10 Best Performing Biotech Stocks in 2024

6. Exelixis, Inc. (NASDAQ:EXEL) 

Total YTD Return: 39.11% 

Exelixis, Inc. (NASDAQ:EXEL) is focused on small molecule therapies for cancer treatment. Its key products include Cabometyx, a drug for advanced renal cell carcinoma (RCC) and hepatocellular carcinoma (HCC), and Cometriq, another formulation of cabozantinib for different indications. The company is also developing pipeline candidates such as XL092 for advanced solid tumors and XL888, an ATP-competitive inhibitor targeting HSP90.

In Q3 2024, Exelixis, Inc. (NASDAQ:EXEL) reported strong financial results, with total revenues of $539.5 million, up from $471.9 million last year which was due to the cabozantinib franchise, which generated $478.1 million in net product revenues. The company reported a GAAP EPS of $0.40 and non-GAAP EPS of $0.47, both exceeding expectations. Exelixis, Inc. (NASDAQ:EXEL) raised its full-year revenue guidance from $2.15 billion to $2.20 billion. Key factors behind the growth included a 12% year-over-year increase in cabozantinib revenues, a favorable litigation outcome protecting intellectual property, and expanding oncology collaborations, such as with Merck. The corporation also reported a GAAP net income of $118.0 million, up significantly from last year.

Analysts have a consensus rating of Moderate Buy on Exelixis, Inc. (NASDAQ:EXEL), and as of Q3 2024, 33 hedge funds held shares in the company, according to Insider Monkey data. The largest shareholder is Farallon Capital, with holdings valued at $659.4 million.