Promising Clinical Data and Favorable Safety Profile Drive Buy Rating for Exelixis

H.C. Wainwright analyst Robert Burns reiterated a Buy rating on Exelixis (EXEL – Research Report) today and set a price target of $47.00.

Robert Burns has given his Buy rating due to a combination of factors, primarily focusing on the promising results of Exelixis’s zanzalintinib in combination with Opdivo for the treatment of first-line clear cell renal cell carcinoma (ccRCC). The data presented at ASCO showed a higher confirmed objective response rate and median progression-free survival compared to the existing Cabometyx + Opdivo treatment, indicating a potentially more effective therapy option.
Furthermore, the safety profile of zanzalintinib + Opdivo appears favorable, with fewer patients discontinuing treatment due to adverse effects compared to the Cabometyx combination. Burns also highlights upcoming clinical data readouts and presentations as potential catalysts for the stock. The analyst has raised the probability of approval for zanzalintinib in ccRCC, which, along with a discounted cash flow analysis, supports the increased price target of $47 per share.

Burns covers the Healthcare sector, focusing on stocks such as BioNTech SE, Perspective Therapeutics, and Bicara Therapeutics Inc.. According to TipRanks, Burns has an average return of -15.2% and a 32.00% success rate on recommended stocks.