Shares of Exelixis (EXEL) are soaring 5.13% in intraday trading on Thursday, as investors react positively to multiple analyst upgrades. The biotechnology company's stock is gaining momentum following two significant price target increases from major financial institutions.

Citigroup has raised its target price for Exelixis to $56 from $45, representing a substantial 24% increase. The firm also maintained its Buy rating on the stock, signaling continued confidence in Exelixis's growth prospects. Meanwhile, Guggenheim has also boosted its price target, albeit more modestly, to $45 from $42.

These upward revisions from prominent analysts suggest growing optimism about Exelixis's future performance. The company, known for its oncology-focused drug development programs, appears to be gaining favor among Wall Street experts. As investors digest these positive assessments, the stock's significant jump reflects heightened expectations for Exelixis's potential in the competitive biotechnology sector.