Exelixis Stock Hits Record High at $51.64 on Cabometyx Data
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
exelixiscabometyx
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Shares of Exelixis Inc surged to an unprecedented closing level of $51.64 on 28 May 2026. Investing.com reported the milestone, which extends the stock's year-to-date gain past 40%. The move follows recent positive clinical data readouts for the company's flagship oncology drug, Cabometyx. The new peak marks a decisive breakout from a multi-year trading range that previously capped the stock below $48.
A major catalyst for the recent surge was the presentation of Phase 3 CONTACT-02 trial data at the ASCO annual meeting earlier this week. The data showed Cabometyx plus atezolizumab improved progression-free survival in metastatic castration-resistant prostate cancer. This expands the drug's potential label beyond its established uses in renal cell carcinoma and hepatocellular carcinoma.
The last comparable breakout for Exelixis occurred in September 2021 when the stock reached $27.50 following a Cabometyx label expansion approval from the FDA. The current macro backdrop for growth stocks is mixed, with the 10-year Treasury yield at 4.2% pressuring valuations. Biotech sentiment, however, has been buoyed by a recent uptick in M&A activity within the oncology space.
The immediate trigger was a combination of the ASCO data and heightened speculation about Exelixis becoming a more attractive strategic target. Investor focus has shifted from near-term earnings to the long-term revenue potential of Cabometyx in new cancer indications. The stock's momentum accelerated after several analysts revised price targets upward in the $55-$60 range.
Exelixis finished the session at $51.64, a gain of 4.2% on the day. The stock's market capitalization now exceeds $16.5 billion. Trading volume was heavy at 12.8 million shares, more than double its 30-day average of 5.2 million.
| Metric | Previous High (Oct 2023) | Current Level (28 May 2026) | Change |
|---|---|---|---|
| Stock Price | $47.89 | $51.64 | +7.8% |
| Market Cap | ~$15.2B | ~$16.5B | +$1.3B |
The stock has outperformed the biotech sector significantly year-to-date. The iShares Biotechnology ETF is up only 7% YTD, while Exelixis has gained 42%. The company's forward price-to-earnings ratio stands at 26.5, a premium to the sector median of 22. This premium reflects investor confidence in the durability of Cabometyx's cash flows and its pipeline expansion.
The strength in Exelixis is creating positive second-order effects for its development partners and suppliers. Ipsen, which co-markets Cabometyx ex-US, saw its Paris-listed shares rise 2.1%. Contract research organizations like IQVIA and Syneos Health, which manage Exelixis's clinical trials, also experienced modest inflows. Conversely, the move pressures direct competitors in the prostate cancer space, such as Pfizer and Astellas, whose drug Xtandi faces increased competitive scrutiny.
A key risk for Exelixis is the concentration of its revenue in a single product. Cabometyx accounts for over 90% of total sales. Any future safety concerns or clinical setbacks in new trials could disproportionately impact the stock. Regulatory delays for label expansions also pose a near-term execution risk.
Positioning data indicates institutional investors have been net buyers over the past quarter, with hedge funds increasing their long exposure. Option flow shows heavy demand for short-dated call options at the $55 strike, suggesting traders are positioning for further near-term upside. Retail investor activity on platforms like Fazen Markets has also spiked.
The next specific catalyst is the FDA's Prescription Drug User Fee Act action date for the supplemental New Drug Application in prostate cancer, expected by Q4 2026. Investors will monitor the company's second-quarter earnings call in late July 2026 for updated commercial guidance and commentary on the launch planning for the new indication.
Key technical levels to watch include immediate support at the previous resistance zone of $48.50. A sustained break above $52 could target the $55-$56 area, which aligns with recent analyst upgrades. On the downside, a close below the 50-day moving average near $47.50 would signal a potential short-term trend failure.
Further updates from the ongoing CONTACT-03 trial in non-small cell lung cancer, expected in late 2026, will be critical. Positive data there would further de-risk the Cabometyx development program and support the current valuation premium.
For retail investors, the record high signals that the market has priced in significant future growth from Cabometyx's expansion into new cancer types. It reflects a shift from valuing Exelixis as a single-indication story to a broader oncology platform. New investors should be aware of the stock's elevated volatility and high product concentration risk compared to more diversified large-cap pharma stocks.
The $51.64 close represents a full recovery and new peak following a prolonged period of consolidation. The stock traded below $20 for much of 2020. Its previous all-time high before this week was $47.89, set in October 2023. The current price is approximately 160% above its 5-year low of $19.75 reached in March 2020 during the broader market sell-off.
Beyond Cabometyx, Exelixis derives minimal revenue from its other commercialized drug, COMETRIQ for medullary thyroid cancer. Its pipeline includes zanzalintinib, a next-generation tyrosine kinase inhibitor in Phase 3 trials for colorectal cancer. The company also has a collaboration with Roche on the XL092 program. However, these assets are not expected to contribute materially to revenue for several years, underscoring the company's near-total reliance on Cabometyx.
Exelixis's record high prices in successful clinical execution and transforms the company's growth narrative.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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