On January 8, 2026, Robert Burns of H.C. Wainwright issued a price target of $52 for Exelixis, representing a potential gain of 16.1% from its trading level at the time. This recommendation underscores confidence in Exelixis’ ability to expand its oncology franchise beyond its current leadership in renal cell carcinoma, driven in part by the anticipated launch of its next‐generation kinase inhibitor. The target reflects assumptions of continued growth in core product sales and successful execution of late‐stage clinical programs.

Exelixis has entered a collaboration with Natera to launch the STELLAR-316 phase III trial of zanzalintinib in resected stage II/III colorectal cancer, with patient enrollment expected to begin in mid-2026. The study will assess disease-free survival in MRD-positive patients treated with zanzalintinib, both as monotherapy and in combination with an immune checkpoint inhibitor. Positive results could position zanzalintinib as a new standard of care in a setting with high unmet need and strengthen Exelixis’ pipeline beyond its flagship product.

Through September 30, 2025, Exelixis generated $1.7 billion in revenue from its flagship tyrosine kinase inhibitor, marking a 7.5% year-over-year increase. Over the past 12 months, the company’s share price has risen by 33.9%, outperforming the industry’s 17.2% average gain and reflecting strong investor confidence in its growth strategy. With a gross margin exceeding 96% and a market capitalization near $12 billion, Exelixis is well‐positioned to capitalize on its late‐stage assets and defend its current market share against emerging competitors.