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On February 14, Maria C. Freire, a director at Exelixis, Inc. (NASDAQ:EXEL), executed a significant stock transaction involving the company’s common stock. The transaction comes as the company’s shares trade near their 52-week high of $37.59, having delivered an impressive 70% return over the past year. According to a recent SEC filing, Freire sold 44,114 shares at an average price of $34.94 per share, totaling approximately $1.54 million.
In addition to the sale, Freire exercised options to acquire a total of 44,114 shares of Exelixis common stock. These options were exercised at prices ranging from $20.50 to $22.10 per share, amounting to a total value of $949,521.
Following these transactions, Freire holds 91,007 shares directly, including shares that will be issued upon vesting of restricted stock units.
In other recent news, Exelixis has caught the attention of several analyst firms with updates on its financial targets and drug development progress. Truist Securities raised its price target for Exelixis shares to $43, citing optimism from Phase 1 study results for the drug Zanza, which could lead to positive outcomes in the ongoing Phase 3 study for colorectal cancer patients without liver metastases. Meanwhile, Stifel adjusted its price target to $36, maintaining a Hold rating, influenced by the company’s share repurchase program and operational expenditure forecasts. Stifel’s outlook also considers the lowered probability of success for Zanza in treating certain cancers, which impacts their valuation.
JMP Securities maintained a Market Outperform rating with a $41 price target, noting that Exelixis’ fourth quarter 2024 revenue met market expectations. The firm emphasized the developmental focus on Zanza, highlighting its potential as a significant opportunity for the company. Exelixis management is differentiating Zanza from its other product, cabozantinib, aiming to improve on certain clinical performance aspects.
Additionally, Exelixis presented data from the STELLAR-001 study at a recent meeting, providing incremental efficacy data for Zanza. This data supports Truist Securities’ increased confidence in the Phase 3 STELLAR-303 trial, expected to have a significant impact on market sentiment. These developments reflect the company’s ongoing efforts to advance its drug pipeline and the mixed but largely positive analyst sentiment surrounding its future prospects.
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