Why Is EXELIXIS INC (EXEL) Stock Up Today?

Exelixis shares rose 7.11% to $70.91 on Friday, driven by strong third-quarter results and a series of analyst price target hikes. The company reported that Cabozantinib sales grew 11% year over year, while its pipeline candidate zanzalintinib advanced toward FDA decisions.

What Happened

Exelixis announced its third-quarter 2026 financial results, highlighting momentum in its CABOMETYX franchise and progress in its development pipeline. The company affirmed its full-year 2026 sales guidance of $2.500 billion to $2.550 billion. Following the release, TD Cowen raised its price target to $76 from $55. Barclays also lifted its target to $54 from $49, while BMO raised its target to $60 based on the company's operating expense outlook. The stock printed 13 fresh 52-week highs on October 30, 2026.

What The Data Shows

The stock opened at $64.19, a 3.0% gap down from the prior close of $66.20, before rallying to a session high of $71.87 at 9:55 AM ET. Volume stood at 0.7 million shares, which is 0.3 times the three-month daily average. Exelixis has a market capitalization of $16.4 billion and a P/E ratio of 20.8. Trailing twelve-month revenue increased 9.2%, with a net margin of 35.3%. The stock has a beta of 0.47 and a 52-week range of $36.00 to $67.52. Over the last eight sessions, the stock moved up 1.8% from $64.39 to $65.56. Recent insider filings show one sale totaling $527,000 by Director Mary C. Beckerle on August 10, 2026, with no buys in the last 90 days.

What To Watch

Exelixis outlined a March 3, 2027 PDUFA date for zanzalintinib while advancing Wave 2 pivotal plans. Investors will monitor the company's ability to maintain its sales guidance and the progression of its pipeline milestones.