Exelixis (EXEL) stock surged 9.32% during intraday trading on Wednesday, marking a significant upward movement for the biotechnology company.

The sharp rise appears to be driven by a wave of positive analyst sentiment and the company's robust first-quarter financial results. Multiple investment firms, including TD Cowen, Goldman Sachs, Morgan Stanley, Stifel, and Wells Fargo, issued or maintained favorable ratings on the stock, with several raising their price targets. This analyst optimism follows Exelixis's report of strong Q1 2026 results, which showed revenue of $610.81 million and net income of $210.47 million, indicating improved operational efficiency.

Investors are also focusing on the strength of the company's CABOMETYX franchise and the regulatory progress of its next-generation therapy, zanzalintinib. The U.S. FDA has accepted a New Drug Application for zanzalintinib, with a key decision date set for December 2026, providing a potential future catalyst for the stock.