Bank of America Corp DE Purchases 86,307 Shares of Exelixis, Inc. (NASDAQ:EXEL)

Bank of America Corp DE grew its position in Exelixis, Inc. (NASDAQ:EXEL) by 7.6% during the fourth quarter, HoldingsChannel reports. The firm owned 1,214,689 shares of the biotechnology company’s stock after buying an additional 86,307 shares during the quarter. Bank of America Corp DE’s holdings in Exelixis were worth $40,449,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of EXEL. Invesco Ltd. raised its position in shares of Exelixis by 308.1% in the fourth quarter. Invesco Ltd. now owns 3,975,241 shares of the biotechnology company’s stock valued at $132,376,000 after purchasing an additional 3,001,204 shares during the period. Norges Bank bought a new position in shares of Exelixis in the fourth quarter valued at approximately $94,867,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Exelixis by 330.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,484,395 shares of the biotechnology company’s stock valued at $82,730,000 after purchasing an additional 1,907,167 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Exelixis by 104.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,159,395 shares of the biotechnology company’s stock valued at $105,208,000 after purchasing an additional 1,613,482 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Exelixis by 25.7% in the fourth quarter. AQR Capital Management LLC now owns 3,967,005 shares of the biotechnology company’s stock valued at $132,101,000 after purchasing an additional 810,857 shares during the period. Institutional investors own 85.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EXEL. Piper Sandler boosted their target price on shares of Exelixis from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Exelixis in a research report on Thursday, March 27th. StockNews.com lowered shares of Exelixis from a “strong-buy” rating to a “buy” rating in a research report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $41.00 target price on shares of Exelixis in a research report on Thursday, April 17th. Finally, Truist Financial lifted their price target on shares of Exelixis from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.76.

Exelixis Stock Performance

Shares of NASDAQ:EXEL opened at $46.26 on Friday. Exelixis, Inc. has a 52 week low of $20.14 and a 52 week high of $48.85. The company’s fifty day moving average is $37.06 and its 200-day moving average is $35.68. The company has a market capitalization of $12.75 billion, a PE ratio of 26.14, a P/E/G ratio of 1.13 and a beta of 0.25.

Exelixis (NASDAQ:EXEL) last issued its earnings results on Tuesday, February 11th. The biotechnology company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.03). Exelixis had a net margin of 24.04% and a return on equity of 23.52%. On average, analysts forecast that Exelixis, Inc. will post 2.04 EPS for the current year.

Insider Activity

In other news, EVP Patrick J. Haley sold 52,636 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $36.98, for a total value of $1,946,479.28. Following the sale, the executive vice president now owns 303,310 shares in the company, valued at approximately $11,216,403.80. The trade was a 14.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bob Oliver sold 18,647 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $37.25, for a total transaction of $694,600.75. Following the completion of the sale, the director now owns 33,514 shares in the company, valued at $1,248,396.50. This represents a 35.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 129,641 shares of company stock worth $4,810,161. Corporate insiders own 2.82% of the company’s stock.

About Exelixis

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.