Analyst David Lebowitz of Citi maintained a Buy rating on Exelixis (EXEL – Research Report), boosting the price target to $45.00.
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David Lebowitz has given his Buy rating due to a combination of factors that highlight Exelixis’s growth potential and strategic positioning. The company’s fiscal year 2024 financial results were aligned with expectations, showcasing continued expansion in its cabozantinib franchise, which is anticipated to grow further with potential label expansions. These expansions include treatments for pancreatic neuroendocrine tumors and metastatic castration-resistant prostate cancer, with important regulatory decisions expected by April 2025.
Further supporting this recommendation is the promising outlook for Exelixis’s next-generation tyrosine kinase inhibitor, zanzalintinib. This new drug is projected to drive future growth for Exelixis beyond its current cabozantinib offerings. The company’s strategic focus on pivotal studies, such as the STELLAR trials, indicates strong potential for success in various cancer treatments, enhancing the attractiveness of Exelixis’s stock for investors seeking growth opportunities.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $41.00 price target.
Based on the recent corporate insider activity of 79 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.