TriaGen Wealth Management LLC has made a significant investment in Exelixis, Inc. by acquiring 49,001 shares of the biotechnology company, valued at approximately $2,024,000. This purchase occurred during the third quarter of 2023, as revealed in a recent disclosure to the Securities and Exchange Commission (SEC).
The acquisition by TriaGen is part of a broader trend, with several other institutional investors adjusting their stakes in Exelixis, which trades under the ticker symbol NASDAQ:EXEL. Notably, Commonwealth Equity Services LLC increased its holdings by 43.3%, acquiring an additional 115,395 shares, bringing its total to 381,659 shares worth approximately $15.76 million. Earned Wealth Advisors LLC also expanded its position by 8.5%, now owning 6,205 shares valued at $256,000.
Asset Management One Co. Ltd. made a remarkable increase of 106.0% in its investment, now holding 40,166 shares worth around $1.66 million. Global Retirement Partners LLC grew its stake by an impressive 876.2%, with ownership of 16,547 shares valued at $683,000. Merit Financial Group LLC also raised its investment by 70.1%, holding 69,341 shares worth $2.86 million. Collectively, institutional investors currently own 85.27% of Exelixis’s stock.
Analyst Ratings and Market Performance
Analysts have recently scrutinized Exelixis, offering various ratings on the stock. Wolfe Research initiated coverage on November 18, 2023, assigning a “peer perform” rating. Weiss Ratings reaffirmed a “buy (b)” rating on October 8, while Wall Street Zen upgraded the stock from “buy” to “strong-buy” on December 14. Leerink Partners also raised their rating from “hold” to “strong-buy” on October 21. Despite this, Wells Fargo & Company decreased their price target from $36.00 to $30.00, maintaining an “equal weight” rating.
Overall, the consensus from analysts is positive, with one rating of strong buy, thirteen buy ratings, eleven hold ratings, and one sell rating. According to data from MarketBeat.com, Exelixis has an average rating of “Moderate Buy” with a consensus price target of $45.74.
As of the latest trading session, Exelixis shares opened at $43.58, reflecting a slight decline of 0.6%. The company boasts a market capitalization of $11.68 billion and a price-to-earnings (P/E) ratio of 18.39. Over the past 12 months, shares have ranged from a low of $31.90 to a high of $49.62.
Recent Financial Results and Insider Activity
Exelixis reported its quarterly earnings on November 4, 2023, achieving earnings per share of $0.78, surpassing analyst expectations of $0.68. The company recorded revenues of $597.76 million for the quarter, exceeding forecasts of $590.04 million. Year-over-year, this represented a 10.8% increase in revenue.
In terms of insider trading, Executive Vice President Patrick J. Haley sold 28,043 shares on November 21 at an average price of $42.58, totaling around $1.19 million. Following this sale, he retained 374,029 shares valued at approximately $15.93 million. Another EVP, Dana Aftab, sold 48,383 shares on November 11 for approximately $2.06 million, reducing his stake by 6.78%.
Insider transactions over the past 90 days have seen a total of 245,235 shares worth $10.49 million sold by company insiders, who collectively own 2.85% of Exelixis’s stock.
Exelixis, Inc. remains a key player in the biotechnology sector, focusing on the discovery, development, and commercialization of small molecule therapies for cancer treatment. The company’s research targets kinase inhibitors that play critical roles in tumor growth and metastasis, with notable products including CABOMETYX® and COMETRIQ®.
