Exelixis Inc.

**Signal Note: Driehaus Initiates EXEL Position** Driehaus's $14.8M entry into Exelixis suggests conviction in the company's oncology portfolio, likely driven by cabozantinib's expanding label opportunities (renal cell carcinoma, hepatocellular carcinoma, medullary thyroid cancer) and near-term catalyst potential. The timing may reflect confidence in upcoming clinical readouts or commercial execution, particularly given EXEL's demonstrated ability to drive label expansions and pricing power in solid tumors. For a growth-focused manager with material biotech exposure, this suggests they view EXEL as undervalued relative to its pipeline visibility.