Exelixis (EXEL) stock surged 5.99% in pre-market trading on Wednesday, driven by a wave of positive analyst sentiment and the company's robust first-quarter financial results.

Multiple investment firms raised their price targets for the biotechnology company. Wells Fargo increased its target to $40 from $35, Morgan Stanley lifted its target to $50 from $49, Stifel raised its target to $47 from $44, and Goldman Sachs maintained a Buy rating with a $50 price target. TD Cowen was notably bullish, raising its target to $55, citing strength in the CABOMETYX franchise, buyback-driven earnings per share growth, and potential upside from the zanzalintinib pipeline.

The positive analyst moves follow Exelixis's report of strong Q1 2026 results, with revenue of $610.81 million and net income of $210.47 million, indicating improved operational efficiency and margin gains from its oncology portfolio. Investors are also focusing on the regulatory progress of zanzalintinib, for which the U.S. FDA has accepted a New Drug Application with a Prescription Drug User Fee Act date set for December 2026.