Haley Patrick J., Executive Vice President of Commercial at Exelixis, Inc. (NASDAQ:), recently sold 10,000 shares of the company’s common stock. The transaction, which occurred on November 22, 2024, was executed at a price of $35.27 per share, amounting to a total sale value of $352,700.
This sale was conducted under a Rule 10b5-1 trading plan, which was adopted by Patrick on August 19, 2024. Following the transaction, Patrick retains direct ownership of 278,665 shares, which includes 210,622 shares to be issued upon the vesting of restricted stock units. Additionally, Patrick holds 23,539 shares indirectly through a spouse and 10,648 shares through a 401(k) plan.
Exelixis, headquartered in Alameda, California, operates in the life sciences sector, focusing on the development of biological products.
In other recent news, Exelixis, Inc. has reported robust financial growth in its Third Quarter 2024 Earnings Call, resulting in an increase of its 2024 revenue guidance. The company’s net product revenues saw a 9% surge from the previous quarter, totaling $478 million, and a 12% increase year-over-year. Given these developments, Exelixis has revised its full-year revenue projection upwards. In addition to financial growth, the company highlighted its expanding oncology portfolio, including a partnership with Merck (NS:) for zanzalintinib (Zanza), and its focus on pivotal trials and product launches commencing in 2026. The company anticipates U.S. sales to approach $3 billion by 2030. A favorable ruling in the Cabo ANDA litigation and the Merck partnership are expected to fuel mid- to long-term revenue growth. These recent developments indicate a strong financial and strategic position for Exelixis in the oncology market.
InvestingPro Insights
Exelixis, Inc. (NASDAQ:EXEL) has been experiencing significant momentum in the market, as evidenced by its strong financial performance and stock price appreciation. According to InvestingPro data, the company’s market capitalization stands at $10.4 billion, reflecting its substantial presence in the life sciences sector.
The recent insider sale by Haley Patrick J. comes at a time when Exelixis is trading near its 52-week high, with the stock price at 99.26% of its peak. This aligns with an InvestingPro Tip indicating that the company has seen a strong return over the last month, with a 30.79% price total return in the past 30 days.
Exelixis’ financial health appears robust, with an InvestingPro Tip highlighting that the company holds more cash than debt on its balance sheet. This strong liquidity position is further supported by the fact that liquid assets exceed short-term obligations, providing financial flexibility for ongoing research and development efforts.
The company’s growth trajectory is also noteworthy, with revenue increasing by 17.31% over the last twelve months to $2.08 billion. This growth is complemented by a impressive gross profit margin of 96.25%, underscoring Exelixis’ efficiency in its operations.
For investors seeking more comprehensive insights, InvestingPro offers an additional 14 tips for Exelixis, providing a deeper analysis of the company’s financial position and market performance.
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