Corebridge Financial Inc. Trims Stock Holdings in Exelixis, Inc. $EXEL

Key Points

• Corebridge Financial Inc. reduced its stake in Exelixis, Inc. by 4.3% in Q1, owning 311,725 shares valued at approximately $11.5 million at the end of the period.
• Exelixis' quarterly earnings surpassed estimates, reporting $0.75 EPS against a consensus of $0.63, although revenue of $568.26 million fell short of projections.
• Equities research analysts have adjusted their target prices for Exelixis, with a consensus rating of “Moderate Buy” and an average target price of $44.06.

Corebridge Financial Inc. trimmed its position in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 311,725 shares of the biotechnology company's stock after selling 14,070 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Exelixis worth $11,509,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in EXEL. Frank Rimerman Advisors LLC increased its stake in Exelixis by 4.7% in the first quarter. Frank Rimerman Advisors LLC now owns 6,342 shares of the biotechnology company's stock valued at $234,000 after purchasing an additional 285 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Exelixis by 6.1% in the first quarter. Farther Finance Advisors LLC now owns 5,372 shares of the biotechnology company's stock valued at $195,000 after purchasing an additional 307 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in Exelixis by 1.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 17,203 shares of the biotechnology company's stock valued at $573,000 after purchasing an additional 317 shares during the last quarter. Rathbones Group PLC increased its stake in Exelixis by 5.3% in the first quarter. Rathbones Group PLC now owns 6,847 shares of the biotechnology company's stock valued at $253,000 after purchasing an additional 347 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Exelixis by 9.2% in the first quarter. Larson Financial Group LLC now owns 4,367 shares of the biotechnology company's stock valued at $161,000 after purchasing an additional 367 shares during the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EXEL has been the subject of several analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $50.00 target price on shares of Exelixis in a research note on Tuesday, July 29th. HC Wainwright dropped their target price on Exelixis from $53.00 to $46.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Bank of America upped their target price on Exelixis from $45.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, June 5th. Zacks Research lowered Exelixis from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Finally, Guggenheim restated a "buy" rating and set a $45.00 price target on shares of Exelixis in a research note on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Exelixis currently has an average rating of "Moderate Buy" and a consensus target price of $44.06.

Insider Activity

In related news, Director Jack L. Wyszomierski sold 7,535 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $43.09, for a total value of $324,683.15. Following the completion of the transaction, the director owned 358,882 shares of the company's stock, valued at approximately $15,464,225.38. This represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.82% of the company's stock.

Exelixis Stock Performance

Shares of EXEL stock traded down $0.48 during trading hours on Monday, reaching $37.42. The company had a trading volume of 2,589,106 shares, compared to its average volume of 2,502,768. Exelixis, Inc. has a twelve month low of $25.12 and a twelve month high of $49.62. The company has a market capitalization of $10.07 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 0.77 and a beta of 0.32. The stock's fifty day simple moving average is $41.26 and its 200 day simple moving average is $39.53.

Exelixis (NASDAQ:EXEL - Get Free Report) last posted its earnings results on Monday, July 28th. The biotechnology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.12. Exelixis had a return on equity of 27.47% and a net margin of 27.01%.The business had revenue of $568.26 million during the quarter, compared to analyst estimates of $574.36 million. During the same quarter last year, the firm earned $0.84 earnings per share. The company's revenue for the quarter was down 10.8% compared to the same quarter last year. Exelixis has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Exelixis, Inc. will post 2.04 earnings per share for the current year.

Exelixis Company 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.