Exelixis price target raised to $50 from $47 at Citizens JMP

Citizens JMP raised the firm’s price target on Exelixis (EXEL) to $50 from $47 and keeps an Outperform rating on the shares. Exelixis’ STELLAR-303 trial evaluating zanzalintinib in combination with atezolizumab met one of the trials dual-primary endpoints, demonstrating a statistically significant mean overall survival in the intent-to-treat population and giving the company a shot at a second product beyond cabozantinib, the analyst tells investors in a research note.