CreativeOne Wealth Increases Stake in Exelixis by 70.6%

CreativeOne Wealth LLC has significantly increased its investment in Exelixis, Inc. (NASDAQ: EXEL), raising its stake by 70.6% during the second quarter of 2023. The firm disclosed that it acquired an additional 5,630 shares, bringing its total holdings to 13,607 shares, valued at approximately $600,000 as of its latest filing with the Securities and Exchange Commission (SEC).

This move aligns with a broader trend among institutional investors, as several hedge funds have also adjusted their positions in Exelixis recently. For instance, Byrne Asset Management LLC reported a 129.0% increase in its holdings, now owning 710 shares valued at $31,000 after acquiring an additional 400 shares. Family Legacy Financial Solutions LLC purchased a new stake worth about $33,000 during the same period. Hemington Wealth Management raised its position by 211.3% in the first quarter, owning 769 shares worth around $28,000. Steph & Co. and Costello Asset Management also entered the fray with new positions valued at $44,000 and $39,000, respectively. Overall, institutional investors own about 85.27% of Exelixis stock.

Insider Transactions Reveal Activity

In related developments, Director Stelios Papadopoulos sold 100,000 shares of Exelixis stock on November 12, 2023, at an average price of $43.55. This transaction totaled $4,355,000, reducing his ownership by 7.76% to 1,189,228 shares, valued at approximately $51.79 million.

Another insider, Director Mary C. Beckerle, sold 24,622 shares on November 11, 2023, for about $1,032,400.46, which represented a 53.52% decrease in her holdings. Following this sale, Beckerle owns 21,380 shares, valued at $896,463.40. Over the past three months, insiders have sold a total of 245,235 shares, amounting to over $10.49 million. Notably, company insiders now hold 2.82% of the company’s stock.

Market Performance and Future Outlook

As of the latest trading session, shares of Exelixis opened at $44.12, reflecting a slight decrease of 0.2%. The company boasts a market capitalization of $11.83 billion and a price-to-earnings ratio of 21.21, while its PEG ratio stands at 0.79. Over the past year, Exelixis has seen its stock fluctuate between a low of $31.90 and a high of $49.62.

On November 4, 2023, Exelixis reported quarterly earnings of $0.78 per share, surpassing analysts’ expectations of $0.68. The company generated a revenue of $597.76 million, exceeding estimates of $590.04 million and reflecting a year-over-year increase of 10.8%. With the firm’s fiscal year 2025 guidance projected at an earnings per share of $2.04, analysts remain optimistic about Exelixis’s growth trajectory.

Exelixis, Inc. focuses on the discovery, development, and commercialization of innovative treatments for challenging cancers, including its flagship products, CABOMETYX and COMETRIQ. As the biotechnology sector continues to evolve, Exelixis is positioning itself for future opportunities in the oncology market.