Jeffrey Hessekiel, Executive Vice President and General Counsel at Exelixis, Inc. (NASDAQ:EXEL), a $10.15 billion market cap biotech company, recently reported significant transactions involving the company's stock. On November 29, Hessekiel sold 60,000 shares of Exelixis common stock at an average price of $36.67, totaling approximately $2.2 million. The sale occurred as the stock trades near its 52-week high of $36.97, following a remarkable 62% gain over the past six months. This transaction was part of a series of moves that also included the exercise of stock options and a gift of shares.
Earlier, on November 27, Hessekiel exercised options to acquire 129,314 shares at $18.80 per share and subsequently netted 30,406 shares after accounting for the exercise price and tax withholding. Additionally, on November 29, he gifted 15,000 shares of Exelixis stock to an undisclosed recipient. According to InvestingPro, Exelixis maintains excellent financial health with a GREAT overall score of 3.62.
Following these transactions, Hessekiel holds 471,059 shares directly, including shares expected to be issued upon the vesting of restricted stock units. Based on InvestingPro's Fair Value analysis, Exelixis currently appears slightly undervalued, with 12 additional exclusive insights available to subscribers.
In other recent news, Exelixis Inc (NASDAQ:EXEL). has been the subject of significant developments. The company recently reported a 9% increase in net product revenues from the previous quarter, reaching $478 million, during its Third Quarter 2024 Earnings Call. Year-over-year, there was a 12% increase, leading Exelixis to raise its full-year revenue guidance for 2024. The company projects that U.S. sales could approach $3 billion by 2030.
Furthermore, the U.S. Food and Drug Administration (FDA) has scheduled an Oncologic Drugs Advisory Committee (ODAC) meeting to discuss Exelixis's supplemental New Drug Application for CABOMETYX, a treatment for advanced pancreatic or extra-pancreatic neuroendocrine tumors. This meeting introduces a new layer of uncertainty, as the committee's recommendation could influence the FDA's final decision.
Exelixis has also maintained its Equal Weight rating and a $29.00 price target from a Stephens research analyst. The company's strategic initiatives include a collaboration with Merck (NS:PROR) for zanzalintinib, and a focus on pivotal trials and product launches starting in 2024. These recent developments underscore Exelixis's strong financial trajectory and potential for continued growth in the oncology market.
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