Retirement Systems of Alabama Reduces Stock Position in Exelixis, Inc. (NASDAQ:EXEL)

Retirement Systems of Alabama cut its holdings in Exelixis, Inc. (NASDAQ:EXEL) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 380,736 shares of the biotechnology company’s stock after selling 8,742 shares during the period. Retirement Systems of Alabama owned about 0.13% of Exelixis worth $9,035,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Exelixis during the fourth quarter worth approximately $73,449,000. Los Angeles Capital Management LLC raised its holdings in Exelixis by 948.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,454,277 shares of the biotechnology company’s stock valued at $58,240,000 after buying an additional 2,220,150 shares during the period. abrdn plc bought a new stake in Exelixis in the fourth quarter worth $15,997,000. First Trust Advisors LP boosted its stake in Exelixis by 18.5% during the fourth quarter. First Trust Advisors LP now owns 3,152,755 shares of the biotechnology company’s stock worth $75,635,000 after buying an additional 492,613 shares during the period. Finally, Braun Stacey Associates Inc. bought a new position in Exelixis during the fourth quarter valued at $10,414,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EXEL has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price target on shares of Exelixis in a research note on Wednesday, April 10th. TheStreet raised Exelixis from a “c+” rating to a “b-” rating in a research note on Monday, March 18th. StockNews.com raised Exelixis from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. TD Cowen upped their price objective on Exelixis from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, HC Wainwright reiterated a “buy” rating and set a $28.00 target price on shares of Exelixis in a research report on Friday, May 3rd. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.13.

Exelixis Price Performance

NASDAQ EXEL traded up $0.14 during midday trading on Friday, hitting $22.10. 630,363 shares of the company traded hands, compared to its average volume of 2,134,118. The company has a market cap of $6.70 billion, a PE ratio of 34.31, a price-to-earnings-growth ratio of 0.54 and a beta of 0.54. Exelixis, Inc. has a 52 week low of $18.64 and a 52 week high of $24.34. The company’s 50-day simple moving average is $21.76 and its 200-day simple moving average is $22.31.

Exelixis (NASDAQ:EXEL) last issued its quarterly earnings data on Tuesday, April 30th. The biotechnology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16). The company had revenue of $425.23 million for the quarter, compared to the consensus estimate of $461.04 million. Exelixis had a net margin of 11.10% and a return on equity of 8.85%. Exelixis’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 EPS. On average, research analysts predict that Exelixis, Inc. will post 1.15 earnings per share for the current year.

Insider Transactions at Exelixis

In other news, Director George Poste sold 11,686 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $20.96, for a total transaction of $244,938.56. Following the transaction, the director now directly owns 213,907 shares of the company’s stock, valued at $4,483,490.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director George Poste sold 11,686 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $20.96, for a total transaction of $244,938.56. Following the transaction, the director now owns 213,907 shares in the company, valued at $4,483,490.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jack L. Wyszomierski sold 10,923 shares of Exelixis stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $21.37, for a total transaction of $233,424.51. Following the completion of the sale, the director now owns 338,948 shares of the company’s stock, valued at $7,243,318.76. The disclosure for this sale can be found here. Insiders have sold a total of 30,896 shares of company stock valued at $660,677 in the last 90 days. Insiders own 2.85% of the company’s stock.

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.