Exelixis Inc "Stock resilient but we see balanced risk-reward on..."

研报英文原文证据摘录

Exelixis Inc "Stock resilient but we see balanced risk-reward on..."

Global Research

1 July 2026ab

Exelixis Inc Equities

United StatesStock resilient but we see balanced risk-reward

on fundamentals: 2Q preview Biotechnology

12-month rating Neutral *

12m price target US$52.00Near-term positive catalysts, longer-term questions remain

Prior : US$43.00

We see balanced risk-reward for EXEL as we approach key upcoming catalysts

(nccRCC readout/CRC launch). We note that EXEL stock has performed well recently Price (01 Jul 2026) US$53.96

despite unfavorable updates from competitors and STELLAR-303. We believe zanza is RIC: EXEL.O BBG: EXEL US

well positioned for success in the upcoming nccRCC readout, which could drive

additional stock upside. If the nccRCC readout is positive, we note there is still debate on Trading data and key metrics

whether zanza can out-perform Cabo in RCC. We think zanza expansion into additional 52-wk range US$54.77-34.54

indications will be key to maintain value post-LOE. We see '27 revenues as an important Market cap. US$13.9b

catalyst for EXEL, as that will indicate the strength of Cabo's positioning, as well as Shares o/s 258m (COM)

zanza's launch. We layer in revenues for zanza in NETs and raise our PT to $52, reit Free float 98%

Neutral. Avg. daily volume ('000) 2,683

Avg. daily value (m) US$131.2

Cabo has longer-term insulation in RCC, but immediate potential impact Common s/h equity (12/26E) US$2.99b

There has been increased investor focus on Cabo's positioning in RCC following the P/BV (12/26E) 4.4x

positive LS011 data (see ASCO GU note). We reiterate that LS011 could have a near- Net debt to EBITDA (12/26E) NM

term impact on Cabo '27 sales. That said, we think long term Cabo could be pushed into

earlier lines and nullify net impact.