Pallas Capital Advisors LLC Acquires 13,572 Shares of Exelixis, Inc. (NASDAQ:EXEL)

Pallas Capital Advisors LLC raised its stake in shares of Exelixis, Inc. (NASDAQ:EXEL) by 155.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,327 shares of the biotechnology company’s stock after purchasing an additional 13,572 shares during the period. Pallas Capital Advisors LLC’s holdings in Exelixis were worth $743,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. V Square Quantitative Management LLC bought a new position in shares of Exelixis during the third quarter worth about $30,000. Brooklyn Investment Group bought a new position in Exelixis during the 3rd quarter worth approximately $42,000. Capital Performance Advisors LLP acquired a new position in shares of Exelixis in the 3rd quarter worth approximately $61,000. Essex Investment Management Co. LLC bought a new stake in shares of Exelixis in the 3rd quarter valued at $74,000. Finally, GAMMA Investing LLC increased its position in shares of Exelixis by 50.0% during the third quarter. GAMMA Investing LLC now owns 3,010 shares of the biotechnology company’s stock worth $78,000 after buying an additional 1,004 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Dana Aftab sold 1,162 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $31.40, for a total transaction of $36,486.80. Following the completion of the sale, the executive vice president now owns 498,945 shares in the company, valued at $15,666,873. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey Hessekiel sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.39, for a total value of $709,750.00. Following the completion of the transaction, the executive vice president now owns 580,325 shares in the company, valued at approximately $16,475,426.75. The trade was a 4.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,736 shares of company stock valued at $10,849,110. Company insiders own 2.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Exelixis from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Monday. Stephens raised their target price on Exelixis from $23.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. JMP Securities reissued a “market outperform” rating and issued a $29.00 price target on shares of Exelixis in a research note on Friday, October 11th. Morgan Stanley upped their price objective on shares of Exelixis from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Finally, Wells Fargo & Company raised their target price on Exelixis from $32.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.75.

Exelixis Stock Performance

Shares of EXEL stock opened at $35.65 on Wednesday. Exelixis, Inc. has a 52-week low of $20.01 and a 52-week high of $36.97. The company has a 50-day simple moving average of $34.90 and a two-hundred day simple moving average of $28.99. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 22.85, a PEG ratio of 0.88 and a beta of 0.53.

Exelixis (NASDAQ:EXEL) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. The business had revenue of $539.50 million for the quarter, compared to analysts’ expectations of $490.31 million. Exelixis had a return on equity of 20.99% and a net margin of 22.43%. The business’s revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 earnings per share. On average, sell-side analysts forecast that Exelixis, Inc. will post 1.69 EPS for the current fiscal year.

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.