Exelixis (NASDAQ:EXEL) Rating Lowered to "Market Perform" at Leerink Partners

Key Points

• Leerink Partners downgraded Exelixis to “Market Perform” from “Outperform” and set a $52 price target, implying about 1.1% downside. Analysts’ overall consensus remains “Hold,” with a $49.79 average target.
• Exelixis beat second-quarter EPS estimates, reporting $0.91 versus $0.85 expected, while revenue rose 10.6% year over year to $628.7 million but missed forecasts. The company lowered its 2026 revenue outlook to $2.5 billion–$2.6 billion amid slower-than-expected NET treatment adoption.
• The company is expanding its growth pipeline by launching a Phase 3 trial of zanzalintinib for residual colorectal cancer, though recent insider selling and a Zacks “Strong Sell” downgrade highlight concerns about near-term growth.

Exelixis (NASDAQ:EXEL - Get Free Report) was downgraded by equities research analysts at Leerink Partners from an "outperform" rating to a "market perform" rating in a report issued on Thursday, MarketBeat Ratings reports. They presently have a $52.00 price objective on the biotechnology company's stock. Leerink Partners' target price would suggest a potential downside of 1.10% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen raised shares of Exelixis from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. HC Wainwright reissued a "buy" rating and issued a $56.00 price target on shares of Exelixis in a report on Thursday, July 2nd. Barclays increased their price objective on shares of Exelixis from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Tuesday, July 14th. Zacks Research cut Exelixis from a "hold" rating to a "strong sell" rating in a report on Monday. Finally, Stifel Nicolaus boosted their price target on shares of Exelixis from $47.00 to $51.00 and gave the stock a "hold" rating in a research report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $49.79.

Exelixis Price Performance

Shares of NASDAQ:EXEL traded down $4.12 on Thursday, hitting $52.58. 2,506,213 shares of the company's stock were exchanged, compared to its average volume of 2,698,774. The business's 50 day simple moving average is $54.08 and its two-hundred day simple moving average is $47.84. The stock has a market capitalization of $13.22 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 1.62 and a beta of 0.44. Exelixis has a 12 month low of $33.76 and a 12 month high of $57.57.

Exelixis (NASDAQ:EXEL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. Exelixis had a net margin of 35.08% and a return on equity of 39.89%. The company had revenue of $628.69 million during the quarter, compared to analysts' expectations of $636.40 million. During the same period in the previous year, the company earned $0.75 EPS. The firm's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Exelixis will post 3.15 EPS for the current fiscal year.

Insider Activity at Exelixis

In other Exelixis news, CFO Christopher J. Senner sold 34,901 shares of Exelixis stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $50.00, for a total transaction of $1,745,050.00. Following the completion of the sale, the chief financial officer directly owned 952,317 shares in the company, valued at $47,615,850. This trade represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sue Gail Eckhardt sold 9,812 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $50.14, for a total transaction of $491,973.68. Following the completion of the sale, the director directly owned 16,079 shares in the company, valued at $806,201.06. This trade represents a 37.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 130,824 shares of company stock valued at $6,555,231 over the last quarter. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Exelixis

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Exelixis by 0.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock valued at $2,549,000 after purchasing an additional 281 shares during the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Exelixis by 5.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company's stock worth $237,000 after buying an additional 298 shares in the last quarter. Cim LLC increased its position in Exelixis by 0.9% during the 3rd quarter. Cim LLC now owns 35,397 shares of the biotechnology company's stock valued at $1,462,000 after purchasing an additional 305 shares during the period. J.W. Cole Advisors Inc. lifted its position in shares of Exelixis by 6.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 5,354 shares of the biotechnology company's stock valued at $235,000 after acquiring an additional 329 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of Exelixis by 3.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 9,077 shares of the biotechnology company's stock worth $389,000 after purchasing an additional 333 shares during the period. Hedge funds and other institutional investors own 85.27% of the company's stock.

Key Headlines Impacting Exelixis

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Exelixis launched a Phase 3 trial evaluating zanzalintinib in patients with residual colorectal cancer after surgery and chemotherapy. The study expands the drug’s potential commercial opportunity beyond its existing development programs. Exelixis Targets Residual Colorectal Cancer With New Phase 3 Trial
• Positive Sentiment: TD Cowen reaffirmed a Buy rating and a $55 price target, citing resilient cabozantinib performance, cost discipline and longer-term upside from zanzalintinib. Exelixis Buy Rating Reaffirmed
• Positive Sentiment: Second-quarter adjusted EPS was $0.91, ahead of estimates near $0.85-$0.86 and up from $0.75 a year earlier. Revenue increased 10.6% year over year to $628.7 million, while net margin reached 35.1%. Exelixis Announces Second Quarter 2026 Financial Results
• Neutral Sentiment: Stifel raised its price target from $47 to $51 but retained a Hold rating, indicating limited upside based on its valuation view. Stifel Price Target Update
• Negative Sentiment: Revenue missed Wall Street expectations of approximately $636.4 million. More importantly, Exelixis lowered its 2026 revenue outlook to $2.5 billion-$2.6 billion, versus consensus near $2.6 billion, as the launch of its NET treatment progressed more slowly than expected. Exelixis Q2 Earnings and 2026 Outlook
• Negative Sentiment: Zacks Research downgraded Exelixis to Strong Sell and trimmed its FY2026 and FY2027 EPS forecasts slightly, while cutting its FY2028 estimate to $4.18 from $4.28. These revisions reinforce concerns about slower near-term growth.

About Exelixis

Exelixis, Inc is a biotechnology company specializing in the discovery, development and commercialization of small molecule therapies primarily for the treatment of cancer. Building on a platform that leverages model organism genetics and high-throughput screening, the company focuses its research on kinase inhibitors that modulate critical signaling pathways involved in tumor growth and metastasis. Exelixis's translational research approach aims to advance novel compounds from early-stage discovery through clinical development and regulatory approval.

The company's most recognized products include CABOMETYX® (cabozantinib), approved for the treatment of advanced renal cell carcinoma and hepatocellular carcinoma, and COMETRIQ® (cabozantinib) for metastatic medullary thyroid cancer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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