Exelixis (EXEL) Stock Forecast & Price Target

Exelixis is well positioned by the durable cash flow of Cabometyx, which generated $604.9M of 3Q26 sales on $658.7M of revenue and helped deliver $0.85 per share of diluted net earnings, while the company ended 3Q26 with about $1.4B in cash and marketable securities. Its outlook is further strengthened by management’s ability to reinvest that capital into zanzalintinib, which is in six pivotal programs and could become a major growth driver beyond Cabometyx’s loss of exclusivity in the 2030s. The combination of resilient current franchise economics, a well-capitalized balance sheet, and multiple near-term catalysts in 1Q27 and March 3, 2027 supports a favorable fundamental view, with upside also tied to slower generic erosion and possible clinical success in MRD-positive adjuvant colorectal cancer.

Exelixis is viewed negatively because Cabometyx, the company’s core cash engine, faces an approaching patent cliff, with market share erosion in RCC, weak traction in NETs, and payer pressure likely to intensify as 505(b)(2) copycats emerge. The bearish case also argues that zanzalintinib may be too early in its launch to offset Cabometyx’s topline compression, while disappointing efficacy, safety, or uptake in STELLAR-316 and other late-stage studies could further weaken the growth bridge. With valuation described as highly sensitive to Zanza, which represents about two-thirds of operating value, any underperformance there could leave the shares reliant on a declining base business plus cash.