William Blair analyst Andy Hsieh has maintained their bullish stance on EXEL stock, giving a Buy rating yesterday.
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Andy Hsieh has given his Buy rating due to a combination of factors surrounding Exelixis’s position in the renal cell carcinoma (RCC) treatment market. Despite the recent positive results from Merck’s LITESPARK-011 trial, which could potentially impact Exelixis’s Cabometyx, there is a possibility that physicians might prefer to reserve Merck’s combination therapy for second-line treatment. This could inadvertently support Exelixis’s market share in the frontline setting.
Additionally, while there are concerns about the impact of these results on the ongoing collaboration between Merck and Exelixis, the commitment to co-fund trials indicates a continued partnership. The ongoing studies and potential market dynamics suggest that Exelixis’s products still hold significant potential, justifying a Buy rating. The strategic positioning and future prospects of Exelixis in the RCC treatment landscape contribute to this positive outlook.
According to TipRanks, Hsieh is a 4-star analyst with an average return of 8.2% and a 45.54% success rate. Hsieh covers the Healthcare sector, focusing on stocks such as Exelixis, Corbus Pharmaceuticals, and Skye Bioscience.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $46.00 price target.