Exelixis price target raised to $46 from $45 at BofA

BofA raised the firm’s price target on Exelixis (EXEL) to $46 from $45 and keeps a Neutral rating on the shares. Exelixis’ zanza pipeline asset is increasingly important to the stock and entering a critical juncture in terms of readouts, the analyst tells investors in a research note. The Phase 3 colorectal cancer readout is the most consequential as bull-case outcomes could start to narrow the gap between zanza’s de-risked peak sales and current Cabo levels, the firm says.