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Exelixis, Inc. (EXEL) Presents at Citigroup's Biopharma Back to School Summit 2026 Transcript

A month has gone by since the last earnings report for Exelixis (EXEL - Free Report) . Shares have added about 13.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Exelixis due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

EXEL Tops Q2 Earnings Estimates, Misses on Sales, Lowers '26 View

Exelixis reported adjusted earnings per share (EPS) of 91 cents in the second quarter, which comfortably beat the Zacks Consensus Estimate of 86 cents. The company posted adjusted EPS of 75 cents in the year-ago quarter. Adjusted earnings excluded the impact of stock-based compensation expenses.

Including stock-based compensation expense, EPS was 82 cents compared with 65 cents in the year-ago period.

The bottom-line growth can be attributed to higher operating income and a decrease in shares outstanding due to ongoing buybacks.

Revenues rose 10.6% year over year to $628.7 million but missed the Zacks Consensus Estimate of $635 million.

EXEL's Product Sales Maintain Growth

Net product revenues increased to $573.03 million from $520.01 million in the year-ago quarter, primarily due to higher sales volume.

Cabometyx (cabozantinib) generated revenues of $570.6 million, which missed the Zacks Consensus Estimate of $578 million and our model estimate of $575 million. The drug is approved for advanced renal cell carcinoma (RCC) and previously treated hepatocellular carcinoma.

Cabometyx remained the leading prescribed tyrosine kinase inhibitor (TKI) in RCC. Its total prescription share within the company’s tracked oral TKI market basket increased to 47% from 45% a year earlier, while prescription volume rose 12%, outpacing the market basket’s 6% growth.

In March 2025, Exelixis obtained FDA approval for the label expansion of Cabometyx for the treatment of adult and pediatric patients 12 years of age and older with previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic and extra-pancreatic neuroendocrine tumors (pNET). The drug was also approved for adult and pediatric patients 12 years of age and older with previously treated, unresectable, locally advanced or metastatic, well-differentiated extra-pancreatic NET (epNET).  

However, the neuroendocrine tumor indication expanded more gradually than management had projected. Exelixis attributed the slower ramp-up to the relatively indolent nature of NET, less frequent patient scans and longer transitions between therapies.

Cometriq (cabozantinib capsules) generated $2.4 million in net product revenues for treating medullary thyroid cancer.  

Collaboration revenues rose 15.4% to $55.7 million. The improvement reflected higher royalties on cabozantinib sales outside the United States by partner Ipsen, partly offset by lower development cost reimbursements. Exelixis earned $53.2 million in royalty revenues from partners Ipsen and Takeda during the quarter.

EXEL's Costs Rise as Operating Income Expands

Research and development expenses increased 5.8% year over year to $211.99 million due to higher clinical trial, manufacturing and collaboration costs as Exelixis continued investing in zanzalintinib and other pipeline candidates.

Selling, general and administrative expenses rose 9.5% to $147.63 million, reflecting higher marketing and personnel costs. Despite the increased spending, operating income climbed 16.3% to $248.41 million, and the operating margin expanded to 39.5% from 37.6%.

Exelixis Lowers Its 2026 Revenue Outlook

Management lowered its 2026 total revenue guidance to $2.50-$2.55 billion from $2.525-$2.625 billion. Net product revenue guidance was lowered to $2.30-$2.35 billion from $2.325-$2.425 billion, primarily because of the slower-than-expected NET ramp-up.

The revised outlook excludes potential revenues from zanzalintinib in previously treated metastatic colorectal cancer. Exelixis also lowered its R&D expense forecast to $825-$875 million from $875-$925 million. Its SG&A expense projection remained unchanged at $575-$625 million.

EXEL Advances Share Repurchase Program

Exelixis repurchased $311.6 million of the company’s shares in the second quarter, completing the $750 million share repurchase program (SRP) launched in October 2025.

The company also began repurchases under a new $750 million SRP authorized in May 2026, which runs through Dec. 31, 2027. Since launching its first SRP in March 2023, Exelixis has repurchased $2.9 billion of stock, retiring 93.3 million shares at an average price of $31.12 per share as of the end of the second quarter of 2026.

EXEL Advances Its Zanzalintinib Pipeline

The FDA is reviewing zanzalintinib in combination with Roche’s Tecentriq for previously treated metastatic colorectal cancer, with a target action date of Dec. 3, 2026. Its approval would establish zanzalintinib as Exelixis’ second commercial oncology franchise and broaden its portfolio beyond cabozantinib.

In June 2026, Exelixis reported final phase III STELLAR-303 results showing a non-statistically significant overall survival trend favoring zanzalintinib plus Tecentriq over regorafenib in the non-liver metastases (NLM) subgroup of previously treated non-MSI-high metastatic colorectal cancer. The study had previously met its other dual primary endpoint of overall survival in the intent-to-treat population, which included all randomized patients regardless of the presence of active liver metastases, as reported in June 2025.

Roche’s Tecentriq is a cancer immunotherapy that is approved around the world, either alone or in combination with targeted therapies and/or chemotherapies, for various types of cancer.

EXEL has collaborated with Merck to evaluate zanzalintinib, in combination with subcutaneous Keytruda Qlex in the planned phase III STELLAR-316 study for resected stage II/III colorectal cancer (CRC).

Under the agreement, Exelixis will sponsor the STELLAR-316 study, while Merck will provide Keytruda Qlex for use in the same. Keytruda is approved for several types of cancer.

Exelixis expects to initiate STELLAR-316 shortly, which will evaluate zanzalintinib with and without Keytruda Qlex in patients with resected stage II/III CRC who, following definitive therapy, have tested positive for molecular residual disease (MRD+) and have no radiographic evidence of disease — a high-risk population with substantial unmet need.

Earlier this year, Exelixis partnered with Natera, a global leader in cell-free DNA and precision medicine, for this study.

Natera will supply its Signatera assay to identify eligible MRD-positive patients for enrollment, further integrating precision medicine into the program.

The Merck partnership extends beyond colorectal cancer. In April 2026, Merck initiated the phase III LITESPARK-034 trial evaluating zanzalintinib plus Welireg versus Welireg and placebo in previously treated advanced RCC patients who progressed after PD-1/L1 and VEGFR-TKI therapies.

This marks the second Merck-sponsored phase III study under the collaboration, following LITESPARK-033 (launched in December 2025), which is assessing the combination against cabozantinib in first-line advanced RCC post-adjuvant immunotherapy.

In May 2026, Exelixis announced the initiation of STELLAR-201, a phase II study evaluating zanzalintinib in patients with recurrent Grade I/II/III meningioma with relapse or progression following radiation and/or surgery or those who are not candidates for these therapies.
 

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month.

VGM ScoresAt this time, Exelixis has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Exelixis has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerExelixis is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Biogen Inc. (BIIB - Free Report) , a stock from the same industry, has gained 8.8%. The company reported its results for the quarter ended June 2026 more than a month ago.

Biogen reported revenues of $2.74 billion in the last reported quarter, representing a year-over-year change of +3.4%. EPS of $3.60 for the same period compares with $5.47 a year ago.

For the current quarter, Biogen is expected to post earnings of $2.31 per share, indicating a change of -52% from the year-ago quarter. The Zacks Consensus Estimate has changed -4.6% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Biogen. Also, the stock has a VGM Score of C.

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ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) today announced that company management will participate in fireside chats at the following investor conferences in September:

Wells Fargo 21st Annual Healthcare Conference: Exelixis is scheduled to present at 11:00 a.m. ET / 8:00 a.m. PT on Tuesday, September 8 in Boston. Citi 2026 Biopharma Back to School Conference: Exelixis is scheduled to present at 8:40 a.m. ET / 5:40 a.m. PT on Wednesday, September 9 in New York City. Morgan Stanley 24th Annual Global Healthcare Conference: Exelixis is scheduled to present at 11:30 a.m. ET / 8:30 a.m. PT on Tuesday, September 15 in New York City. To access the webcast links, log onto www.exelixis.com and proceed to the Event Calendar page under the Investors & News heading. Replays will also be available at the same location for at least 30 days.

About Exelixis

Exelixis is a globally ambitious oncology company innovating next-generation medicines and regimens at the forefront of cancer care. Powered by drug discovery and development excellence, we are rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules and biotherapeutics. This comprehensive approach harnesses decades of robust investment in our science and partnerships to advance our pipeline of franchise molecules, including our novel oral kinase inhibitor zanzalintinib, and to extend the impact of our flagship commercial product, CABOMETYX® (cabozantinib). Exelixis is driven by a bold scientific pursuit to create transformational treatments that give more patients hope for the future. For information about the company and its mission to help cancer patients recover stronger and live longer, visit www.exelixis.com, follow @ExelixisInc on X (Twitter), like Exelixis, Inc. on Facebook and follow Exelixis on LinkedIn.

Exelixis, the Exelixis logo and CABOMETYX are registered U.S. trademarks of Exelixis, Inc.

More News From Exelixis, Inc.

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[url="]Exelixis, Inc.[/url] (Nasdaq: EXEL) today announced that in the lawsuit Exelixis, Inc. (Exelixis) vs. MSN Laboratories Private Limited et al. (MSN), Civi

Exelixis, Inc. (EXEL) shares enjoying institutional support – up 43.5% in a year.

EXEL is an oncology company that discovers, develops, and commercializes new treatments for hard-to-treat cancers. Its second-quarter 2026 report showed $629 million in quarterly revenue ($573 million from its cabozantinib product alone, a 10% year-over-year rise), GAAP net income of $212 million ($0.82 per diluted share), $1.4 billion in cash, and $312 million in repurchases last quarter.

It’s no wonder EXEL shares are up 26% so far this year – and they could rise more. MoneyFlows data shows how Big Money investors are once again betting heavily on the forward picture of the stock.

Exelixis Brings in Big Money Institutional volumes reveal plenty. In the last year, EXEL has enjoyed strong investor demand, which we believe to be institutional support.

Each green bar signals unusually large volumes in EXEL shares. They reflect our proprietary inflow signal, pushing the stock higher:

Institutional inflows have pushed EXEL shares up 43.5% in a year. Source: www.moneyflows.com Plenty of health care names are under accumulation right now. But there’s a powerful fundamental story happening with Exelixis.

Exelixis Fundamental Analysis Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, EXEL has had strong sales and earnings growth:

3-year sales growth rate (+13%) 3-year EPS growth rate (+83.6%) Source: FactSet

Also, EPS is estimated to ramp higher this year by +16%.

Now it makes sense why the stock has been generating Big Money interest. EXEL has a track record of strong financial performance.

Marrying great fundamentals with our proprietary software has found some big winning stocks over the long term.

Exelixis has been a top-rated stock at MoneyFlows. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.

It’s made the rare Outlier 20 report 31 times since 2017, rising 134.3% since the first outlier inflow signal. The blue bars below show when EXEL was a top pick in the last year…institutional support keeps flowing:

Shares of EXEL have seen seven outlier inflow signals in the past year and 31 overall since 2017. Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.

This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.

Exelixis Price Prediction The EXEL action isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.

Disclosure: the author holds no position in EXEL at the time of publication.

If you are a Registered Investment Advisor (RIA) or a serious investor, take your investing to the next level. MoneyFlows created 11 Frontiers indexes to help serious investors capture AI-driven themes and learn the leading stocks in each Frontier. Get started here.

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Stock to Watch: Exelixis (EXEL - Free Report) Alameda, CA-based Exelixis, Inc. is an oncology-focused biotechnology company that primarily focuses on the discovery, development and commercialization of new drugs for the treatment of difficult-to-treat cancers. The company is leveraging its investments, expertise and strategic partnerships to target an expanding range of tumor types and indications with its clinically differentiated pipeline of small molecules, antibody-drug conjugates (ADCs) and other biotherapeutics.

EXEL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXEL has a Growth Style Score of A, forecasting year-over-year earnings growth of 15.6% for the current fiscal year.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.03 to $3.56 per share. EXEL boasts an average earnings surprise of +14.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXEL should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

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That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Exelixis (EXEL - Free Report) Alameda, CA-based Exelixis, Inc. is an oncology-focused biotechnology company that primarily focuses on the discovery, development and commercialization of new drugs for the treatment of difficult-to-treat cancers. The company is leveraging its investments, expertise and strategic partnerships to target an expanding range of tumor types and indications with its clinically differentiated pipeline of small molecules, antibody-drug conjugates (ADCs) and other biotherapeutics.

EXEL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 14.69; value investors should take notice.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.03 to $3.56 per share. EXEL also boasts an average earnings surprise of +14.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, EXEL should be on investors' short list.

Exelixis posted second-quarter revenue of approximately $628.7 million -- short of Wall Street consensus -- and shares sold off in after-hours trading. Levi & Korsinsky is investigating.

, /PRNewswire/ -- A revenue miss, not an earnings miss, drove Exelixis, Inc. (NASDAQ: EXEL) shares lower after the Company reported approximately $628.7 million in second-quarter revenue -- below analyst consensus -- and the stock declined. If you purchased EXEL shares and lost money, you are encouraged to submit your losses for review now . You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

Adjusted earnings came in at $0.91 per share, above estimates. The market reaction went the other way: coverage of the report identified the top-line shortfall against consensus -- not profitability -- as the driver of the decline. Exelixis also lowered and narrowed its full-year 2026 revenue outlook alongside the results, attributing the change to a slower-than-expected ramp in its neuroendocrine-tumor business.

Levi & Korsinsky is investigating potential securities law violations on behalf of Exelixis investors who suffered losses in connection with the Company's second-quarter results and the revised revenue outlook.

Shareholders who lost money on EXEL are encouraged to have their claim evaluated at no cost , or call (212) 363-7500.

ABOUT THE FIRM  -- For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the EXEL Investigation

Q: How much did EXEL stock drop?  A: Shares declined approximately 7.9% after Exelixis reported approximately $628.7 million in second-quarter revenue, below Wall Street consensus, and lowered and narrowed its full-year 2026 revenue outlook. Investors who purchased shares and suffered losses may be eligible to seek recovery.

Q: Who is eligible to participate in the EXEL investigation?  A: Investors who purchased EXEL stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What is the EXEL securities investigation about?  A: A securities investigation is pending concerning Exelixis, Inc. (NASDAQ: EXEL) regarding potentially materially false or misleading statements. Shares fell after the Company reported second-quarter revenue below consensus and reduced its full-year 2026 revenue guidance, citing a slower-than-expected neuroendocrine-tumor ramp.

Q: What do EXEL investors need to do right now?  A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected]  or (212) 363-7500.

Q: What documents do I need to participate?  A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my EXEL shares -- can I still recover losses?  A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought EXEL and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?  A: There is no upfront cost. Securities investigations and any resulting actions are generally handled on a contingency basis -- no retainer and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?  A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected] 
Tel: (212) 363-7500
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE Levi & Korsinsky, LLP

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LOS ANGELES--(BUSINESS WIRE)--Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Exelixis, Inc. (“Exelixis” or “the Company”) (NASDAQ: EXEL) for violations of the securities laws.

INVESTIGATION DETAILS: The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Exelixis missed analyst consensus estimates with its Q2 revenue and also lowered its full-year 2026 revenue guidance.

The revenue shortfall came alongside an adjusted EPS beat of $0.91 per share. Investors sold on the top-line number. The Company attributed the reduced full-year outlook to a slower-than-expected ramp in its neuroendocrine-tumor business -- a franchise Exelixis had described to investors as a market-leading position for CABOMETYX in the oral second-line plus segment.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected]

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

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NEW YORK--(BUSINESS WIRE)--Exelixis (NASDAQ: EXEL) shares dropped in after-hours trading after the Company reported Q2 revenue of approximately $628.7 million, missing consensus estimates, and lowered and narrowed its full-year 2026 revenue outlook. If you suffered a loss on your Exelixis investment, you are encouraged to submit your information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500. The revenue shortfall came alon.

On May 5, 2026, Exelixis management reiterated full-year 2026 financial guidance. Weeks later, the Company lowered and narrowed that revenue outlook -- and the stock fell.

, /PRNewswire/ -- Exelixis, Inc. (NASDAQ: EXEL) reiterated its full-year 2026 financial guidance on its May 5, 2026 earnings call. Following its second quarter results, the Company lowered and narrowed that same revenue outlook, and shares declined. If you lost money on EXEL, you are encouraged to submit your loss information now. You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

On the May 5, 2026 call, Chief Financial Officer Christopher Senner stated: "Finally, we are reiterating our full year 2026 financial guidance, which is detailed on slide 16 of our earnings presentation." Chief Executive Officer Michael Morrissey told investors Exelixis was "off to a strong start in 2026" and that CABOMETYX "continued to grow in revenue, demand, and market share as the leading TKI for RCC and the market leader for neuroendocrine tumors in the oral second-line plus segment."

When the Company subsequently reduced its full-year 2026 revenue guidance, it attributed the change to a slower-than-expected ramp in its neuroendocrine-tumor business. Quarterly revenue of approximately $628.7 million came in below Wall Street consensus. The investigation concerns when management first identified the slower ramp relative to the date guidance was reiterated.

Shareholders who purchased EXEL and suffered losses may have their claims evaluated at no cost  or call (212) 363-7500.

WHY LEVI & KORSINSKY  -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.

Frequently Asked Questions About the EXEL Investigation

Q: Which statements are being investigated as potentially misleading?  A: The investigation concerns whether Exelixis made materially false or misleading statements regarding its full-year 2026 revenue guidance and the commercial ramp of its neuroendocrine-tumor business. After the Company lowered and narrowed that guidance, the stock price declined.

Q: When did Exelixis allegedly mislead investors?  A: The investigation concerns statements made before the guidance reduction that allegedly caused investors to purchase securities at inflated prices, including the May 5, 2026 reiteration of full-year 2026 financial guidance.

Q: Who is eligible to participate in the EXEL investigation?  A: Investors who purchased EXEL stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do EXEL investors need to do right now?  A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected]  or (212) 363-7500.

Q: What documents do I need to participate?  A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my EXEL shares -- can I still recover losses?  A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought EXEL and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?  A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis. No upfront fees, no retainer, and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?  A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE Levi & Korsinsky, LLP

Posted by Defense World Staff on Aug 8th, 2026

Arkadios Wealth Advisors bought a new position in Exelixis, Inc. (NASDAQ:EXEL – Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 11,098 shares of the biotechnology company’s stock, valued at approximately $476,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of Exelixis by 48.8% during the fourth quarter. AQR Capital Management LLC now owns 13,658,388 shares of the biotechnology company’s stock valued at $598,647,000 after buying an additional 4,477,029 shares during the last quarter. Norges Bank purchased a new stake in shares of Exelixis during the fourth quarter valued at approximately $106,460,000. UBS Group AG boosted its stake in shares of Exelixis by 100.1% during the third quarter. UBS Group AG now owns 2,655,069 shares of the biotechnology company’s stock valued at $109,654,000 after purchasing an additional 1,328,087 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Exelixis by 1,821.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,188,105 shares of the biotechnology company’s stock worth $52,075,000 after purchasing an additional 1,126,256 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Exelixis by 111.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,115,456 shares of the biotechnology company’s stock worth $92,720,000 after purchasing an additional 1,113,916 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Wall Street Analysts Forecast Growth A number of research firms recently commented on EXEL. HC Wainwright reiterated a “buy” rating and set a $56.00 price target on shares of Exelixis in a report on Thursday, July 2nd. Royal Bank Of Canada boosted their price objective on shares of Exelixis from $43.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 7th. Morgan Stanley upped their price objective on shares of Exelixis from $50.00 to $53.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Wells Fargo & Company boosted their price target on Exelixis from $40.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 13th. Finally, Wall Street Zen lowered Exelixis from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.79.

View Our Latest Analysis on Exelixis

Insider Activity at Exelixis In related news, SVP Brenda Hefti sold 6,625 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $50.21, for a total transaction of $332,641.25. Following the completion of the sale, the senior vice president owned 106,762 shares in the company, valued at approximately $5,360,520.02. This trade represents a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Senner sold 34,901 shares of Exelixis stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the sale, the chief financial officer owned 952,317 shares in the company, valued at approximately $47,615,850. The trade was a 3.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 130,824 shares of company stock worth $6,555,231 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Exelixis Trading Up 3.6% NASDAQ:EXEL opened at $54.07 on Friday. Exelixis, Inc. has a 12 month low of $33.76 and a 12 month high of $57.57. The company has a market cap of $13.59 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.51 and a beta of 0.44. The company has a 50 day simple moving average of $54.17 and a two-hundred day simple moving average of $47.94.

Exelixis (NASDAQ:EXEL – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $628.69 million during the quarter, compared to analyst estimates of $636.40 million. Exelixis had a return on equity of 42.17% and a net margin of 35.33%.Exelixis’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. Research analysts forecast that Exelixis, Inc. will post 3.15 earnings per share for the current year.

Exelixis News Summary Here are the key news stories impacting Exelixis this week:

Positive Sentiment: Exelixis reported second-quarter EPS of $0.91, ahead of the $0.85-$0.86 analyst consensus and up from $0.75 a year earlier. Revenue rose 10.6% year over year to approximately $628.7 million, while the company continues to benefit from its established cabozantinib business. Exelixis Q2 earnings Positive Sentiment: The company launched a new Phase 3 trial testing zanzalintinib in residual colorectal cancer, expanding the potential market for its pipeline and providing another long-term growth catalyst. Exelixis colorectal cancer trial Positive Sentiment: TD Cowen reaffirmed a Buy rating and a $55 price target, citing resilience in cabozantinib, cost discipline and upside from zanzalintinib despite near-term guidance pressure. Neutral Sentiment: Stifel raised its price target from $47 to $51 but retained a Hold rating. Its target remains below the recent trading level, suggesting limited near-term upside in the analyst’s view. Negative Sentiment: Exelixis lowered the midpoint of its 2026 revenue outlook by $50 million, primarily because the NET launch has been slower than expected. Although the EPS beat was encouraging, the revenue miss and reduced outlook are weighing on growth expectations. Exelixis 2026 guidance Negative Sentiment: Leerink Partners downgraded EXEL from Outperform to Market Perform and set a $52 price target, below the recent share price. Leerink Partners downgrade Negative Sentiment: Zacks Research maintains a Strong Sell rating and made small reductions to its FY2026-FY2028 EPS forecasts, including a FY2026 estimate of $3.12 versus the broader consensus of $3.15. About Exelixis (Free Report)

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

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Exelixis, Inc. (EXEL) Q2 2026 Earnings Call Transcript

Exelixis Reports Solid Earnings—Are New Highs Back on the Table?Exelixis NASDAQ: EXEL reported second-quarter 2026 revenue of approximately $629 million, including $573 million in cabozantinib franchise net product revenue, as the company prepared for a potential late-year launch of zanzalintinib in colorectal cancer and advanced a broader development program for the drug candidate.

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President and Chief Executive Officer Mike Morrissey said the company is entering its next growth phase as it seeks to build a multi-franchise oncology business beyond cabozantinib, marketed as CABOMETYX. Zanzalintinib, or Zanza, is Exelixis’ highest research and development priority and is under FDA review in combination with atezolizumab for previously treated colorectal cancer.

3 Stocks to Buy for a Soft Landing, If There Is OneThe FDA has set a PDUFA date in early December for the Zanza colorectal cancer application, which is supported by results from the STELLAR-303 trial. Morrissey described the potential colorectal cancer approval as an important first step toward establishing Zanza as Exelixis’ second oncology franchise.

Cabozantinib Revenue Grows, but Guidance Is Reduced U.S. cabozantinib franchise net product revenue increased about 10% year over year to $573 million in the second quarter, while global cabozantinib franchise net product revenue, including partner sales, rose about 13% to $806 million, according to Morrissey.

3 Strong Biotech Performers To Watch As Sector Nears BreakoutChief Financial Officer Chris Senner said CABOMETYX net product revenue totaled $571 million, including approximately $2.7 million in clinical trial sales. The company also recorded about $53 million in royalties from partners Ipsen and Takeda related to their cabozantinib sales.

Exelixis lowered and narrowed its full-year 2026 total revenue and net product revenue outlook, reducing the midpoint by $50 million. Senner said the update reflects modestly slower growth due to a more gradual-than-expected ramp in the neuroendocrine tumor, or NET, indication.

The company also reduced its R&D expense guidance, lowering the midpoint of that range by $50 million. Morrissey said Exelixis expects projected free cash flow to remain essentially unchanged as it balances investment in its pivotal trials with expense discipline.

P.J. Haley, executive vice president of commercial, said the slower NET revenue ramp was tied to characteristics of the patient population rather than a change in the company’s long-term view of the market. NET tumors can be more indolent than other solid tumors, and patients may be scanned less frequently, remain on their existing treatment longer, or take treatment breaks before moving to a subsequent therapy.

Despite those dynamics, Haley said CABOMETYX achieved more than 45% of oral second-line-plus new-patient market share in NET during the quarter. He said increasing new-patient share should support refills and future demand.

CABOMETYX total prescription share in an oral TKI market basket increased to 47% in the second quarter, from 45% a year earlier. CABOMETYX prescription volume rose 12% year over year, compared with 6% growth for the overall market basket cited by the company. Exelixis said CABOMETYX remains the leading prescribed TKI in renal cell carcinoma and the leading TKI-plus-immunotherapy combination in first-line RCC. Profitability and Capital Returns Exelixis reported GAAP net income of approximately $212 million, or $0.82 per diluted share, for the second quarter. The company reported non-GAAP net income of approximately $237 million, or $0.91 per diluted share, excluding roughly $25 million of stock-based compensation net of related tax effects.

Operating expenses totaled approximately $380 million, up from $359 million in the first quarter. Senner attributed the sequential increase primarily to higher clinical trial costs, marketing expenses and stock-based compensation.

Cash and marketable securities totaled approximately $1.4 billion as of June 30. During the quarter, Exelixis repurchased approximately $312 million of common stock, retiring about 6.5 million shares at an average price of $47.85 per share. The company completed its October 2025 repurchase program and had approximately $598 million remaining under a $750 million authorization approved in May 2026.

Zanza Program Advances Across Multiple Tumor Types Dana Aftab, executive vice president of research and development, said Exelixis has seven ongoing or imminent pivotal studies for Zanza. The company expects top-line results from STELLAR-304, a phase III trial of Zanza plus nivolumab versus sunitinib in locally advanced or metastatic non-clear cell renal cell carcinoma, in the second half of 2026.

Exelixis completed enrollment in STELLAR-304 last year. Aftab said the study is the first large, global randomized phase III trial focused on non-clear cell RCC, which represents approximately 20% of RCC cases. Positive results could support the company’s second new drug application for Zanza, she said.

The company is also preparing to begin screening patients this month in STELLAR-316, a trial in resected stage II or III colorectal cancer patients who test positive for molecular residual disease after definitive therapy but have no radiographic evidence of disease. The study will evaluate Zanza with and without subcutaneous pembrolizumab.

In NET, the STELLAR-311 phase III trial is comparing Zanza with everolimus as an initial oral therapy in pancreatic or extrapancreatic NET. Aftab said enrollment is running months ahead of projections.

Other development efforts include Merck-led phase III trials evaluating Zanza plus belzutifan in clear-cell RCC, an expansion cohort in metastatic bladder cancer after progression on enfortumab vedotin plus pembrolizumab, and a cohort studying Zanza with docetaxel in metastatic castration-resistant prostate cancer.

Exelixis also said enrollment in its phase II STELLAR-201 study in recurrent meningioma is exceeding initial projections. The trial is enrolling up to 100 patients who have progressed after, or are no longer eligible for, local therapies. The company is designing a confirmatory phase III study while the phase II trial continues.

In addition, Exelixis expects to initiate STELLAR-202 in the second half of 2026. The phase II study will evaluate Zanza during maintenance therapy following pembrolizumab plus chemotherapy induction in squamous non-small cell lung cancer.

Regulatory Review Remains Central Focus During the question-and-answer session, executives declined to discuss potential label language for the colorectal cancer application while the FDA review remains ongoing. Aftab said the company views the application as potentially significant because, if approved, it would provide an immunotherapy-containing regimen for a broad population of patients with third-line-plus colorectal cancer.

Haley estimated the U.S. third-line-plus colorectal cancer setting includes approximately 23,000 patients and represents a $1.5 billion opportunity at contemporary pricing. He said physicians and advisory boards have expressed interest in the STELLAR-303 data and in the potential availability of an immune checkpoint inhibitor-containing regimen for the broader colorectal cancer population.

Morrissey said Exelixis continues to evaluate options for partnering Zanza outside the U.S., noting that the company has received interest but has not made a decision.

About Exelixis (NASDAQ:EXEL)Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis's translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company's most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in Exelixis Right Now?Before you consider Exelixis, you'll want to hear this.

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ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) today reported financial results for the second quarter of 2026, provided an update on progress toward achieving key corporate objectives, and outlined its commercial, clinical and pipeline development milestones. “Exelixis continues to execute across the key pillars of our business, positioning the company to deliver on our strategic objectives for 2026 and beyond,” said Michael M. Morrissey, Ph.D., President and Chief Executive O.

Investors with an interest in Medical - Biomedical and Genetics stocks have likely encountered both Exelixis (EXEL - Free Report) and Illumina (ILMN - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, both Exelixis and Illumina are holding a Zacks Rank of #2 (Buy). Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

EXEL currently has a forward P/E ratio of 15.74, while ILMN has a forward P/E of 37.74. We also note that EXEL has a PEG ratio of 1.43. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ILMN currently has a PEG ratio of 2.91.

Another notable valuation metric for EXEL is its P/B ratio of 7.23. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, ILMN has a P/B of 11.13.

Based on these metrics and many more, EXEL holds a Value grade of B, while ILMN has a Value grade of C.

Both EXEL and ILMN are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that EXEL is the superior value option right now.

Posted by Defense World Staff on Jul 22nd, 2026

Bank of New York Mellon Corp lowered its holdings in shares of Exelixis, Inc. (NASDAQ:EXEL – Free Report) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,986,035 shares of the biotechnology company’s stock after selling 57,995 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.78% of Exelixis worth $85,181,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Exelixis by 62.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company’s stock worth $8,224,000 after purchasing an additional 71,987 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of Exelixis by 1.1% in the fourth quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company’s stock worth $111,303,000 after purchasing an additional 28,265 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Exelixis by 692.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 140,446 shares of the biotechnology company’s stock worth $6,156,000 after buying an additional 122,720 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Exelixis by 72.1% in the fourth quarter. SG Americas Securities LLC now owns 36,288 shares of the biotechnology company’s stock worth $1,591,000 after buying an additional 15,203 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Exelixis by 18.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,383,820 shares of the biotechnology company’s stock valued at $60,307,000 after purchasing an additional 216,048 shares during the last quarter. Institutional investors own 85.27% of the company’s stock.

Insider Buying and Selling In other news, Director Maria C. Freire sold 20,634 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $46.00, for a total transaction of $949,164.00. Following the transaction, the director directly owned 100,819 shares of the company’s stock, valued at approximately $4,637,674. This represents a 16.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Patrick J. Haley sold 32,110 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $49.81, for a total value of $1,599,399.10. Following the sale, the executive vice president owned 357,638 shares of the company’s stock, valued at approximately $17,813,948.78. This represents a 8.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 219,170 shares of company stock valued at $10,620,641 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Exelixis Stock Performance NASDAQ EXEL opened at $56.12 on Wednesday. Exelixis, Inc. has a one year low of $33.76 and a one year high of $57.57. The company has a market capitalization of $14.11 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 1.60 and a beta of 0.42. The company’s 50-day simple moving average is $52.89 and its two-hundred day simple moving average is $46.97.

Exelixis (NASDAQ:EXEL – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.12. The firm had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the firm earned $0.55 earnings per share. Equities analysts expect that Exelixis, Inc. will post 3.16 earnings per share for the current fiscal year.

Analyst Ratings Changes Several equities research analysts have recently issued reports on EXEL shares. Stifel Nicolaus raised their target price on shares of Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. UBS Group reaffirmed a “buy” rating on shares of Exelixis in a research note on Thursday, July 2nd. Truist Financial boosted their price target on Exelixis from $54.00 to $56.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings raised Exelixis from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, July 8th. Finally, Barclays raised their price objective on Exelixis from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $48.80.

Get Our Latest Stock Report on Exelixis

Exelixis Profile (Free Report)

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

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Posted by Defense World Staff on Jul 18th, 2026

Allspring Global Investments Holdings LLC grew its holdings in Exelixis, Inc. (NASDAQ:EXEL – Free Report) by 23.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,707,715 shares of the biotechnology company’s stock after acquiring an additional 323,895 shares during the period. Allspring Global Investments Holdings LLC owned 0.67% of Exelixis worth $75,208,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of EXEL. Wealth Enhancement Advisory Services LLC raised its stake in shares of Exelixis by 62.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 187,154 shares of the biotechnology company’s stock valued at $8,224,000 after acquiring an additional 71,987 shares in the last quarter. Stephens Investment Management Group LLC boosted its position in Exelixis by 1.1% during the fourth quarter. Stephens Investment Management Group LLC now owns 2,539,421 shares of the biotechnology company’s stock worth $111,303,000 after purchasing an additional 28,265 shares during the period. Private Client Services LLC acquired a new position in Exelixis during the fourth quarter valued at approximately $1,992,000. Nisa Investment Advisors LLC grew its holdings in Exelixis by 692.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 140,446 shares of the biotechnology company’s stock valued at $6,156,000 after purchasing an additional 122,720 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Exelixis by 72.1% in the fourth quarter. SG Americas Securities LLC now owns 36,288 shares of the biotechnology company’s stock valued at $1,591,000 after purchasing an additional 15,203 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Wall Street Analyst Weigh In A number of analysts have recently weighed in on EXEL shares. Stifel Nicolaus boosted their price objective on shares of Exelixis from $44.00 to $47.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Citizens Jmp raised their target price on shares of Exelixis from $50.00 to $55.00 and gave the company a “market outperform” rating in a research note on Wednesday, June 24th. Morgan Stanley reiterated a “positive” rating on shares of Exelixis in a report on Monday, June 22nd. UBS Group reissued a “buy” rating on shares of Exelixis in a research report on Thursday, July 2nd. Finally, Wall Street Zen upgraded shares of Exelixis from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.80.

Get Our Latest Research Report on Exelixis

Exelixis Price Performance Shares of EXEL stock opened at $55.92 on Friday. Exelixis, Inc. has a one year low of $33.76 and a one year high of $57.57. The stock has a fifty day moving average price of $52.64 and a 200 day moving average price of $46.79. The stock has a market cap of $14.06 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 1.60 and a beta of 0.42.

Exelixis (NASDAQ:EXEL – Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.12. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The firm had revenue of $610.81 million for the quarter, compared to analyst estimates of $607.51 million. During the same quarter in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts anticipate that Exelixis, Inc. will post 3.16 EPS for the current year.

Insider Transactions at Exelixis In other Exelixis news, Director Maria C. Freire sold 20,634 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $46.00, for a total transaction of $949,164.00. Following the completion of the transaction, the director owned 100,819 shares in the company, valued at $4,637,674. This trade represents a 16.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George Poste sold 60,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $45.71, for a total value of $2,742,600.00. Following the completion of the transaction, the director directly owned 118,832 shares of the company’s stock, valued at approximately $5,431,810.72. The trade was a 33.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 219,170 shares of company stock valued at $10,620,641. Corporate insiders own 2.60% of the company’s stock.

Exelixis Company Profile (Free Report)

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis’s translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company’s most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

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A relatively small group of companies capture much of Wall Street's attention and disproportionately affects the performance of major indexes like the S&P 500. It's not surprising, then, that many investors seeking attractive stocks naturally turn to these corporations. However, it's possible to find great stocks outside of this small circle. With that in mind, let's consider three companies many investors may not know about but should: Axsome Therapeutics (AXSM 6.07%), Madrigal Pharmaceuticals (MDGL 5.04%), and Exelixis (EXEL 0.77%). Read on to find out why these under-the-radar stocks may be worth investing in.

Image source: Getty Images.

1. Axsome Therapeutics Axsome Therapeutics is generating strong financial results, thanks in large part to Auvelity, a depression treatment. In the first quarter, the company's revenue increased by 57% year over year to $191.2 million. The great news is that Auvelity recently received a label expansion for the treatment of Alzheimer's disease (AD) agitation. With more than five million patients in the U.S. living with AD agitation and only one previously approved medicine, Axsome Therapeutics is looking at a large opportunity in this niche. And the best part is that the biotech company has several other promising candidates in the pipeline that could, eventually, contribute meaningfully to its financial results.

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Axsome Therapeutics is running phase 3 studies for AXS-14, an investigational medicine for fibromyalgia, and it plans to start other late-stage clinical trials for candidates such as AXS-20 in schizophrenia by year-end. Meanwhile, it is awaiting approval from the U.S. Food and Drug Administration for AXS-12, a potential drug for narcolepsy. It's also worth noting that Axsome Therapeutics has two other products in its approved portfolio, including Sunosi, a narcolepsy treatment, and Symbravo, a migraine medicine approved last year.

Between the company's lineup, which is driving solid financial results and should see accelerating top-line growth thanks to relatively new approvals or label expansions, and the biotech's deep late-stage pipeline, Axsome Therapeutics' medium-term outlook seems bright. The stock has outperformed broader equities in recent years, but it is still time to buy.

2. Madrigal Pharmaceuticals Madrigal Pharmaceuticals has only one product on the market: Rezdiffra, a medicine for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease that affects millions of patients. Yet, Rezdiffra was the first medicine approved for it back in 2024. Since then, it has made significant commercial progress and should exceed $1 billion in annual sales this year (it was already very close to it in 2025). Yet, it is still looking at a vast opportunity.

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As of the end of 2025, there were more than 36,250 MASH patients on Rezdiffra. That's just a little over 10% of the 315,000 patients who are seeing specialists Madrigal was targeting from the start. Further, Madrigal Pharmaceuticals is developing other MASH treatments. Expanding its footprint in this vast area, where it already has a solid position, could help it generate consistently strong revenue and earnings over the next five years and beyond. Madrigal Pharmaceuticals' prospects look strong for those reasons.

3. Exelixis Exelixis has relied on its most important product, Cabometyx, to drive top-line growth for a while. The medicine, which is approved across a range of cancers -- particularly liver and kidney cancer -- is still posting strong sales. In the first quarter, Exelixis' revenue increased by 10% year over year to $610.8 million. Cabometyx should have more growth fuel through the next few years, but it will likely start facing generic competition by 2030. Thankfully, Exelixis has been preparing for that. The company is developing new products that will help it move beyond its current crown jewel.

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The most promising of them, zanzalintinib, has already posted solid phase 3 results in patients with metastatic colorectal cancer and could earn approval in that niche by the end of the year. Targeting colorectal cancer, an area with high unmet need given that it is the second-leading cause of cancer death worldwide, was a wise move by Exelixis. True to the company's strategy, it intends to earn numerous indications for zanzalintinib across different cancer types, as it did with Cabometyx.

Zanzalintinib could prove to be a pipeline-in-a-drug and a worthy successor to Cabometyx. And that's before we consider other candidates in Exelixis' pipeline. The company's ability to carve out a niche in oncology, perhaps the most competitive area in the industry, typically dominated by pharmaceutical giants, speaks volumes. And given Exelixis' strong financial results and solid pipeline, it could deliver excellent returns over the next five years.

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What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

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Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

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Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

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That's where the Style Scores come in.

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As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Exelixis (EXEL - Free Report) Alameda, CA-based Exelixis, Inc. is an oncology-focused biotechnology company that primarily focuses on the discovery, development and commercialization of new drugs for the treatment of difficult-to-treat cancers. The company is leveraging its investments, expertise and strategic partnerships to target an expanding range of tumor types and indications with its clinically differentiated pipeline of small molecules, antibody-drug conjugates (ADCs) and other biotherapeutics.

EXEL is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXEL has a Growth Style Score of A, forecasting year-over-year earnings growth of 14.6% for the current fiscal year.

One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.04 to $3.53 per share. EXEL boasts an average earnings surprise of +17%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXEL should be on investors' short list.

Shares of Exelixis (EXEL - Free Report) have been strong performers lately, with the stock up 7.7% over the past month. The stock hit a new 52-week high of $57.57 in the previous session. Exelixis has gained 30.2% since the start of the year compared to the 2.8% gain for the Zacks Medical sector and the 7.4% return for the Zacks Medical - Biomedical and Genetics industry.

What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on May 5, 2026, Exelixis reported EPS of $0.87 versus consensus estimate of $0.75.

For the current fiscal year, Exelixis is expected to post earnings of $3.53 per share on $2.6 in revenues. This represents a 14.61% change in EPS on a 11.96% change in revenues. For the next fiscal year, the company is expected to earn $4.07 per share on $3.05 in revenues. This represents a year-over-year change of 15.34% and 17.56%, respectively.

Valuation MetricsThough Exelixis has recently hit a 52-week high, what is next for Exelixis? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.

On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). The individual style scores for Value, Growth, Momentum and the combined VGM Score run from A through F. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.

Exelixis has a Value Score of B. The stock's Growth and Momentum Scores are A and D, respectively, giving the company a VGM Score of A.

In terms of its value breakdown, the stock currently trades at 16.2X current fiscal year EPS estimates, which is not in-line with the peer industry average of 21.7X. On a trailing cash flow basis, the stock currently trades at 18.9X versus its peer group's average of 15.1X. Additionally, the stock has a PEG ratio of 1.47. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Exelixis currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Exelixis passes the test. Thus, it seems as though Exelixis shares could still be poised for more gains ahead.

How Does EXEL Stack Up to the Competition?Shares of EXEL have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is CorMedix Inc (CRMD - Free Report) . CRMD has a Zacks Rank of #2 (Buy) and a Value Score of A, a Growth Score of A, and a Momentum Score of F.

Earnings were strong last quarter. CorMedix Inc beat our consensus estimate by 22.86%, and for the current fiscal year, CRMD is expected to post earnings of $0.51 per share on revenue of $335.4 million.

Shares of CorMedix Inc have gained 2.5% over the past month, and currently trade at a forward P/E of 17.39X and a P/CF of 4.34X.

The Medical - Biomedical and Genetics industry is in the top 45% of all the industries we have in our universe, so it looks like there are some nice tailwinds for EXEL and CRMD, even beyond their own solid fundamental situation.

ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) today announced results from the final analysis of the dual primary endpoint of overall survival (OS) in the subset of patients without active liver metastases (non-liver metastases, NLM) in the phase 3 STELLAR-303 pivotal trial evaluating zanzalintinib in combination with atezolizumab (Tecentriq®) versus regorafenib in previously treated non-microsatellite instability (MSI)-high metastatic colorectal cancer (mCRC).

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Exelixis (EXEL - Free Report) Alameda, CA-based Exelixis, Inc. is an oncology-focused biotechnology company that primarily focuses on the discovery, development and commercialization of new drugs for the treatment of difficult-to-treat cancers. The company is leveraging its investments, expertise and strategic partnerships to target an expanding range of tumor types and indications with its clinically differentiated pipeline of small molecules, antibody-drug conjugates (ADCs) and other biotherapeutics.

EXEL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Medical stock. EXEL has a Momentum Style Score of A, and shares are up 5.1% over the past four weeks.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.16 to $3.53 per share. EXEL boasts an average earnings surprise of +17%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, EXEL should be on investors' short list.

ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) today announced that the company has entered into a clinical development collaboration with Merck, known as MSD outside of the United States and Canada, to supply KEYTRUDA QLEX™ (pembrolizumab and berahyaluronidase alfa-pmph) injection for subcutaneous administration in combination with zanzalintinib in STELLAR-316, a planned phase 3 pivotal trial in patients with resected stage II/III colorectal cancer (CRC). Under the terms of th.

Key Takeaways Exelixis and Merck will study zanzalintinib plus Keytruda Qlex in phase III CRC trial STELLAR-316.EXEL plans to launch STELLAR-316 in mid-2026 for MRD-positive stage II/III colorectal cancer.Zanzalintinib NDA with Tecentriq in metastatic CRC faces FDA action date of Dec. 3, 2026. Exelixis (EXEL - Free Report) announced a clinical development collaboration with pharma giant Merck & Co. (MRK - Free Report) to evaluate its pipeline candidate, zanzalintinib, in combination with subcutaneous Keytruda Qlex in the planned phase III STELLAR-316 study for resected stage II/III colorectal cancer (CRC).

Under the agreement, Exelixis will sponsor the STELLAR-316 study, while Merck will provide Keytruda Qlex for use in the study.

Exelixis expects to initiate STELLAR-316 in mid-2026.

Year to date, Exelixis’ shares have risen 11.1% against the industry’s decline of  2.7%.

Image Source: Zacks Investment Research

More on EXEL’s Efforts to Advance ZanzalintinibZanzalintinib is a novel oral kinase inhibitor that inhibits the activity of the TAM kinases (TYRO3, AXL, MeR), MET and VEGF receptors.

The late-stage STELLAR-316 will evaluate zanzalintinib with and without Keytruda Qlex in patients with resected stage II/III CRC who, following definitive therapy, have tested positive for molecular residual disease (MRD+) and have no radiographic evidence of disease — a high-risk population with substantial unmet need.

Keytruda is approved for several types of cancer.

The collaboration with Merck adds external validation to the zanzalintinib program.

Earlier this year, Exelixis partnered with Natera (NTRA - Free Report) , a global leader in cell-free DNA and precision medicine, for this study.

Natera will supply its Signatera assay to identify eligible MRD-positive patients for enrollment, further integrating precision medicine into the program.

EXEL Seeks to Diversify Portfolio Beyond CabometyxZanzalintinib represents the company’s most significant near-term catalyst.

Exelixis’ new drug application seeking approval of zanzalintinib in combination with Roche’s (RHHBY - Free Report) Tecentriq for previously treated metastatic CRC is under review in the United States. The targeted population includes patients who have already received standard chemotherapy regimens, including fluoropyrimidine-, oxaliplatin- and irinotecan-based therapies, as well as anti-EGFR treatment for RAS wild-type disease.

The regulatory body set a target action date of Dec. 3, 2026.

A potential approval will broaden the company’s portfolio and reduce dependence on its lead drug, Cabometyx.

Roche’s Tecentriq is a cancer immunotherapy that is approved around the world, either alone or in combination with targeted therapies and/or chemotherapies, for various types of cancer.

Exelixis collaborated with MRK in October 2024 to advance zanzalintinib.

In April 2026, MRK initiated LITESPARK-034, a phase III study evaluating zanzalintinib plus Welireg (belzutifan) versus Welireg and placebo in previously treated advanced renal cell carcinoma (RCC) patients who progressed after PD-1/L1 and VEGFR-TKI therapies.

This marks the second Merck-sponsored phase III study under the collaboration, following LITESPARK-033 (launched in December 2025), which is assessing the combination against cabozantinib in first-line advanced RCC post-adjuvant immunotherapy.

Exelixis also announced two additional studies of zanzalintinib — STELLAR-202, a planned phase II trial evaluating the drug in combination with MRK’s blockbuster drug Keytruda (pembrolizumab) as maintenance therapy in squamous non-small cell lung cancer, and a new expansion cohort in the ongoing phase Ib/II STELLAR-002 study assessing zanzalintinib plus docetaxel in metastatic castration-resistant prostate cancer patients with measurable disease.

EXEL’s Zacks Rank