Wells Fargo & Company Forecasts Strong Price Appreciation for Exelixis (NASDAQ:EXEL) Stock

Key Points

• Wells Fargo raised its price target on Exelixis to $40 from $35 while maintaining an "equal weight" rating, a target that implies about a 13.4% downside from the prior close; the analyst consensus remains a "Hold" with an average price target of $47.28.
• Exelixis beat Q1 expectations with EPS of $0.87 vs. $0.75 and revenue of $610.8M (up 10% y/y), results that helped lift the stock roughly 4% to $46.18.
• Management authorized a $750M buyback and set a December PDUFA target for zanzalintinib in colorectal cancer, providing potential catalysts, while insiders have sold about 362,849 shares (~$15.9M) in the past three months.

Exelixis (NASDAQ:EXEL - Get Free Report) had its target price increased by analysts at Wells Fargo & Company from $35.00 to $40.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the biotechnology company's stock. Wells Fargo & Company's price objective suggests a potential downside of 13.39% from the company's previous close.

EXEL has been the topic of several other reports. Barclays upped their price target on shares of Exelixis from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Monday, April 20th. Truist Financial raised shares of Exelixis to a "strong-buy" rating in a research report on Monday, April 27th. Morgan Stanley boosted their price objective on shares of Exelixis from $48.00 to $49.00 and gave the company an "equal weight" rating in a research report on Monday, February 2nd. Wall Street Zen cut shares of Exelixis from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 18th. Finally, HC Wainwright boosted their price objective on shares of Exelixis from $52.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $47.28.

Exelixis Stock Up 4.0%

NASDAQ:EXEL traded up $1.76 during mid-day trading on Wednesday, hitting $46.18. 1,098,446 shares of the stock traded hands, compared to its average volume of 2,688,352. The stock has a market capitalization of $11.73 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 0.99 and a beta of 0.38. Exelixis has a 52 week low of $33.76 and a 52 week high of $49.62. The firm's 50 day moving average is $43.32 and its two-hundred day moving average is $42.86.

Exelixis (NASDAQ:EXEL - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.75 by $0.12. The company had revenue of $610.81 million for the quarter, compared to the consensus estimate of $607.51 million. Exelixis had a net margin of 33.73% and a return on equity of 36.29%. The firm's revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 EPS. As a group, research analysts predict that Exelixis will post 3.07 EPS for the current year.

Insider Transactions at Exelixis

In other news, SVP Brenda Hefti sold 18,669 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $44.01, for a total value of $821,622.69. Following the completion of the sale, the senior vice president owned 96,512 shares of the company's stock, valued at approximately $4,247,493.12. This represents a 16.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher J. Senner sold 30,617 shares of the company's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $43.67, for a total transaction of $1,337,044.39. Following the completion of the sale, the chief financial officer directly owned 976,092 shares of the company's stock, valued at $42,625,937.64. The trade was a 3.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 362,849 shares of company stock worth $15,917,463. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Exelixis

Hedge funds have recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. lifted its position in Exelixis by 0.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,420 shares of the biotechnology company's stock valued at $2,549,000 after acquiring an additional 281 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Exelixis by 95.1% during the third quarter. Richardson Financial Services Inc. now owns 599 shares of the biotechnology company's stock valued at $25,000 after acquiring an additional 292 shares during the last quarter. RHS Financial LLC lifted its position in Exelixis by 2.4% during the fourth quarter. RHS Financial LLC now owns 12,619 shares of the biotechnology company's stock valued at $553,000 after acquiring an additional 293 shares during the last quarter. Meeder Advisory Services Inc. lifted its position in Exelixis by 5.8% during the fourth quarter. Meeder Advisory Services Inc. now owns 5,406 shares of the biotechnology company's stock valued at $237,000 after acquiring an additional 298 shares during the last quarter. Finally, Cim LLC lifted its position in Exelixis by 0.9% during the third quarter. Cim LLC now owns 35,397 shares of the biotechnology company's stock valued at $1,462,000 after acquiring an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company's stock.

Exelixis News Roundup

Here are the key news stories impacting Exelixis this week:

• Positive Sentiment: Q1 results beat expectations — EPS $0.87 vs. $0.75 consensus and revenue $610.8M (up 10% y/y), with strong margins that support profitability and cash generation. This is the main immediate driver of the stock move. Read More.
• Positive Sentiment: Board authorized a $750M buyback and the company outlined a December PDUFA target for Zanzalintinib in colorectal cancer (CRC) — buybacks support EPS and the PDUFA provides clearer binary clinical/regulatory upside. Read More.
• Positive Sentiment: Bullish analyst action: TD Cowen raised its price target to $55 and reiterated a Buy, citing Cabometyx (cabozantinib) momentum and buyback-driven EPS growth — supportive to investor sentiment. Read More.
• Neutral Sentiment: FY-2026 revenue guidance set roughly in a $2.5B–$2.6B range (vs. consensus ~ $2.6B), indicating growth but offering limited upside surprise versus estimates — keeps near-term expectations mixed. Read More.
• Neutral Sentiment: Earnings call and transcripts highlight durable Cabometyx franchise and STELLAR-304 momentum; management framed progress across commercial and R&D programs but emphasized ongoing pipeline readouts to watch. Read More.
• Negative Sentiment: Morgan Stanley kept a Hold rating, noting that cabozantinib momentum is offset by pipeline uncertainty — a reminder that longer‑term upside depends on clinical/regulatory outcomes beyond the current top-line performance. Read More.

Exelixis Company Profile

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.

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