$EXEL

Global cancer drug spending reached $252B in 2024 and is forecast to exceed $400B by 2028, with the U.S. accounting for 46%. Several companies, including Oncolytics Biotech (ONCY), Revolution Medicines (RVMD), Eli Lilly (LLY), Genmab (GMAB), and Exelixis (EXEL), are advancing treatments for colorectal and pancreatic cancers. Oncolytics reported accelerating enrollment in a colorectal cancer study, while Revolution Medicines received FDA approval for a pancreatic cancer drug.

RBC Capital maintained a Sector Perform rating on Exelixis with a $51 price target, implying a 13.6% downside from the Oct 8 close. The firm cited Cabozantinib's strong market position in cancer treatment and risks in the pipeline, including zanzalintinib, for its rating.

RBC Capital increased its price target for Exelixis (EXEL) to $51 from $45, citing a strong pipeline and high likelihood of success in clinical trials. The firm maintains a Sector Perform rating, noting the stock's 35% year-to-date gain and limited near-term catalysts.

On September 30, 2026, biotech stocks PGEN, EXEL, TWST, HNGE, and PBYI hit 52-week highs. PGEN rose 6% to $9.98, EXEL reached $61.14, TWST climbed 3% to $197.19, HNGE hit $98.41, and PBYI touched $10.10. Key catalysts included clinical trial results, FDA designations, and revenue growth.

Exelixis (EXEL) is up 16.65% since being added to InvestingPro's AI-picked oncology stock list on June 1, 2026. The company reported Q2 FY2026 EPS of $0.91, beating estimates, and revenue of $628.7M, slightly below forecasts. The stock trades near its 52-week high, with a PEG of 0.32 and P/E of 16.9x. The FDA extended its review of zanzalintinib, but the market remained confident in its base CABOMETYX business.

Exelixis (EXEL) announced a 3-month FDA review extension for zanzalintinib, now targeting March 3, 2027. The FDA requested updated safety and efficacy data. The drug, combined with atezolizumab, aims to treat metastatic colorectal cancer. Exelixis' approval prospects hinge on the full STELLAR-303 study data, which showed a statistically significant survival benefit in the overall population but not in a key subgroup.

Exelixis (EXEL) reported slower-than-expected revenue growth for CABOMETYX due to delayed treatment decisions in NET. The company maintains 47% new-patient market share and plans to launch zanza for colorectal cancer if approved. Exelixis expects CABOMETYX generics in 2031 and is investing in pipeline and share repurchases, with $600M remaining under its authorization.

The FDA extended its review of Exelixis' NDA for zanzalintinib plus atezolizumab to treat metastatic colorectal cancer, moving the PDUFA action date to March 3, 2027. The extension followed updated safety and efficacy data submission, classified as a major amendment. The NDA is supported by the STELLAR-303 trial, which showed a median OS of 10.9 months vs 9.4 months with regorafenib.

Exelixis (EXEL) shares fell after the FDA delayed approval of its colon cancer treatment, a combination of zanzalintinib and Roche's (RHHBY) Tecentriq, by three months. Analyst Andy Hsieh from William Blair believes rejection is unlikely, as the treatment showed survival benefits.

Exelixis Inc (EXEL) shares dropped 3.5% premarket after the FDA extended its review of zanzalintinib by three months due to additional data. The new PDUFA action date is March 3, 2027. The delay may impact revenue projections and market expectations.