William Blair analyst Andy Hsieh has maintained their bullish stance on EXEL stock, giving a Buy rating today.
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Andy Hsieh has given his Buy rating due to a combination of factors including the promising results from the Phase III STELLAR-303 trial, which demonstrated an improved overall survival rate of 10.9 months for Exelixis’s zanzalintinib in combination with Tecentriq. This marks a significant advancement in the treatment of third-line or later metastatic colorectal cancer, surpassing previous benchmarks set by other treatments.
Despite some concerns about the safety profile, particularly the 60% rate of grade 3 and 4 treatment-related adverse events, the reduction in palmar-plantar erythrodysesthesia syndrome incidence is seen as a positive outcome. These findings suggest that zanzalintinib could offer a viable alternative to existing therapies, supporting the Buy rating for Exelixis’s stock.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $50.00 price target.