H.C. Wainwright has raised its 12-month price target for Exelixis (EXEL) to $54.00 from $52.00 and reiterated a Buy recommendation, citing recent quarterly performance. The research house noted that Exelixis reported fourth-quarter 2025 diluted net income of $0.88 per share, above its prior forecast of $0.77 per share, with the firm attributing the outperformance primarily to tax expenses that came in lower than expected.
Valuation metrics referenced alongside the update show Exelixis trading below what InvestingPro characterizes as Fair Value, with a reported price-to-earnings ratio of 15.46 and a price/earnings-to-growth (PEG) ratio of 0.25.
On the top line, Exelixis produced $598.7 million in total revenue for the fourth quarter of 2025. Cabozantinib sales accounted for $546.6 million of that total. Those figures were close to the research firm’s prior estimates of $598.5 million in total revenue and $546.8 million in cabozantinib revenue.
Expense items in the quarter included research and development costs of $213.2 million and selling, general and administrative expenses of $123.0 million. H.C. Wainwright’s forecast had anticipated R&D spending of $213.2 million and SG&A of $124.3 million, indicating a near match on R&D and a modest favorable variance on SG&A.
Following the quarter, H.C. Wainwright adjusted its full-year 2026 net earnings projection for Exelixis to $3.15 per share, up from a prior estimate of $3.10 per share. The firm also noted the company ended 2025 with approximately $1.95 billion in cash, cash equivalents and marketable securities on its balance sheet.
Separate company reporting for the same period highlighted an earnings-per-share outcome of $0.97, beating a projected $0.80 and representing a 21.25% increase relative to that expectation. Revenue on that release showed a slight shortfall versus certain expectations, with $598.66 million reported against an expected $604.56 million.
Investor sentiment around Exelixis remains mixed but generally constructive. Citizens has kept a Market Outperform rating and a $50.00 price target, driven by enthusiasm for the company’s oncology candidate zanzalintinib. That firm called out the drug’s potential in treating metastatic colorectal cancer following discussions at the ESMO 2025 meeting.
Taken together, the analyst update and the company’s reported results reflect a combination of positive earnings beats, narrowly missed revenue expectations in some comparisons, and continued clinical optimism for pipeline assets. The market reaction and subsequent analyst positioning suggest cautious confidence among equity research desks and investors watching Exelixis’ commercial performance and clinical-readout trajectory.
Key points
- H.C. Wainwright raised its Exelixis price target to $54 from $52 and kept a Buy rating after Q4 2025 results.
- Exelixis posted Q4 2025 diluted net income of $0.88 per share, beating H.C. Wainwright’s $0.77 per-share forecast; company-reported EPS of $0.97 also exceeded a $0.80 projection.
- Q4 total revenue was $598.7 million, with cabozantinib responsible for $546.6 million; cash and equivalents at year-end stood at about $1.95 billion.
Risks and uncertainties
- Revenue comparisons show a slight shortfall in some expectations - reported revenue of $598.66 million fell short of an anticipated $604.56 million, which could influence investor sentiment in the healthcare and biotech sectors.
- Variability in reported earnings metrics and differing EPS figures cited by analysts and company releases highlight potential for short-term volatility in the stock, affecting equity market participants focused on biotech earnings cycles.
- Clinical-readout dependence: continued market optimism tied to zanzalintinib’s potential in metastatic colorectal cancer underscores clinical development risk for the pharmaceutical sector if trial discussions or outcomes evolve.