Exelixis faces heightened investor scrutiny following mixed subgroup data from its STELLAR-303 trial for zanzalintinib. This trial targeted metastatic colorectal cancer. The study demonstrated a statistically significant overall survival benefit in the full population. However, the drug failed to show benefit in a key subgroup. In late June 2026, the company was removed from three Russell 1000 Defensive-style indexes.
An analyst downgrade recently cited growing pipeline uncertainty for the firm. Investors are now focused on the FDA decision for zanzalintinib, which is expected by December 2026. This decision represents a critical near-term catalyst for diversifying revenue beyond the main driver, CABOMETYX.
On July 6, 2026, reports indicated the New York State Teachers Retirement System reduced its Exelixis stake. The pension fund cut its position by 16.3% during the first quarter. Institutional ownership remains high at 85.27%.