Thrivent Financial for Lutherans Increases Holdings in Exelixis, Inc. $EXEL

Key Points

• Thrivent Financial for Lutherans boosted its Exelixis stake by 1,821% in the fourth quarter, ending with 1,188,105 shares worth about $52.1 million.
• Exelixis reported strong first-quarter results, with earnings of $0.87 per share versus estimates of $0.75 and revenue of $610.8 million, up 10% year over year.
• Despite the earnings beat, the stock was down about 1.9% and analysts remain mixed, with a consensus rating of “Hold” and an average price target of $47.35.

Thrivent Financial for Lutherans increased its stake in shares of Exelixis, Inc. (NASDAQ:EXEL - Free Report) by 1,821.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,188,105 shares of the biotechnology company's stock after buying an additional 1,126,256 shares during the quarter. Thrivent Financial for Lutherans owned about 0.44% of Exelixis worth $52,075,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its position in Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company's stock worth $25,000 after buying an additional 292 shares in the last quarter. Anchor Investment Management LLC lifted its position in Exelixis by 500.0% during the third quarter. Anchor Investment Management LLC now owns 600 shares of the biotechnology company's stock worth $25,000 after buying an additional 500 shares in the last quarter. Root Financial Partners LLC purchased a new position in Exelixis during the third quarter worth approximately $28,000. Activest Wealth Management acquired a new stake in Exelixis during the fourth quarter worth $32,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Exelixis by 1,380.4% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 829 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 773 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Insiders Place Their Bets

In related news, Director Maria C. Freire sold 20,634 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total transaction of $949,164.00. Following the completion of the transaction, the director directly owned 100,819 shares of the company's stock, valued at $4,637,674. The trade was a 16.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director George Poste sold 60,000 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $45.71, for a total value of $2,742,600.00. Following the transaction, the director directly owned 118,832 shares of the company's stock, valued at $5,431,810.72. The trade was a 33.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 382,811 shares of company stock valued at $17,014,813. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

EXEL has been the subject of several recent analyst reports. Royal Bank Of Canada cut their target price on Exelixis from $46.00 to $43.00 and set a "sector perform" rating for the company in a research note on Monday, March 2nd. Truist Financial raised Exelixis to a "strong-buy" rating in a research note on Monday, April 27th. Wells Fargo & Company raised their target price on Exelixis from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Stifel Nicolaus raised their target price on Exelixis from $44.00 to $47.00 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. Finally, TD Cowen raised their target price on Exelixis from $51.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $47.35.

Exelixis Trading Down 1.9%

Shares of NASDAQ EXEL opened at $50.13 on Friday. Exelixis, Inc. has a twelve month low of $33.76 and a twelve month high of $51.63. The stock has a fifty day simple moving average of $44.30 and a 200-day simple moving average of $43.48. The stock has a market capitalization of $12.60 billion, a PE ratio of 16.65, a PEG ratio of 1.06 and a beta of 0.38.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.12. Exelixis had a return on equity of 39.89% and a net margin of 35.08%.The business had revenue of $610.81 million during the quarter, compared to analysts' expectations of $607.51 million. During the same period in the previous year, the firm posted $0.55 earnings per share. The company's revenue was up 10.0% on a year-over-year basis. On average, equities analysts predict that Exelixis, Inc. will post 3.15 earnings per share for the current year.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis's translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company's most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

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