Morgan Stanley lowered the firm’s price target on Exelixis (EXEL) to $46 from $48 and keeps an Overweight rating on the shares. Exelixis will not proceed into the Phase 3 portion of the STELLAR-305 study in head and neck cancer, notes the analyst, who removes the indication of squamous cell carcinoma of the head and neck from its model as the firm had modeled a 2028 launch. The firm updated its model for the quarter and removed SCCHN revenue contribution following the decision.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on EXEL:
- Exelixis price target lowered to $49 from $56 at Truist
- Exelixis price target lowered to $45 from $50 at RBC Capital
- Exelixis’s Cabometyx Gains Strong Market Share in Neuroendocrine Tumors, Exceeding Expectations
- Exelixis Stock Performance: Hold Rating Amid Earnings Miss and Strategic Concerns
- Exelixis’s Long-Term Growth Potential: Buy Rating Backed by Strong Fundamentals and Promising Drug Pipeline