Morgan Stanley lowered the firm’s price target on Exelixis (EXEL) to $44 from $50 and keeps an Overweight rating on the shares after company presented detailed STELLAR-303 data comparing zanzalintinib plus atezolizumab versus regorafenib in metastatic colorectal cancer. In mCRC, the firm lowers its patient market share assumption to 9% from 11% of the modeled incidence population and it maintain its “conservative” 40% odds of success assumption.
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