The Commonwealth of Pennsylvania Public School Employees Retirement System increased its investment in Exelixis, Inc. by 4.7% during the second quarter of 2023, according to its recent 13F filing with the Securities and Exchange Commission (SEC). The retirement system now holds 70,067 shares of the biotechnology firm, valued at approximately $3.09 million at the end of the reporting period.
This adjustment in holdings is part of a broader trend, as other institutional investors have also modified their stakes in Exelixis. For instance, Belpointe Asset Management LLC acquired a new position in Exelixis valued at $572,000 in the first quarter. Similarly, Fox Run Management L.L.C. and D.A. Davidson & Co. made new investments valued at $321,000 and $212,000, respectively, during the second quarter. Notably, insider ownership remains significant, with institutional investors and hedge funds collectively owning 85.27% of the company’s stock.
Exelixis shares experienced a slight decline of 1.2% on Thursday, opening at $42.14. The company has seen a twelve-month trading range with a low of $31.90 and a high of $49.62. Exelixis currently holds a market capitalization of $11.3 billion and has a price-to-earnings (P/E) ratio of 20.26.
Recent Insider Transactions
In addition to institutional movements, recent insider transactions have also drawn attention. On November 11, 2023, Executive Vice President Dana Aftab sold 48,383 shares of Exelixis stock for an average price of $42.50, totaling approximately $2.06 million. This transaction reduced Aftab’s holdings to 664,778 shares, valued at around $28.25 million.
Similarly, on November 12, Director Stelios Papadopoulos sold 100,000 shares at an average price of $43.55, amounting to $4.36 million. Following this sale, Papadopoulos retains 1,189,228 shares, valued at about $51.79 million. Over the last quarter, insiders sold a total of 173,005 shares, worth $7.44 million, indicating a modest insider ownership level of 2.85%.
Analyst Ratings and Future Outlook
Exelixis has received mixed reviews from analysts recently. Leerink Partners upgraded the company’s stock from a “market perform” rating to “outperform,” setting a price target of $48.00. Royal Bank of Canada maintained a “sector perform” rating with a price target of $45.00. Wolfe Research initiated coverage with a “peer perform” rating, while Citigroup reaffirmed a “market outperform” rating.
Overall, analysts have provided a consensus rating of “Moderate Buy” with an average price target of $45.45. Among the analysts, one rates the stock as a Strong Buy, fifteen recommend a Buy, and twelve have assigned a Hold rating.
Exelixis, Inc. focuses on the discovery, development, and commercialization of innovative therapies for challenging cancers. Its notable products include CABOMETYX, used to treat advanced renal cell carcinoma, and COMETRIQ, aimed at progressive and metastatic medullary thyroid cancer.
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