Prasad Wealth Partners LLC Acquires Shares of 16,000 Exelixis, Inc. (NASDAQ:EXEL)

Prasad Wealth Partners LLC acquired a new stake in Exelixis, Inc. (NASDAQ:EXEL) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,000 shares of the biotechnology company’s stock, valued at approximately $533,000.

A number of other institutional investors also recently bought and sold shares of the business. IFP Advisors Inc increased its stake in Exelixis by 33.1% in the fourth quarter. IFP Advisors Inc now owns 16,529 shares of the biotechnology company’s stock valued at $550,000 after purchasing an additional 4,110 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Exelixis by 322.0% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 56,522 shares of the biotechnology company’s stock valued at $1,882,000 after purchasing an additional 43,129 shares during the period. Navellier & Associates Inc. increased its stake in Exelixis by 41.3% in the fourth quarter. Navellier & Associates Inc. now owns 31,179 shares of the biotechnology company’s stock valued at $1,038,000 after purchasing an additional 9,109 shares during the period. Morningstar Investment Management LLC acquired a new position in shares of Exelixis during the fourth quarter worth about $221,000. Finally, Ieq Capital LLC acquired a new position in shares of Exelixis during the fourth quarter worth about $6,466,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Jeffrey Hessekiel sold 60,000 shares of the company’s 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 completion of the transaction, the executive vice president now owns 486,059 shares of the company’s stock, valued at approximately $17,823,783.53. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary C. Beckerle sold 12,210 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $34.88, for a total transaction of $425,884.80. Following the transaction, the director now directly owns 30,406 shares of the company’s stock, valued at $1,060,561.28. This trade represents a 28.65 % decrease in their position. The disclosure for this sale can be found here. 2.85% of the stock is currently owned by company insiders.

Exelixis Price Performance

NASDAQ:EXEL opened at $37.13 on Tuesday. The firm has a 50 day simple moving average of $34.22 and a 200-day simple moving average of $31.39. The firm has a market cap of $10.39 billion, a PE ratio of 20.98, a P/E/G ratio of 1.13 and a beta of 0.53. Exelixis, Inc. has a 1-year low of $20.14 and a 1-year high of $37.59.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, February 11th. The biotechnology company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). Exelixis had a net margin of 24.04% and a return on equity of 23.52%. As a group, sell-side analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EXEL. Guggenheim reiterated a “buy” rating and set a $42.00 price target on shares of Exelixis in a research note on Wednesday, February 12th. 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. JMP Securities reissued a “market outperform” rating and set a $41.00 price objective on shares of Exelixis in a report on Thursday, January 23rd. Bank of America downgraded shares of Exelixis from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $35.00 to $39.00 in a report on Tuesday, December 17th. Finally, Piper Sandler boosted their price objective on shares of Exelixis from $37.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.24.

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.