Exelixis, Inc. (EXEL) Stock Price Down 12.6% Following Insider Selling
Exelixis, Inc. (NASDAQ:EXEL) traded down 12.6% during trading on Friday following insider selling activity. The company traded as low as $24.07 and last traded at $24.47. 10,832,357 shares changed hands during trading, an increase of 160% from the average session volume of 4,168,140 shares. The stock had previously closed at $28.01.
Specifically, insider Michael Morrissey sold 300,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $26.90, for a total value of $8,070,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Christopher J. Senner sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $26.79, for a total transaction of $2,679,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 842,850 shares of company stock worth $22,881,564. Company insiders own 5.10% of the company’s stock.
Several equities analysts have recently commented on the stock. Leerink Swann lowered shares of Exelixis from an “outperform” rating to a “market perform” rating in a report on Friday. BidaskClub upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a report on Friday, August 25th. Royal Bank Of Canada assumed coverage on shares of Exelixis in a report on Thursday, September 14th. They issued an “outperform” rating and a $32.00 price objective on the stock. TheStreet upgraded shares of Exelixis from a “c” rating to a “b-” rating in a report on Monday, August 7th. Finally, Cowen and Company restated an “outperform” rating on shares of Exelixis in a report on Thursday, August 10th. Six analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Exelixis has a consensus rating of “Buy” and an average price target of $26.51.
The firm has a market cap of $7.19 billion, a P/E ratio of 123.59 and a beta of 1.97. The stock has a 50 day moving average price of $27.08 and a 200-day moving average price of $23.49.
Exelixis (NASDAQ:EXEL) last released its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. Exelixis had a net margin of 18.20% and a return on equity of 80.43%. The company had revenue of $99.01 million during the quarter, compared to the consensus estimate of $85.27 million. During the same period in the previous year, the firm earned ($0.15) earnings per share. Exelixis’s revenue for the quarter was up 173.1% on a year-over-year basis. Equities research analysts predict that Exelixis, Inc. will post $0.27 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in Exelixis by 2.0% during the second quarter. FMR LLC now owns 43,748,695 shares of the biotechnology company’s stock worth $1,077,530,000 after buying an additional 857,452 shares during the period. Vanguard Group Inc. grew its stake in Exelixis by 7.2% during the second quarter. Vanguard Group Inc. now owns 25,441,964 shares of the biotechnology company’s stock worth $626,635,000 after buying an additional 1,706,893 shares during the period. Meditor Group Ltd grew its stake in Exelixis by 5.5% during the second quarter. Meditor Group Ltd now owns 20,229,713 shares of the biotechnology company’s stock worth $498,258,000 after buying an additional 1,046,000 shares during the period. BlackRock Inc. grew its stake in Exelixis by 33,678.5% during the first quarter. BlackRock Inc. now owns 19,155,466 shares of the biotechnology company’s stock worth $415,099,000 after buying an additional 19,098,757 shares during the period. Finally, Matrix Capital Management Company LP grew its stake in Exelixis by 8.8% during the second quarter. Matrix Capital Management Company LP now owns 15,117,460 shares of the biotechnology company’s stock worth $372,343,000 after buying an additional 1,225,000 shares during the period. Institutional investors own 79.20% of the company’s stock.
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Exelixis Company Profile
Exelixis, Inc is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company’s cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors.
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