Did Hedge Funds Sell Out Of Exelixis, Inc. (EXEL) Too Soon? Shares Jump On Regulatory Approval of Cobimetinib

What does the smart money think about Exelixis, Inc. (NASDAQ:EXEL)?

Mark Lampert’s Biotechnology Value Fund came out as the top stockholder of the company, having 2.77 million shares valued at $10.41 million. However, the investment fund reduced its stake in the company by 45% against the previous quarter. Citadel Investment Group, led by Ken Griffin, was another major shareholder of the company, improving its stake by 870% to 2.45 million shares at the end of the second quarter.

Springbok Capital, led by Gavin Saitowitz and Cisco J. Del Valle, initiated a new position in Exelixis, Inc. (NASDAQ:EXEL) worth $38,000 from 10,057 shares. Among the hedge funds cutting their stakes in the biopharmaceutical by huge amounts was Israel Englander’s Millennium Management, which trimmed its stake by 90% to 110,492 shares at the end of the second quarter. D E Shaw was another investment firm to reduce its stake, by 50% to 54,988 shares.

Regulatory approvals and successful test results are great catalysts for any biopharmaceutical company, as witnessed by the Exelixis’ robust growth this year. Considering the positive test results in July and the obtained regulatory approval, we recommend investors initiate new positions in Exelixis, Inc. (NASDAQ:EXEL) before it appreciates too much.

Disclosure: None