Analyst Jason Gerberry of Bank of America Securities reiterated a Hold rating on Exelixis (EXEL – Research Report), retaining the price target of $39.00.
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Jason Gerberry’s rating is based on Exelixis’ recent financial performance and future prospects. The company’s fourth-quarter results were in line with expectations, but the anticipated value from their key pipeline asset, zanza, remains uncertain. While renal cancer offers a significant market opportunity, the outlook is less clear in other tumor markets where zanza might not be as differentiated.
Additionally, Exelixis’ partnership with Merck and the evolving treatment landscape could influence zanza’s success in renal cancer, but details are still pending. Gerberry maintains a Hold rating due to the balanced risk and reward scenario, particularly with upcoming trial results and strategic decisions yet to be unveiled.
In another report released today, Stifel Nicolaus also maintained a Hold rating on the stock with a $36.00 price target.