Morgan Stanley downgraded Exelixis (EXEL) to Equal Weight from Overweight with a price target of $48, up from $45. Following 28% share price appreciation over the past 12 months, shares now trades only about 10% below the firm’s new price target the analyst noted. The firm sees 2026 as the first year towards commercialization of Zanzalitinib across multiple oncology indications and while it also models “Zanza”-associated catalysts events, these are factored already into its price target the analyst added.
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