Exelixis, Inc. (NASDAQ:EXEL) rose to $18.91 per share in the last trading day compared to a prior close of $17.58. The management team hold 0.8 percent of the stock. Scangos George A ranks as top insider in Exelixis, Inc., noted in the Company’s filings with the U.S. Securities and Exchange Commission. The insider’s stake of 1,310,210 shares is worth $24,776,071. Papadopoulos Stelios is ranked No.2 with 1,228,471 shares as of Jan 04, 2016, which sits at a market value around $23,230,387. Willsey Lance is another big name in this category. This insider owns 568,273 EXEL shares, amounting to about $10,746,042 as of recent trading price which is 22.77% above its 20-day moving average and 83.31% above its 50-day moving average. The equity added 49.96% over the trailing 3 months.
Exelixis, Inc. (NASDAQ:EXEL) on January 9, 2017 announced that Genentech, Inc. has withdrawn its counterclaim against Exelixis in the ongoing JAMS arbitration concerning alleged breaches of the parties’ collaboration agreement. Genentech had asserted a counterclaim for breach of contract, which sought monetary damages and interest related to cost allocations under the collaboration agreement. When notifying the arbitral panel, and Exelixis, of this unilateral action, Genentech further stated that it is changing the manner in which it allocates promotional expenses of the COTELLIC® (cobimetinib) plus Zelboraf® (vemurafenib) combination therapy.
As a result of Genentech’s decision to change its cost allocation approach, Exelixis is relieved of $18.7 million of disputed costs previously charged by Genentech. Exelixis has invoiced Genentech an additional $7.1 million with interest for expenses that Exelixis paid previously.
Genentech’s revised allocation applies retrospectively and prospectively and will substantially reduce Exelixis’ exposure to costs associated with promotion of the COTELLIC + Zelboraf combination in the United States. Exelixis and Genentech have shared promotional costs since commercial activities were initiated in early 2013. As detailed in previous regulatory filings, Exelixis charged its Profit and Loss Statement approximately $38 million for promotional costs through the third quarter of 2016. With the new approach that Genentech has adopted unilaterally, Exelixis’ liability for promotional costs will be reduced to approximately $15 million for the same period.
Other significant issues remain in dispute between the parties. Genentech’s action does not address the claims in Exelixis’ Demand for Arbitration related to Genentech’s clinical development, pricing and promotional costs for COTELLIC in the United States, nor does it fully resolve claims over revenue allocation. And, Genentech has not confirmed how it intends to allocate promotional costs incurred with respect to the collaboration’s promotion of other combination therapies that include cobimetinib for other indications that are in development and may be approved. Exelixis will continue to press its position before the arbitral panel to obtain a just resolution of these claims and the clarity it requires.
Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) shares closed at $2.02, up 0.13 points or 6.88 percent from the previous close price. The up to date insider trading filings show Director GIVEN DOUGLAS B has disposed of 12,000 shares,reducing the ownership to 70,000 units. The transaction occurred on Oct 14, 2016, at $6.72 per share worth a total $80,640. There was another major transaction on the insider-trading front. Myszkowski Kenneth Allen, CFO at ARWR bought 20,000 common shares at a per share price of $8 to hold 115,689 shares. The stock recently traded at a volume of 0 shares vs. an average volume of 1.86M. The latest closing price is now lower -72.1% for the past quarter. The price is now -34.44% below its 50-day moving average and -62.46% below its 200-day moving average. The percentage change return over the last fifty two weeks remained -59.92%. The price range in the same period had a highest hit of $8.22 while lowest level in that period was $1.2.
Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) develops novel drugs to treat intractable diseases in the United States. Its pre-clinical stage drug candidates include ARO-HBV to treat chronic hepatitis B virus infection; ARO-AAT to treat liver disease associated with alpha-1 antitrypsin deficiency; ARO-LPA to reduce production of apolipoprotein A; ARO-AMG1, which is developed against an undisclosed genetically validated cardiovascular target; and ARO-F12, a potential treatment for factor 12 mediated diseases, such as hereditary angioedema and thromboembolic disorders. The company also develops ARO-HIF2, a drug candidate for the treatment of clear cell renal cell carcinoma. Arrowhead Pharmaceuticals, Inc. has collaboration and license agreements with Amgen, Inc.