Exelixis price target raised to $53 from $47 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns raised the firm’s price target on Exelixis (EXEL) to $53 from $47 and keeps a Buy rating on the shares after Exelixis last week announced top-line results from the STELLAR-303 phase 3 pivotal trial in which zanzalintinib in combination with atezolizumab demonstrated a statistically significant improvement in overall survival vs. Stivarga in the intent-to-treat population. This success in the ITT population of the Phase 3 pivotal trial paves the path towards regulatory approval, the analyst tells investors.