moneyheap
EXEL · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Exelixis Inc (EXEL) stock moving?
Exelixis beat consensus on Q3 2026 results (adjusted EPS $0.94 vs $0.80; sales $658.7M vs $646.5M) and affirmed FY2026 sales guidance of $2.500B-$2.550B. Analysts followed with a wave of price target increases: TD Cowen (Buy, $76) and HC Wainwright (Buy, $78) are the most bullish, while Barclays ($54), RBC ($58), Leerink ($58), Morgan Stanley ($60) and Truist ($60) keep neutral ratings. The seven targets cited average about $63, below the last close of $70.58, so the stock already trades above most of the cited targets. Price rose from $65.31 on Oct 22 to a high of $73.69 on Nov 5, then fell to $68.71 on heavy volume (4.38M) before recovering to $71.74 on Nov 9. Volume stayed elevated after earnings (5.07M on Oct 30, 5.59M on Nov 2, 5.58M on Nov 10), versus roughly 1.4M-2.1M in the weeks before. Benzinga flagged overbought RSI readings on Nov 2, and the $68.0-68.5 area (Nov 5-6 lows) is the nearest support, with about $73.5 as resistance. Pipeline and product news in the filings was not available beyond the Oct 29 earnings release, so the long-term view rests mainly on earnings momentum and the split analyst stance.
News behind the analysis
- Exelixis Q3 Adj. EPS $0.94 Beats $0.80 Estimate, Sales $658.696M Beat $646.510M EstimateExelixis reported third-quarter adjusted EPS of $0.94 and sales of $658.7M, both above consensus estimates of $0.80 and $646.5M.
- Exelixis Affirms FY2026 Sales Guidance of $2.500B-$2.550B vs $2.549B EstExelixis kept its full-year 2026 sales guidance at $2.500B-$2.550B, with the consensus estimate of $2.549B sitting near the top of that range.
- Barclays Maintains Equal-Weight on Exelixis, Raises Price Target to $54Barclays kept an Equal-Weight rating and raised its price target to $54 after the quarterly results.
- RBC Capital Maintains Sector Perform on Exelixis, Raises Price Target to $58RBC Capital kept a Sector Perform rating and raised its price target to $58.
- Truist Securities Maintains Hold on Exelixis, Raises Price Target to $60Truist Securities kept a Hold rating and raised its price target to $60.
- TD Cowen Maintains Buy on Exelixis, Raises Price Target to $76TD Cowen kept a Buy rating and raised its price target to $76 after the quarterly report.
- Morgan Stanley Maintains Equal-Weight on Exelixis, Raises Price Target to $60Morgan Stanley kept an Equal-Weight rating and raised its price target to $60.
- HC Wainwright & Co. Maintains Buy on Exelixis, Raises Price Target to $78HC Wainwright reaffirmed its Buy rating and raised its price target to $78 from $56.
- Top 3 Health Care Stocks That May Fall Off A Cliff This QuarterBenzinga flagged Exelixis, along with Regeneron and AstraZeneca, for overbought RSI readings after strong gains, warning of possible pullbacks.
- Leerink Partners Maintains Market Perform on Exelixis, Raises Price Target to $58Leerink Partners kept a Market Perform rating and raised its price target to $58.
About Exelixis Inc
Exelixis is a California-based biotech company that discovers and sells cancer drugs. Its flagship drug is cabozantinib (sold as CABOMETYX), a widely used oral pill for kidney, liver, thyroid and neuroendocrine cancers, and it is developing a follow-up drug, zanzalintinib, with an FDA decision for colorectal cancer expected around late 2026.
How it makes money
Almost all revenue comes from cabozantinib. Most is US product sales of CABOMETYX (about $605 million of roughly $659 million in total revenue in Q3 2026). The rest is royalties and milestone payments from partners such as Ipsen and Takeda, which sell the drug outside the US. The company guided to about $2.5 billion in total revenue for 2026 and has been buying back a lot of its own stock.
What usually moves EXEL
- Cabometyx sales growth and pricing
- Regulatory decisions on zanzalintinib
- Patent litigation and future generic competition
- Clinical trial results from the pipeline
- Revenue guidance changes and share buybacks