Exelixis Inc.
EXELHeld by 4 specialist biotech funds
High ConvergenceHigh short interest · No specialist buying4 funds opened new positions. Next phase3 readout (Nivolumab): Feb 2020. Short interest: 15.6% of float.
Held by 4 specialist biotech funds
High ConvergenceHigh short interest · No specialist buying4 funds opened new positions. Next phase3 readout (Nivolumab): Feb 2020. Short interest: 15.6% of float.
Exelixis, Inc. operates as a biotechnology firm dedicated to combating cancer, primarily focusing on the identification, advancement, and marketing of novel oncological treatments within the United States. Its portfolio of commercially available therapeutics includes CABOMETYX tablets, prescribed for individuals with advanced renal cell carcinoma who have previously undergone anti-angiogenic treatment, and COMETRIQ capsules, utilized for managing progressive and metastatic medullary thyroid cancer. Both CABOMETYX and COMETRIQ originate from cabozantinib, a compound that inhibits several tyrosine kinases such as MET, AXL, RET, and VEGF receptors. Additionally, Exelixis offers COTELLIC, an MEK inhibitor employed in combination therapies for advanced melanoma, and MINNEBRO, an orally administered, non-steroidal selective mineralocorticoid receptor blocker, approved for hypertension treatment in Japan. The company's developmental pipeline features several promising candidates, such as XL092, an oral tyrosine kinase inhibitor designed to target VEGF receptors, MET, AXL, MER, and other kinases crucial for cancer proliferation; XB002, an antibody-drug conjugate containing a human monoclonal antibody against tissue factor (TF), intended for advanced solid tumors and non-Hodgkin's lymphoma; and XL102, an orally available cyclin-dependent kinase 7 (CDK7) inhibitor being developed for advanced or metastatic solid tumors. Exelixis, Inc. maintains extensive research partnerships and licensing arrangements with numerous pharmaceutical and biotechnology entities, including Ipsen Pharma SAS, Takeda Pharmaceutical Company Ltd., F. Hoffmann-La Roche Ltd., Redwood Bioscience, Inc., R.P. Scherer Technologies, LLC, Catalent Pharma Solutions, Inc., NBE Therapeutics AG, Aurigene Discovery Technologies Limited, Iconic Therapeutics, Inc., Invenra, Inc., StemSynergy Therapeutics, Inc., Genentech, Inc., Bristol-Myers Squibb Company, and Daiichi Sankyo Company, Limited. Established in 1994, the company originally operated as Exelixis Pharmaceuticals, Inc. before rebranding to Exelixis, Inc. in February 2000. Its corporate headquarters are located in Alameda, California.
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4 specialist funds hold EXEL with a Phase 2 in 17 days for Cabozantinib (Meningioma)
+31 more upcoming catalysts
Position history (shares)
Signal: Deep Track Capital fully exited EXEL this quarter, a notable move given the fund's life sciences specialization and $5B+ AUM. The exit comes despite a dense near-term catalyst calendar, including a Phase 3 XL092 readout in colorectal cancer expected by May 2026 and multiple Phase 2 cabozantinib readouts across RCC and NSCLC indications in mid-2026.
6 quarters
Feb 13, 2026
$0
0 funds
Feb 17, 2026
$0
0 funds
May 15, 2026
$14.4M
1 fund
Aug 14, 2026
$26.0M
1 fund
+33% total institutional value over 18 quarters
Short Shares
28.18M
Change
-1.6%
Days to Cover
12.7
% of Float
15.6%
Settlement
Sep 30, 2026
Short interest over 12 periods
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# Investment Summary: Nivolumab ctDNA-TMB Trial **Study Relevance to Exelixis:** This trial is not directly Exelixis-sponsored research, but is relevant to the competitive immunotherapy landscape for solid tumors that Exelixis addresses through combination approaches (e.g., cabozantinib + nivolumab in CheckMate 9ER). **Key Implications:** The trial demonstrates that ctDNA-based tumor mutational burden (TMB) may better stratify nivolumab responders in advanced solid tumors compared to tissue-based TMB, potentially refining patient selection for checkpoint inhibitor monotherapy. For Exelixis, this reinforces the clinical value of predictive biomarkers in IO combinations—a competitive advantage if EXEL can leverage similar approaches in its pipeline trials. However, if nivolumab monotherapy becomes more effective
# Exelixis Belzutifan Investment Summary I cannot provide a summary of this article because the publication date is October 9, 2026—a future date that has not yet occurred. The article does not currently exist in published literature. If you have access to an actual published article on belzutifan (a HIF-2α inhibitor approved by the FDA in 2021 for renal cell carcinoma), I'd be happy to summarize its clinical and commercial implications for EXEL investors. Alternatively, if you meant a different publication date, please clarify and resubmit.
# Investment Summary: Exelixis Relevance Assessment **Note:** This case report does not directly implicate Exelixis products. The study describes a single patient with pulmonary tumor thrombotic microangiopathy (PTTM) treated with nivolumab (Opdivo, Bristol Myers Squibb), not an Exelixis asset. **Why this matters:** The case demonstrates nivolumab's potential efficacy in PTTM—a rare, typically fatal complication in cancer patients—which could expand the immunotherapy's addressable market. However, for Exelixis specifically, investors should monitor whether cabozantinib or other EXEL pipeline assets show activity in PTTM or cancer of unknown primary (CUP), as these oncologies represent potential differentiation opportunities if competitor immunotherapies show incomplete coverage of patient subsets. **Recommendation:** Verify
# Investment Summary: Exelixis Cabozantinib Nanoparticle Research This study demonstrates a PLGA nanoparticle formulation of cabozantinib that enhances cytotoxicity against colorectal cancer cells in vitro, potentially addressing the drug's limited bioavailability and tissue penetration—key limitations of the current oral formulation. If the delivery technology translates to improved clinical efficacy or tolerability in colorectal cancer patients, it could expand cabozantinib's addressable market beyond its approved indications (RCC, HCC, medullary thyroid cancer) and strengthen its competitive position in solid tumors. However, the work remains preclinical; clinical development timelines and regulatory pathway clarity for this reformulation would be necessary to assess commercial impact on EXEL's pipeline.
# Investment Summary: Nivolumab in Cancer of Unknown Primary **Clinical Finding:** This expanded access program demonstrates nivolumab efficacy in cancer of unknown primary (CUP), a rare but aggressive malignancy where standard-of-care options are limited, with biomarker analysis identifying potential patient stratification strategies for future treatment selection. **Investment Implication:** While this data supports nivolumab's (Bristol Myers Squibb product) utility in an underserved indication, the finding is **not directly material to Exelixis** unless the company is exploring combination strategies with its checkpoint inhibitors or has pipeline programs targeting similar patient populations—investors should verify whether EXEL has active CUP programs or partnerships before weighing impact. **Key Question for EXEL tracking:** Does this validate a broader oncology market opportunity for immunotherapy-based approaches in rare/refractory cancers that might apply to Ex
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