Financial Performance - Total revenues for Q3 2025 were $597.8 million, up from $539.5 million in Q3 2024, representing an increase of approximately 10.5%[3] - U.S. net product revenues from the cabozantinib franchise were $542.9 million, compared to $478.1 million in the same period last year, reflecting a growth of about 13.5%[3] - GAAP net income for Q3 2025 was $193.6 million, or $0.69 per diluted share, compared to $118.0 million, or $0.40 per diluted share in Q3 2024, marking a year-over-year increase of 64%[9] - Non-GAAP net income for Q3 2025 was $217.9 million, or $0.78 per diluted share, compared to $135.7 million, or $0.47 per diluted share in Q3 2024, indicating a growth of approximately 60.6%[10] - Total revenues for the nine months ended September 30, 2025, reached $1.72 billion, compared to $1.60 billion for the same period in 2024, reflecting a 7.5% growth[34] - The company’s net income for Q3 2025 was $193.58 million, up 64.2% from $117.97 million in Q3 2024[34] Expenses - Research and development expenses decreased to $199.2 million in Q3 2025 from $222.6 million in Q3 2024, a reduction of about 10.5%[5] - Selling, general and administrative expenses increased to $123.7 million in Q3 2025 from $111.8 million in Q3 2024, an increase of approximately 10.5%[6] - The company’s operating expenses for Q3 2025 totaled $361.22 million, a decrease from $403.47 million in Q3 2024[34] Stock and Shareholder Returns - Exelixis announced an additional stock repurchase program for up to $750 million by the end of 2026[1] - Exelixis has repurchased $895.3 million of its common stock at an average price of $37.18 per share as of September 30, 2025, returning $1.9 billion to shareholders since March 2023[24] - The weighted-average diluted common shares outstanding decreased from 326.3 million to 278.5 million shares since the first stock repurchase program in March 2023[24] Future Plans and Guidance - Exelixis is providing updated financial guidance for 2025, projecting total revenues between $2.30 billion and $2.35 billion[15] - The company plans to submit a New Drug Application for zanzalintinib in combination with atezolizumab for advanced colorectal cancer by the end of 2025[18] - Exelixis plans to submit a New Drug Application for zanzalintinib in combination with atezolizumab by the end of 2025, pending government service availability[30] Pipeline Development - The cabozantinib franchise generated $542.9 million in net product revenues, with $46.3 million earned in royalty revenues from collaboration partners[16] - Exelixis initiated a phase 1 study of XB371 in August 2025, expanding its early-stage pipeline programs to four ongoing phase 1 trials[23] - Exelixis estimates a federal cash tax benefit of $147 million from the repeal of the requirement to capitalize domestic R&E expenditures, effective for taxable years beginning after December 31, 2024[25]

Group 1: Institutional Investment Activity - Belpointe Asset Management LLC purchased a new stake in Exelixis worth approximately $572,000 during the first quarter [1] - Envestnet Asset Management Inc. increased its position in Exelixis by 23.9%, now owning 248,073 shares valued at $9,159,000 after purchasing an additional 47,845 shares [1] - Intech Investment Management LLC increased its position by 46.4%, now holding 392,022 shares worth $14,473,000 after acquiring an additional 124,297 shares [1] - 85.27% of Exelixis stock is currently owned by hedge funds and other institutional investors [1] Group 2: Analyst Ratings and Price Targets - Truist Financial lowered its price target on Exelixis from $56.00 to $49.00 while maintaining a "buy" rating [2] - Morgan Stanley reduced its price target from $50.00 to $44.00, assigning an "overweight" rating [2] - Guggenheim reiterated a "buy" rating with a price target of $45.00 [2] - Leerink Partners upgraded Exelixis from "market perform" to "outperform" with a price target of $48.00 [2] - The average rating for Exelixis is "Moderate Buy" with a consensus price target of $44.53 [2] Group 3: Stock Performance and Financial Metrics - Exelixis shares opened at $38.67, with a market cap of $10.41 billion [3] - The stock has a P/E ratio of 18.59 and a PEG ratio of 0.79 [3] - Exelixis has a 52-week low of $31.90 and a high of $49.62 [3] Group 4: Company Overview - Exelixis, Inc. focuses on the discovery, development, and commercialization of new medicines for difficult-to-treat cancers in the U.S. [4] - The company offers CABOMETYX for advanced renal cell carcinoma and COMETRIQ for progressive and metastatic medullary thyroid cancer [4]

Core Insights - Exelixis, Inc. has been upgraded to Outperform from Market Perform by Leerink Partners, with a new price target set at $48, up from $38 [1][2] - The upgrade follows the ESMO presentation of the Phase 3 STELLAR-303 trial, which evaluated zanzalintinib plus atezolizumab against regorafenib in 3L non MSI-high metastatic colorectal cancer [2] - Despite a 12% decline in stock price due to initial data pressure, the trial is seen as establishing significant long-term investment potential for Exelixis [2][3] Company Overview - Exelixis, Inc. focuses on discovering, developing, and commercializing new medicines for difficult-to-treat cancers, with a product portfolio that includes cabometyx, cometriq, and cotellic [3] - The STELLAR-303 trial results are expected to pave the way for the approval of zanzalintinib, which could help offset revenue losses from cabometyx after its patent expiry in 2028 [3]

Core Insights - Exelixis, Inc. reported results from its STELLAR-303 trial comparing zanzalintinib plus atezolizumab to regorafenib in metastatic colorectal cancer (mCRC) on October 20 [1] Group 1 - The STELLAR-303 trial results are significant for the company's ongoing research in the oncology sector [1]

Upgrades - BofA upgraded Eversource (ES) to Buy from Neutral with a price target of $85, up from $73, citing an "improving regulatory tone" and a projected 6% EPS growth through 2029 [2] - Leerink upgraded Exelixis (EXEL) to Outperform from Market Perform with a price target of $48, up from $38, following the Phase 3 STELLAR-303 trial results, which established important levers for long-term investment despite a 12% stock decline [3] - Citi upgraded Nextracker (NXT) to Buy from Neutral with a price target of $114, up from $66, highlighting its dominant position in tracker sales and potential revenue contributions from acquired businesses by FY30 [4] - Citi upgraded Sunrun (RUN) to Buy from Neutral with a price target of $26, up from $11, noting benefits from rising electricity rates and increased leverage over suppliers due to market shifts [5] - Raymond James upgraded Capri Holdings (CPRI) to Outperform from Market Perform with a price target of $25, indicating a favorable turnaround position supported by improving demand and conservative guidance [6] Downgrades - JPMorgan downgraded Goldman Sachs (GS) to Neutral from Overweight with a price target of $750, up from $625, citing high current valuations compared to European investment banks [7] - BNP Paribas Exane downgraded Verizon (VZ) to Neutral from Outperform with a price target of $44, raising concerns about strategic direction following a recent CEO change [7] - BNP Paribas Exane downgraded NuScale Power (SMR) to Underperform from Neutral with a price target of $25, down from $41, due to concerns over cumulative shipments and financial commitments [7] - Citi downgraded NuScale to Sell from Neutral with a price target of $37.50, down from $46, highlighting potential sales by Fluor and stretched valuations [7] - TD Cowen downgraded Tempus AI (TEM) to Hold from Buy with a price target of $88, up from $72, viewing the stock as fairly valued after a significant rally [7] - Wells Fargo downgraded Cleveland-Cliffs (CLF) to Underweight from Equal Weight with an unchanged price target of $11, describing the recent stock rally as "excess exuberance" [7]

Core Viewpoint - Top Wall Street analysts have revised their outlook on several prominent stocks, indicating potential shifts in investment sentiment and opportunities in the market [1] Group 1: Analyst Ratings Changes - The article highlights changes in analyst ratings, including upgrades, downgrades, and initiations for various stocks [1] - Specific mention of NXT stock suggests it is under consideration for purchase based on analysts' opinions [1]

Core Insights - Exelixis Inc. stock is experiencing a decline following the release of detailed results from the STELLAR-303 Phase 3 trial, which evaluated zanzalintinib in combination with Roche's Tecentriq against Bayer's Stivarga for metastatic colorectal cancer [1][6] Group 1: Trial Results - The STELLAR-303 trial met one of its dual primary endpoints, showing a 20% reduction in the risk of death in the intention-to-treat population at the final analysis [2] - At a median follow-up of 18 months, median overall survival was 10.9 months for the zanzalintinib and atezolizumab combination compared to 9.4 months for regorafenib [2] - The 12- and 24-month landmark overall survival estimates were 46% and 20% for the combination, versus 38% and 10% for regorafenib [4] Group 2: Additional Findings - An interim analysis indicated a trend favoring the combination with overall survival of 15.9 months compared to 12.8 months at a median follow-up of 16.8 months [5] - A trend for improvement in progression-free survival (PFS) was also observed, although statistical superiority cannot be claimed at this time due to the prespecified hierarchical testing strategy [5][6] - The trend for PFS improvement was consistent across subgroups [6]

Market Overview - U.S. stock futures are higher, with Dow futures gaining approximately 0.2% on Monday [1] Company-Specific Movements - Olema Pharmaceuticals Inc (NASDAQ:OLMA) shares fell 18.3% to $7.64 in pre-market trading following the announcement of new data from the Phase 1b/2 trial of palazestrant plus ribociclib in ER+/HER2- metastatic breast cancer at ESMO 2025 [1] - Concord Medical Services Hldgs Ltd (NYSE:CCM) experienced a decline of 24.4% to $4.15 in pre-market trading after a 6% drop on Friday [3] - Addex Therapeutics Ltd – ADR (NASDAQ:ADXN) dipped 15.6% to $9.23 in pre-market trading after a significant gain of 28% on Friday [3] - Exelixis Inc (NASDAQ:EXEL) shares fell 8.3% to $36.00 after announcing detailed results from the Phase 3 STELLAR-303 pivotal trial evaluating zanzalintinib in combination with an immune checkpoint inhibitor in metastatic colorectal cancer, presented at ESMO 2025 and published in The Lancet [3] - Cellectis SA (NASDAQ:CLLS) shares declined 7.3% to $3.69 in pre-market trading [3] - Alumis Inc (NASDAQ:ALMS) saw a decline of 6.7% to $4.19 in pre-market trading [3] - Nanobiotix SA – ADR (NASDAQ:NBTX) fell 6.3% to $23.98 in pre-market trading after a 4% decline on Friday [3] - Genmab A/S – ADR (NASDAQ:GMAB) declined 4.1% to $31.81 in pre-market trading, with Rinatabart Sesutecan achieving a 50% objective response rate and two complete responses in advanced endometrial cancer [3] - Taysha Gene Therapies Inc (NASDAQ:TSHA) fell 4% to $4.53 in pre-market trading [3]

Core Insights - Exelixis, Inc. announced positive data from the STELLAR-303 trial, showing that the combination of zanzalintinib and atezolizumab improved median overall survival for metastatic colorectal cancer patients compared to regorafenib [1][2] - The combination therapy resulted in a median overall survival of 10.9 months, compared to 9.4 months for regorafenib, and reduced the risk of death by 20 percent in the intention-to-treat population [1] - The 12- and 24-month survival rates for the combination therapy were 46 percent and 20 percent, respectively, compared to 38 percent and 10 percent for regorafenib [2] - The safety profiles of both treatment regimens were consistent with previous observations [2] - The lead investigator noted that the combination therapy has shown consistent benefits across key patient subgroups [3] - Exelixis plans to submit its first new drug application for zanzalintinib by the end of the year [3] - Following the announcement, Exelixis' stock price decreased by 8.28 percent to $36 in pre-market trading [3]

Core Insights - Exelixis, Inc. announced detailed results from the STELLAR-303 trial, which evaluated zanzalintinib in combination with atezolizumab against regorafenib in patients with previously treated non-MSI-high metastatic colorectal cancer [1] Group 1 - The study met one of its dual primary endpoints, showing a 20% reduction in the risk of death with the combination treatment [1]