Exelixis: Advancing Zanzalintinib Pipeline Underpins Buy Rating and $52 Target on Multi-Tumor Commercial Potential

H.C. Wainwright analyst Robert Burns reiterated a Buy rating on Exelixis today and set a price target of $52.00.

Robert Burns has given his Buy rating due to a combination of factors tied primarily to the advancing zanzalintinib program and its potential commercial impact. He highlights that the FDA has accepted Exelixis’s New Drug Application for zanzalintinib in combination with atezolizumab to treat previously treated metastatic colorectal cancer, with a decision expected by December 3, 2026. This filing rests on compelling Phase 3 STELLAR-303 data, where the zanzalintinib–atezolizumab regimen produced a statistically meaningful overall survival benefit compared with regorafenib in the intent-to-treat population. On the back of this regulatory progress and clinical efficacy, he reaffirms a 12‑month price target of $52 alongside the Buy rating.
Burns also underscores a robust slate of upcoming catalysts that could further enhance the company’s value proposition. These include the planned launch of the STELLAR-201 study in recurrent meningioma in the first half of 2026, additional subgroup results from STELLAR-303 in patients without liver metastases in mid‑2026, and top-line data from the Phase 3 STELLAR-304 trial in non-clear cell renal cell carcinoma around the same time. He points to potential initial data for the XB628 program by year-end 2026 and the possibility of an FDA approval for zanzalintinib plus atezolizumab in non–MSI-high metastatic colorectal cancer later this year as further de-risking events. In his view, the principal driver of Exelixis’s valuation over the near and medium term will be how the market comes to assess the breadth and durability of zanzalintinib’s commercial opportunity across multiple tumor settings, supporting a favorable risk–reward profile for the stock.