The Commonwealth of Pennsylvania Public School Employees Retirement System has increased its investment in Exelixis, Inc. by 4.7% during the second quarter of 2023. This adjustment was disclosed in a recent filing with the Securities and Exchange Commission (SEC). The retirement fund now holds 70,067 shares of the biotechnology firm, which are valued at approximately $3.09 million.
During this period, the Pennsylvania fund acquired an additional 3,164 shares of Exelixis, demonstrating a commitment to the company’s potential in the oncology sector. Other institutional investors have also shown interest in Exelixis, with various hedge funds adjusting their stakes. Notably, Belpointe Asset Management LLC entered a new position valued at $572,000 in the first quarter, while Fox Run Management L.L.C. invested $321,000 during the second quarter.
As of now, institutional investors and hedge funds collectively own 85.27% of Exelixis’ shares, underscoring a strong institutional backing for the company.
Exelixis Stock Performance and Insider Transactions
On Thursday, Exelixis shares opened at $42.14. Over the past year, the stock has experienced fluctuations, with a low of $31.90 and a high of $49.62. The company currently boasts a market capitalization of $11.30 billion, a price-to-earnings (P/E) ratio of 20.26, and a beta of 0.32.
In terms of insider activity, executive vice president Dana Aftab sold 48,383 shares on November 11 at an average price of $42.50, totaling approximately $2.06 million. Following this transaction, Aftab retains 664,778 shares, worth about $28.25 million. Meanwhile, director Stelios Papadopoulos sold 100,000 shares on November 12, earning about $4.36 million from the sale. After this sale, Papadopoulos holds 1,189,228 shares, valued at approximately $51.79 million.
In the past quarter, insiders have sold a total of 173,005 shares, amounting to about $7.44 million in transactions. Currently, insiders own around 2.85% of the company’s stock.
Analyst Ratings and Company Overview
Analysts have recently updated their ratings on Exelixis. Leerink Partners upgraded the company from a “market perform” to an “outperform” rating, setting a price target of $48.00. Royal Bank of Canada reaffirmed a “sector perform” rating with a target of $45.00. Wolfe Research initiated coverage with a “peer perform” rating, while Citigroup maintained a “market outperform” rating.
As of now, the consensus among analysts is generally positive, with one rating the stock as a Strong Buy, fifteen as a Buy, and twelve as Hold. According to MarketBeat, the average rating for Exelixis stands at “Moderate Buy” with a consensus price target of $45.45.
Exelixis, Inc. focuses on developing and commercializing innovative treatments for challenging cancers. Notably, the company offers CABOMETYX tablets for advanced renal cell carcinoma and COMETRIQ capsules for medullary thyroid cancer. As the company continues to advance its portfolio, the recent support from institutional investors indicates ongoing confidence in its future prospects.
For those interested in the latest insider trades and investment strategies related to Exelixis, further details can be accessed through SEC filings and financial news platforms.
