Exelixis price target raised to $50 from $46 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Exelixis (EXEL) to $50 from $46 and keeps an Overweight rating on the shares. Zanzalintinib represents an area of meaningful opportunity with near-term catalysts that can provide further upside to Exelixis shares, the analyst tells investors in a research note. The firm is modeling roughly $4.7B in peak unadjusted zanza sales across colorectal, renal cell carcinoma, and neuroendocrine tumors.