Is Exelixis Stock a Buy Now?

(NASDAQ: EXEL) is not exactly a household name in the biotech industry, but that hasn't stopped the company from crushing the market this year -- rising over 30%. Perhaps one key reason behind the drugmaker's performance in 2023 is its decision earlier this year to buy back as much as $550 million of shares, a move investors tend to appreciate.

But there are more fundamental reasons to like Exelixis now, especially in regard to its product portfolio and pipeline of new products. Let's see why.

While some biotech companies cast a wide net by seeking to develop medicines in multiple therapeutic areas, Exelixis is solely focused on oncology. That makes for a less diversified portfolio, but it also allows the company to conduct deeper research into its field of expertise, potentially leading to significant breakthroughs.

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Source Fool.com