Jefferies raised the firm’s price target on Exelixis (EXEL) to $50 from $42 and keeps a Buy rating on the shares after the company announced “positive” topline results from the STELLAR-303 phase 3 trial in which zanzalintinib in combination with atezolizumab demonstrated a statistically significant improvement in overall survival versus regorafenib in the intent-to-treat population of patients with previously treated non-microsatellite instability-high metastatic colorectal cancer. There’s been some investor concern as the press release gave limited details, but the firm is “not concerned about the data,” the analyst tells investors.
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