Exelixis (EXEL) Stock Forecast & Price Target

Exelixis is supported by strong core commercialization, with 3Q26 revenue of $658.7M, cabozantinib sales of $604.9M, and diluted net earnings of $0.85 per share, while ~$1.4B in cash and investments provides balance-sheet strength to fund growth. Its outlook is further reinforced by durable demand for Cabometyx, including 13% year-over-year TRx growth, rising market share, and the expectation that zanzalintinib could expand the franchise across several pivotal programs and tumor types beyond the current base business. Share repurchases also add to per-share value, with $402M already repurchased under the May 2026 authorization, while near-term catalysts in 1Q27 and March 3, 2027 offer multiple opportunities for upside.

Exelixis is viewed negatively because Cabometyx’s 3Q26 topline beat was helped by G/N favorability, while management still faces uncertainty around NET adoption and potential competitive pressure in RCC. The near-term catalyst from STELLAR-304 in nccRCC was pushed to 1Q27, and the stock’s 50% run-up YTD leaves limited room for upside if zanza is already largely priced in despite its potential to contribute $2.5B by 2035. The bearish case also reflects fundamental execution and pipeline risks, including market-share erosion in RCC, weak NET traction, failure of zanza to capture future share, disappointing zanzalintinib data, and the approaching patent cliff for cabo.