William Blair analyst Andy Hsieh has reiterated their bullish stance on EXEL stock, giving a Buy rating on June 12.
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Andy Hsieh has given his Buy rating due to a combination of factors related to Exelixis’s recent clinical trial success and future potential. The company announced that its Phase III STELLAR-303 trial, which tested zanzalintinib in combination with Tecentriq for metastatic colorectal cancer, met a primary endpoint of overall survival in the intent-to-treat population. This achievement marks a significant milestone for Exelixis, indicating a promising commercial opportunity with an estimated risk-adjusted U.S. peak sales of $875 million.
Furthermore, Exelixis’s future prospects appear strong as the company transitions from Cabometyx to zanzalintinib. The ongoing and upcoming clinical trials in various cancer types, including renal cell carcinoma and neuroendocrine tumors, are anticipated to further bolster the company’s market position. Management’s projection of $5 billion in U.S. net product sales by 2033 underscores the potential growth trajectory, making Exelixis an attractive investment opportunity.
In another report released on June 12, H.C. Wainwright also reiterated a Buy rating on the stock with a $47.00 price target.
Based on the recent corporate insider activity of 111 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EXEL in relation to earlier this year.