Analyst David Lebovitz of Citi maintained a Buy rating on Exelixis (EXEL – Research Report), with a price target of $31.00.
David Lebovitz has given Exelixis a Buy rating due to a combination of factors including the company’s strong financial performance and promising growth prospects. Exelixis’s financial results for FY 2023 were in line with expectations and showed a significant year-over-year growth for its cabo franchise. Moreover, the potential label expansion of cabozantinib to include treatment for prostate cancer presents an incremental growth opportunity, bolstered by positive survival benefit data in clinical trials.
Furthermore, Lebovitz notes the anticipated court ruling on the MSN II case, which will provide clarity on the entry date for cabozantinib generics, as an important factor. Exelixis’s reaffirmed guidance for 2024, which includes a reduction in operating expenses, and the company’s commitment to prioritize its pipeline programs also contribute to the positive outlook. The company’s proactive stance on intellectual property defense, as evidenced by a recent patent case victory in Europe, adds to the analyst’s confidence in the stock’s future performance.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $25.00 price target.
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Based on the recent corporate insider activity of 78 insiders, corporate insider sentiment is neutral on the stock.
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Exelixis (EXEL) Company Description:
Exelixis, Inc. is a biopharmaceutical company, which engages in the development, commercialization, and discovery of new medicines for the treatment of cancer. It offers products under the brands of Cometriq, Cabometyx, and Cotellic. The company was founded by Corey S. Goodman and Stelios B. Papadopoulos on November 15, 1994 and is headquartered in Alameda, CA.
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- Exelixis announces results of study evaluating cabozantinib in mCRPC treatment
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