Exelixis, Inc. (EXEL) Sees Mixed Analyst Actions as Zanzalintinib Nears Commercial Launch

We recently compiled a list of the Top 10 Oncology Stocks to Buy Now. Exelixis, Inc. is placed eighth among the best cancer stocks.

TheFly reported on January 8 that H.C. Wainwright analyst Robert Burns raised his price target on EXEL to $52 from $49 while maintaining a Buy rating after the company announced a strategic collaboration with Natera. According to Burns, investor sentiment around zanzalintinib’s commercial potential across several tumor indications will be the primary near-to medium-term value driver.

On the same day, Morgan Stanley downgraded Exelixis, Inc. (NASDAQ:EXEL) to Equal Weight from Overweight and raised its price target to $48 from $45. According to the firm, the stock is currently trading barely 10% below the updated goal after a roughly 28% increase in share price over the prior year. Zanzalintinib will be commercially available for a number of cancer indications for the first time in 2026, according to Morgan Stanley, and its valuation already accounts for related catalytic events.

On January 11, EXEL reported preliminary 2025 revenues of about $2.32 billion in a business update that followed these analyst actions. The company’s $2.525–$2.625 billion sales forecast for 2026 is a crucial factor in analysts’ updated models. Exelixis, Inc. (NASDAQ:EXEL) focuses on the discovery and development of small molecules for the treatment of various cancers. Its primary products, CABOMETYX and COMETRIQ, target multiple tyrosine kinases, including MET, VEGFR, and AXL, which are involved in tumor growth and angiogenesis.

While we acknowledge the potential of EXEL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 12 Best Multibagger Stocks to Buy Heading into 2026 and 7 Best Rising Tech Stocks to Buy Now.

Disclosure: None.