Exelixis price target raised to $47 from $40 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Exelixis (EXEL) to $47 from $40 and keeps a Buy rating on the shares. The company presented dose expansion results for zanzalitinib in first-line clear cell renal cell carcinoma, the most common type of kidney cancer in adults, the analyst tells investors in a research note. The firm says zanzalintinib plus Opdivo achieved a 63% confirmed overall response rate, with a median progression-free survival of 18.5 months. H.C. Wainwright increased its probability of approval for zanzalitinib in clear cell renal cell carcinoma to 60% from 50%.