Exelixis

EXEL · NASDAQ

$64.39+$1.71 (+2.73%)TodayMarket closed · Oct 20, 7:56 PM ET

Prev close $62.68

EXEL analyst rating

HoldConsensus of 14 analysts over the last 12 months. 29% rate it a buy.

Strong buy0
Buy4
Hold10
Underperform0
Sell0

12-month price target · 18 analysts

Average $54.97 (−14.6% downside)

Low: $41.41
Now: $64.39
High: $69.30

Upgrades and downgrades

The latest rating actions, newest first

EXEL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Oct 19, 2026	Maintains	Market Outperform	$55.00 → $65.00	14%
RBC Capital	Oct 9, 2026	Maintains	Sector Perform	$45.00 → $51.00	49%
RBC Capital	Oct 8, 2026	Maintains	Sector Perform	$46.00 → $45.00	49%
Truist Securities	Oct 7, 2026	Maintains	Hold	$52.00 → $54.00	47%
BMO Capital	Aug 19, 2026	Initiates	Market Perform	$54.00	55%
Truist Securities	Aug 6, 2026	Maintains	Hold	$56.00 → $52.00	47%
Stifel	Aug 6, 2026	Maintains	Hold	$47.00 → $51.00	46%
Morgan Stanley	Jul 23, 2026	Maintains	Equal-Weight	$50.00 → $53.00	47%
Barclays	Jul 14, 2026	Maintains	Equal-Weight	$45.00 → $49.00	46%
Wells Fargo	Jul 13, 2026	Maintains	Equal-Weight	$40.00 → $49.00	71%

The case for and against

Updated Oct 14, 2026

Bull case

Exelixis is viewed positively because cabozantinib remains a durable commercial anchor, with management describing Cabometyx as the #1 oral small-molecule leader in 2L+ NET and CABINET subgroup data showing strong PFS benefits, while the broader franchise is supported by a well-capitalized balance sheet with about $1.4B in cash and investments as of Aug 6, 2026. The company also has multiple late-stage catalysts in zanzalintinib, including STELLAR-303’s all-comers OS win and the Dec 3 and Dec 6 PDUFA decisions, which together could expand its addressable market and reinforce a “pipeline-in-a-product” profile. Even with the recent non-liver-metastases subgroup miss in STELLAR-303, the overall OS trend, broad indication optionality, and ongoing buyback support suggest the core fundamental story remains intact.

Bear case

Exelixis is vulnerable because Cabometyx remains the lead blockbuster franchise, yet its future topline is exposed to a 2030s loss of exclusivity, generic cabozantinib, and possible erosion of market share in RCC. The outlook is further weakened by developmental risk around zanzalintinib, since a miss in the cited metastatic CRC work suggests the biological mechanism may be failing, while prior physician survey work flagged payer pushback and price as major barriers to broader adoption. Even with an estimated firm value of about $13.9B and 247.5M shares outstanding, the company’s value depends heavily on uncertain pipeline execution and lifecycle protection, making downside to the base business and cash more plausible.

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