10 Best Cancer Stocks to Buy for the Long Term

7. Exelixis, Inc. (NASDAQ:EXEL)

Number of Hedge Fund Holders: 42

Exelixis, Inc. (NASDAQ:EXEL) is one of the best cancer stocks on this list.

TheFly reported on May 6 that EXEL received an updated valuation outlook as TD Cowen increased its price target to $55 from $51 while reaffirming a Buy rating on the stock. The firm highlighted newly announced combination studies involving zanza in non-small cell lung cancer (NSCLC) and metastatic castration-resistant prostate cancer (mCRPC), noting that these programs support the company’s broader expansion efforts. However, it also pointed out that the overall growth narrative remains mixed, given earlier setbacks associated with cabo-based therapies.

Additionally, alongside its Q1 update on May 5, Exelixis, Inc. (NASDAQ:EXEL) confirmed that it is keeping its fiscal 2026 revenue outlook unchanged at $2.525 billion to $2.625 billion. The company noted that this forecast does not include any potential contribution from a future U.S. approval and launch of zanzalintinib for previously treated metastatic colorectal cancer when combined with atezolizumab.

That application is currently under review by the U.S. Food and Drug Administration. Management indicated that the existing guidance only reflects currently approved products and ongoing operations, without factoring in possible upside from this pending regulatory decision.

Exelixis, Inc. (NASDAQ:EXEL) is an oncology-focused biopharmaceutical company based in Alameda. It develops small-molecule cancer therapies, led by CABOMETYX (cabozantinib), its main revenue driver. The company is also advancing next-generation drugs like zanzalintinib and expanding into new cancer treatment areas.