Exelixis Gains 20.7% in Three Months: Is This the Right Time to Buy?

Shares of Exelixis, Inc. (NASDAQ: EXEL) have risen 20.7% in the past three months compared with the industry's growth of 6.3%. The stock has also outperformed the sector and the S&P 500 Index.

Exelixis has been a consistent outperformer in the year so far on the back of the strong performance of its lead drug Cabometyx and encouraging pipeline progress.

EXEL Outperforms Industry, Sector & S&P 500

Image Source: Zacks Investment Research

Cabometyx Boosts EXEL

Cabometyx maintained its status as the leading tyrosine kinase inhibitor (TKI) for the treatment of renal cell carcinoma (RCC) in 2023. This was mainly attributable to its use in combination with Bristol Myers' Opdivo in the first-line setting. The drug also maintained growth in the hepatocellular carcinoma indication.

BMY's Opdivo is one of the leading immuno-oncology drugs, approved for various oncology indications.

Management is also focused on the label expansion of Cabometyx. The FDA accepted EXEL's supplemental new drug application (sNDA) for cabozantinib for patients with previously treated advanced pancreatic neuroendocrine tumors (pNET) and those with previously treated advanced extra-pancreatic NET (epNET). The FDA assigned a standard review with a target action date of April 3, 2025. The FDA also granted the orphan drug designation to cabozantinib for the treatment of pNET.

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