Aftab Dana, the Chief Scientific Officer and Executive Vice President of Discovery (NASDAQ:WBD) and Translational Research at Exelixis, Inc. (NASDAQ:EXEL), sold 96,986 shares of the company's common stock on November 5th. The shares were sold at a price of $35 each, amounting to a total transaction value of approximately $3.39 million. This sale was conducted under a pre-established Rule 10b5-1 trading plan that Dana adopted on May 25, 2023.
Additionally, Dana exercised options to acquire the same number of shares at a price of $18.80 per share, totaling approximately $1.82 million. Following these transactions, Dana holds 498,945 shares directly and an additional 5,835 shares indirectly through a 401(k) plan. The indirect shares are part of the Exelixis, Inc. 401(k) Plan, as reported in a plan statement dated November 4, 2024.
In other recent news, Exelixis Inc (NASDAQ:EXEL). has reported robust financial performance in its third quarter of 2024. The company's net product revenues saw a 9% increase from the previous quarter, reaching $478 million, and a 12% increase year-over-year. This solid growth has led Exelixis to raise its full-year revenue guidance, with projections suggesting that U.S. sales could approach $3 billion by 2030. Notably, the company is also expanding its oncology portfolio, including a collaboration with Merck (NS:PROR) for zanzalintinib (Zanza), and is focusing on pivotal trials and product launches starting in 2026. Furthermore, the company's total revenue guidance for 2024 has been raised to between $2.15 billion and $2.2 billion. In addition to these developments, Exelixis is optimistic about the market potential for CABOMETYX in the neuroendocrine tumor (NET) market and plans to leverage its position to capture market share.
InvestingPro Insights
Exelixis, Inc. (NASDAQ:EXEL) has been experiencing significant momentum in the market, which aligns with the recent insider transaction. According to InvestingPro data, the company's stock has shown a strong 41% return over the last month and an impressive 72.61% return over the past year. This upward trend is further supported by the fact that EXEL is trading near its 52-week high, with its current price at 98.98% of that peak.
The company's financial health appears robust, with InvestingPro Tips highlighting that Exelixis holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This strong financial position may provide context for the insider's decision to exercise options and sell shares, potentially capitalizing on the stock's recent performance.
Exelixis' growth prospects also look promising. The company has reported a revenue growth of 17.31% in the last twelve months as of Q3 2024, with revenues reaching $2.08 billion. An InvestingPro Tip notes that net income is expected to grow this year, which could further boost investor confidence.
It's worth noting that InvestingPro offers 17 additional tips for Exelixis, providing investors with a comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable given the recent insider activity and the company's strong market performance.
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