On January 8, H.C. Wainwright analyst Robert Burns increased his price target for Exelixis, Inc. (NASDAQ:EXEL) to $52 from $49, keeping a Buy rating. This followed the company's announcement of a strategic collaboration with Natera. Burns stated that investor sentiment regarding zanzalintinib's commercial potential across several tumor indications would be the main near-to medium-term value driver.
Also on January 8, Morgan Stanley downgraded Exelixis to Equal Weight from Overweight. The firm simultaneously raised its price target to $48 from $45. Morgan Stanley noted the stock was trading barely 10% below its updated target after a roughly 28% share price increase over the prior year. The firm said zanzalintinib would be commercially available for multiple cancer indications for the first time in 2026 and that its valuation already accounts for related catalytic events.
On January 11, Exelixis reported preliminary 2025 revenues of approximately $2.32 billion in a business update. The company provided a sales forecast for 2026 ranging from $2.525 billion to $2.625 billion. This forecast is a crucial factor in analysts' updated financial models.
Exelixis, Inc. focuses on discovering and developing small molecules to treat various cancers. Its primary products, CABOMETYX and COMETRIQ, target multiple tyrosine kinases involved in tumor growth and angiogenesis, including MET, VEGFR, and AXL.