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Haley Patrick J., the Executive Vice President of Commercial at Exelixis, Inc. (NASDAQ:EXEL), recently sold a significant portion of the company’s common stock. According to a filing with the Securities and Exchange Commission, Patrick sold 10,000 shares at a price of $38.80 per share on March 3, 2025, totaling $388,000. The sale comes as Exelixis trades near its 52-week high of $39.30, with the stock delivering an impressive 73% return over the past year. InvestingPro analysis indicates the stock is currently fairly valued, with the company maintaining an excellent financial health score.
This transaction was executed under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. Following this sale, Patrick directly owns 341,028 shares of Exelixis common stock, which includes shares that will be issued upon the vesting of restricted stock units. Additionally, Patrick holds indirect ownership of shares through a spouse and a 401(k) plan, with 23,539 and 10,648 shares, respectively. Notably, while this insider sale occurred, InvestingPro data shows management has been actively buying back shares, and the company maintains a perfect Piotroski Score of 9, indicating strong financial performance. For comprehensive insider trading analysis and 14 additional key insights about Exelixis, subscribers can access the full Pro Research Report.
In other recent news, Exelixis has seen several developments that may interest investors. Truist Securities has raised its price target for Exelixis shares to $43, citing optimism from Phase 1 study results of Zanza, which could positively influence the ongoing Phase 3 study for colorectal cancer patients without liver metastases. Meanwhile, JMP Securities maintained a Market Outperform rating with a $41 price target, highlighting Exelixis’ fourth-quarter 2024 revenue that met market expectations and the promising potential of zanzalintinib in treating metastatic colorectal cancer. Stifel has also adjusted its position, increasing Exelixis’s price target to $36 from $30, although they maintain a Hold rating, reflecting cautious optimism tied to operational expenditure forecasts and the company’s share repurchase program.
The analysts at Stifel also noted the importance of the upcoming results from the STELLAR-303 trial in shaping market sentiment. Exelixis remains committed to advancing the clinical development of zanzalintinib, which is seen as a significant opportunity, potentially valued at $5 billion. The company’s management is keen on differentiating zanzalintinib from cabozantinib, focusing on improved tolerability. The recent analyst updates and price target adjustments underscore the varied perspectives on Exelixis’s future growth potential, particularly in light of their ongoing drug development efforts.
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