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.
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