Julie Smith, serving on the board of Exelixis, Inc. (EXEL), completed a series of option exercises and immediate open-market sales that together amounted to 106,539 shares of the company’s common stock. The transactions took place on February 17 and 18, 2026, and generated approximately $4.68 million in gross proceeds, with sale prices ranging from $43.33 to $44.50 per share.
The stock dispositions followed the exercise of options to acquire the same 106,539 shares at a total exercise cost of $2,060,953. The individual option exercise prices ranged from $18.19 to $21.69 per share.
Transaction details by date and tranche are as follows:
- On February 17, Smith exercised options to purchase 42,422 shares at an exercise price of $18.19 and sold those 42,422 shares at $43.33.
- On February 18, she exercised options to acquire 44,087 shares at $19.39 and 20,030 shares at $21.69. Following those exercises, she sold the 44,087 shares at $44.50 and the 20,030 shares at $44.30.
At the time of the reported transactions, Exelixis shares were trading at $44.16. The company’s stock has rallied over the past year, gaining 26% during that period.
An analysis noted that Exelixis appears to be trading at a price-to-earnings ratio of 16.01, a valuation that was characterized as presenting upside relative to peers. The same analytical resource also lists additional research content and tips on the company.
After these option exercises and sales, Smith retains direct ownership of 20,590 shares of Exelixis common stock. That holding includes 9,812 shares that remain subject to issuance upon the vesting of restricted stock units.
Corporate results released for the fourth quarter of 2025 show Exelixis reported earnings per share of $0.97, exceeding analyst expectations of $0.80 by 21.25%. Revenue for the quarter came in at $598.66 million, slightly below the consensus projection of $604.56 million.
Market reactions among sell-side analysts included a price-target move and reaffirmations. H.C. Wainwright raised its price target on Exelixis from $52 to $54 and maintained a Buy rating, attributing the EPS outperformance chiefly to lower-than-expected tax expenses. Separately, Citizens reiterated a Market Outperform rating and kept a $50 price target, highlighting optimism about Exelixis’s oncology candidate zanzalintinib, including commentary relating to its potential in metastatic colorectal cancer discussed at ESMO 2025.
The sequence of option exercises, share sales, recent quarterly results and analyst commentary together form the immediate observable developments regarding Exelixis. The disclosures show both management and market activity during a period of mixed operational signals: a clear EPS beat accompanied by a modest revenue shortfall and ongoing analyst scrutiny of the company’s lead therapeutic program.