Exelixis Inc. reported insider stock sales this month as Brenda Hefti, the company's Senior Vice President and General Counsel, disposed of 18,669 shares of common stock on February 18, 2026. The sales brought in approximately $821,622 and occurred at prices ranging from $43.32 to $44.49, levels that are close to the company's then-trading price of $44.46.
According to a Form 4 filed with the U.S. Securities and Exchange Commission, the February 18 trades were carried out under a pre-arranged Rule 10b5-1 trading plan that Hefti adopted on November 19, 2025. The filing also discloses a separate transaction on February 15, 2026, in which Hefti sold 5,430 shares to satisfy tax liabilities arising from the vesting of performance-based restricted stock units. That February 15 sale was executed at $43.92 per share for a total of $238,485.
Following these dispositions, Hefti is listed as directly holding 96,512 shares of Exelixis common stock. That total includes 95,956 shares that are scheduled to be issued when restricted stock units vest. The SEC filing also notes an indirect holding of 5,527 shares through participation in the Exelixis, Inc. 401(k) Plan.
The insider sales occur against a backdrop of management share buybacks. InvestingPro data cited in regulatory filings indicates that Exelixis management has been an active buyer of the company’s stock. InvestingPro also highlights a price-to-earnings ratio of 15.94 for Exelixis and characterizes the company’s financial health with an "EXCELLENT" rating, a market capitalization of $11.57 billion, and an overall view that the stock appears undervalued relative to near-term earnings growth.
Corporate results released for the fourth quarter of 2025 were mixed. Exelixis reported earnings per share of $0.97, topping the forecasted $0.80 consensus by 21.25%. Revenue for the quarter totaled $598.66 million, which fell short of the expected $604.56 million.
Analyst responses to the quarter have been generally positive on earnings. H.C. Wainwright raised its price target from $52.00 to $54.00 and kept a Buy rating, attributing the EPS beat in part to lower-than-expected tax expenses. Citizens reiterated a Market Outperform rating and a $50.00 price target, citing optimism about the company’s cancer drug candidate zanzalintinib. That optimism is tied to encouraging data discussed in metastatic colorectal cancer at the ESMO 2025 meeting.
The stock moves by an insider and the accompanying analyst commentary highlight two parallel dynamics at play: routine executive liquidity and investor focus on clinical and financial performance. The filings make clear the mechanics of the transactions - a pre-arranged trading plan and a separate tax-covering sale tied to vesting RSUs - while the quarterly results and analyst reactions provide the context into which those moves were made.
Data snapshot
- Insider sales on February 18, 2026: 18,669 shares for ~ $821,622 at $43.32 to $44.49.
- Tax-covering sale on February 15, 2026: 5,430 shares at $43.92 for $238,485.
- Hefti ownership after transactions: 96,512 directly held shares (including 95,956 RSU-linked shares) and 5,527 indirect shares via 401(k).
- Q4 2025 results: EPS $0.97 vs. $0.80 expected; revenue $598.66 million vs. $604.56 million expected.
- Market metrics cited: P/E 15.94; market cap $11.57 billion; InvestingPro financial health rating "EXCELLENT".