purchasing an additional 539 shares during the period. Creative Planning grew its stake in Exelixis by 0.8% in the second quarter. Creative Planning now owns 71,700 shares of the biotechnology company’s stock worth $1,611,000 after purchasing an additional 548 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in Exelixis by 3.2% in the third quarter. Advisors Asset Management Inc. now owns 19,853 shares of the biotechnology company’s stock worth $515,000 after purchasing an additional 609 shares during the period. 85.27% of the stock is owned by hedge funds and other institutional investors.

Exelixis Price Performance

Shares of NASDAQ:EXEL opened at $35.77 on Thursday. Exelixis, Inc. has a 1 year low of $19.20 and a 1 year high of $36.97. The stock’s fifty day moving average price is $31.18 and its 200-day moving average price is $26.35. The company has a market cap of $10.22 billion, a P/E ratio of 22.93, a PEG ratio of 0.90 and a beta of 0.52.

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

Insiders Place Their Bets

In related news, Director George Poste sold 30,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $34.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now directly owns 169,020 shares of the company’s stock, valued at approximately $5,746,680. This represents a 15.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey Hessekiel sold 60,000 shares of Exelixis 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 transaction, the executive vice president now directly owns 486,059 shares in the company, valued at $17,823,783.53. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 339,736 shares of company stock worth $11,508,610. Company insiders own 2.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $34.00 price target on shares of Exelixis in a research note on Wednesday, October 30th. TD Cowen upped their price target on Exelixis from $27.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. HC Wainwright reissued a “buy” rating and issued a $29.00 target price on shares of Exelixis in a research note on Wednesday, September 18th. Truist Financial increased their target price on Exelixis from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Guggenheim increased their target price on Exelixis from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.